Credit Monitoring
Equifax is best known as a credit reporting agency for consumers. As part of its service, it monitors the credit activities of American credit holders and rates their creditworthiness, or their risk level as potential borrowers. Like its peers (TransUnion and Experian), it obtains information from various lenders and financial institutions, which are known in the industry as ‘data furnishers.’ Every time a consumer makes a credit transaction (such as paying bills or applying for loans), the lending party forwards information to Equifax.
As required by law, Equifax issues consumer credit reports to lenders to help them in application assessments. Consumers are also entitled to one free credit report every year, according to the Fair Credit Reporting Act (FCRA). This free report is available from Annual Credit Report (annualcreditreport.com), a website run by Equifax along with the other two bureaus. The Equifax credit report contains the following sections:
Identification information: This includes the subject’s name and aliases, spouse’s name (if applicable), birth date, current and previous addresses, phone numbers, date of registration, and social security number.
Bureau information: This contains Equifax’s contact information, such as the mailing address and phone number. The information in this section allows consumers to contact Equifax in case there are problems with the report.
Employment information: This section details the subject’s employment history, including company names, positions held, locations, and start and end dates.
Summary: This contains all the key information on the report in a simple, easy-to-read table. Table entries include the oldest and newest dates of trade, public records, collection items, current accounts and trade lines, credit limits, file codes, and delinquency ratings.
Public records: This includes any filings for bankruptcy and satisfied judgments, as well as the dates and details of each.
Collection items: This is where any collection accounts are listed. Details include dates assigned, reported, and collected, amount of collection, balances, and date of last payment or account activity.
Trades: This section lists the lines of credit currently owned by the subject. This is where most of the lender-furnished information appears. The accounts are grouped according to type, such as open, revolving, and installment.
Inquiries: This section shows any inquiries made into the person’s credit record by banks, stores, employers, and other concerned parties within the last two years. The name, ID number, and date of inquiry are usually provided. If any inquiries were made in the last 90 days, they will appear in an Inquiry Alert section below the summary.
Consumer statements: If the person has made any additions to the credit file (such as justifications of adverse action), they will appear in this section.
A sample Equifax credit report is available from the company’s website, www.equifax.com.