A Guide To Understanding Equifax

By Mike Wayman

Equifax is a credit reference agency which keeps records of all of your credit information. They keep information on credits you have, credit your have applied for, your address, previous addresses, and your status on the electoral registry. When applying for credit or updating your credit report, Equifax is one of the three major credit bureaus that keep information. They have been around since the mid 1970’s and are based in Glasgow, Scotland.

When applying for a copy of your credit file from Equifax you pay about $15.oo. It will arrive within 7 working days. This report shows any late payments, CCJ’s, and what companies have looked at your file. Look through the file for any errors. You may find some things that are outdated or incorrect. After you determine what is out of date you can contact Equifax and they will update your information.

How recently your file has been updated can change your credit approval rating when applying for credit, so it is a good idea to update your file at least once a year. Most companies today use credit scoring when applying for credit with them, so doing a yearly check will help you to avoid mistakes and keep the credit application process smooth and easy.