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  • What is Equifax?

  • What is Equifax?

    November 13, 2019 | Blog
  • Founded in Atlanta in 1899, Equifax is one of the largest credit reporting agencies in the world. It’s among the three major credit reporting bureaus in the US along with Experian and TransUnion.
    Equifax keeps an eye on your overall credit report, monitoring applications for loans and credit cards, your repayment history, plus any bankruptcies or an account sold to a collection agency. It can also provide tailored verification services to businesses and the government.

    How much does it cost?

    Equifax Small Business Credit Reporting

    • Monitor your Equifax credit score and report
    • See a detailed breakdown of your credit report
    • Get expert help and assistance

    $15.95 for 30 days

    Equifax Complete™ Family Plan

    • 3-Bureau credit file monitoring and all features described below for 2 adults
    • Set up alerts to help detect potential fraud
    • Up to 4 Children Receive: Equifax credit file monitoring and their Equifax Credit Report will be locked

    $19.95 for 30 days

    Equifax Complete™ Premier

    • Get alerted of key changes to your Equifax credit score and Equifax credit report
    • Access to your Equifax credit score
    • Lost wallet assistance and financial alerts

    $19.95 for 30 days

    What other services does Equifax offer?

    • Equifax is in the business of putting you in control of your credit, offering a range of services that include:
    • Free access to your credit report. Each year, you can request a free credit report containing a breakdown of your open accounts, payment history and credit limits on cards and more.
    • Free Lock and Alert. Protect yourself against ID theft by locking your credit report against unauthorized access. Easily switch it off when signing up for new credit.
    • Fraud alerts and security freezes. Sign up for alerts each time a party attempts to look at your credit report or prevent access altogether with this service — subject to fees by state.

    Is there a way to get my credit score for free?

    Yes. Many banks offer free credit scores to cardholders and members, including Discover, Capital One and Chase — Capital One provides scores based on TransUnion data, for example. You can also sign up for a website that offers free access to your credit score in exchange for your personal information.

    Pros and Cons

    Before signing up with Equifax, weigh its benefits against possible drawbacks.

    Pros

    Get 30 days of access. Learn more about your Equifax credit score so you know what types of credit will be available to you before you apply.

    Learn more about your report. Seeing the details of each account on your credit report can give you an idea of what areas you need to focus on to increase your credit score.

    Get help when you need it. If you need help understanding your score or want to dispute what you see on your credit report, talk with a rep online or by phone.

    You can receive reports from all three credit bureaus through this service.

    Additionally, you can obtain a FICO score or an Equifax Risk Score.

    Cons

    There’s no one score. Credit scores can vary by up to 50 points depending on the type of loan you’re applying for — auto, home or personal — which means the score you pay for may not be what a potential creditor sees.
    No FICO score. Equifax can give you an idea of what a potential creditor might see when you apply for credit.
    But most creditors rely on your FICO Score, not Equifax’s proprietary score.
    Identity theft.

    How do I sign up?
    To get started, go to Equifax’s website to select the Equifax Credit Report and Score underneath the tab titled Personal at the top of the website.
    Click Get Started, then enter your full name, contact information and identifying details — including your Social Security number and date of birth — before clicking Continue.
    Answer six multiple-choice questions to verify your identity.
    Enter your method of payment and submit.

    Bottom line

    You’ll get a full overview of your Equifax credit report for an affordable price. However, if it’s just a credit score you’re after, Equifax can give you a ballpark idea of what future creditors might see when you apply for a loan or credit card, but it doesn’t report your FICO Score — which is more widely used by the lending community.

    Would you like a FREE Credit Analysis?

    Check our website for FREE Consultation www.dkrgroupfinancial.com or call us now at (770)-578-4165.