There are three major credit reporting bureaus in the United States. Equifax is one of these credit reporting bureaus and TransUnion and Experian are the other two. This article will take a look at what Equifax is, how it began, how it makes money and, most importantly, how it affects your credit score.
The reporting of consumer financial information in the form of a credit report is what Equifax is known for. Lenders obtain these credit reports in order to decide if they should or should not approve credit applications.
Having been established in 1899, Equifax is the oldest of the three major credit reporting agencies. Originally founded as the Retail Credit Company, Equifax grew quickly and became one of the largest credit agencies in the country by the 1960s.
In 1975, Retail Credit Company became Equifax. At this time, Equifax computerized its records and expanded the information which it held on consumers. This expansion of information ultimately brought about the Fair Credit Reporting Act (FCRA) which allows consumers additional rights regarding the information which may be collected on them.
With offices in 14 countries and more than 7,000 employees, Equifax calls Atlanta, Georgia home. Additionally, Equifax brings in annual revenues of over $1.5 billion.
The sale of consumer credit reports to lenders is Equifax's main source of income. Credit reports list a person's financial history and credit worthiness. Identifying information, credit background, and payment history are items which are included on a credit report.
Lenders obtain these credit reports and use them to make a decision as to whether to approve or deny a credit application. People with good credit reports will likely be approved for credit, while those with bad credit reports will most likely be denied.
Equifax also generates income by selling credit reports to individuals so they may keep track of what their credit score is and if any negative or false information has been reported to Equifax. This also helps individuals to determine if they are a victim of identity theft. If you should need a copy of your Equifax credit report , you can obtain a copy by contacting Equifax directly or by calling (877) 322-8228. Pursuant to Federal law, the three major credit reporting bureaus are required to fulfill your request for a copy of your credit report once every twelve months. - 31377
The reporting of consumer financial information in the form of a credit report is what Equifax is known for. Lenders obtain these credit reports in order to decide if they should or should not approve credit applications.
Having been established in 1899, Equifax is the oldest of the three major credit reporting agencies. Originally founded as the Retail Credit Company, Equifax grew quickly and became one of the largest credit agencies in the country by the 1960s.
In 1975, Retail Credit Company became Equifax. At this time, Equifax computerized its records and expanded the information which it held on consumers. This expansion of information ultimately brought about the Fair Credit Reporting Act (FCRA) which allows consumers additional rights regarding the information which may be collected on them.
With offices in 14 countries and more than 7,000 employees, Equifax calls Atlanta, Georgia home. Additionally, Equifax brings in annual revenues of over $1.5 billion.
The sale of consumer credit reports to lenders is Equifax's main source of income. Credit reports list a person's financial history and credit worthiness. Identifying information, credit background, and payment history are items which are included on a credit report.
Lenders obtain these credit reports and use them to make a decision as to whether to approve or deny a credit application. People with good credit reports will likely be approved for credit, while those with bad credit reports will most likely be denied.
Equifax also generates income by selling credit reports to individuals so they may keep track of what their credit score is and if any negative or false information has been reported to Equifax. This also helps individuals to determine if they are a victim of identity theft. If you should need a copy of your Equifax credit report , you can obtain a copy by contacting Equifax directly or by calling (877) 322-8228. Pursuant to Federal law, the three major credit reporting bureaus are required to fulfill your request for a copy of your credit report once every twelve months. - 31377
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