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If you’ve ever applied for credit you’ve most
likely dealt with
Equifax, just not directly. Equifax is one of
the three major credit reporting bureaus operating
out of the United States so even though you might
not know much about Equifax, the corporation
certainly knows a lot about you.
In fact, Equifax knows practically everything
there is to know about your financial history. The
company maintains within its enormous databases
personal information about you including current
and former addresses, your current name and former
names you’ve gone by, your social security number,
and your current employer.
As one of the main keepers of financial
information, Equifax also has knowledge of every
type of activity that has gone into collections
such as unpaid medical bills. It also maintains
information associated with tax liens including
state and federal liens. It has on record the name
of every company that has made a recent inquiry
into your credit file. It knows whether you’ve
declared bankruptcy and it may even know if you’ve
defaulted on any financial obligations.
Equifax keeps track of your installment loans and
revolving loans, too. It knows the name of every
credit issuer associated with your social security
number, the date credit was first issued, a
monthly account of whether or not you make your
payments on time, the amount of open credit and
the balance due for each account.
All of this detailed financial information is
contained on a very important document called your
credit report. Anytime you apply for any type of
loan, the issuing organization will request a copy
of your credit report in order to determine
whether or not credit will be issued.
If the determination to approve the loan or credit
is made, the contents of your credit report are
also used to help determine the terms of that
loan, specifically, the rate of interest you’ll
pay to have access to that money. Usually the
better your credit, the better the
interest rates you’re offered.
In addition to being a storehouse for your
financial data, Equifax offers many other services
to individuals and to businesses. It can help you
learn how to protect against
identity theft and can show you ways you can
improve your
credit history and consequently, your
credit score.
You’re entitled to a free copy of your Equifax
credit report every year and you should take
advantage of this opportunity. It’s a great way to
discover inconsistencies that may be hurting you.
What that happens, be sure to follow exactly the
instructions for resolving disputes.
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