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#Equifax Free Annual Credit Report

Posted on: February 27th, 2010 by admin

Equifax, one of the three major credit bureau s, actually has a somewhat flexible range of possible credit scores, making it easier for you to get loans down the line.  If your score is below 620, you should know that your credit score is already in a very poor situation.  Having such a score on your Equifax credit report will cause you to pay significantly higher rates and fees to obtain loans.  Just remember, Equifax is required to offer you a free credit report every 12-month period.  Every CRA should follow these same rules as well.  Equifax is required to provide you the report within 15 days of requesting it.

One thing to remember is that inquiring about your credit score will never affect your credit score.  As long as it’s you who is inquiring about your own credit score, there shouldn’t be a problem.  35% of your payment history affects the score on your Equifax credit report. so making your payments on time is crucial for your Equifax credit score to be good.

If you are in the 800 range, you are given a reason code just like how consumers in the 500 range get reason codes.  They are used to describe to the consumer the reason for adverse action.  Equifax helps lenders determine your ability to pay your bills on time.  Lenders have studied the relationship between credit scores and mortgage delinquencies.  Those who have had to claim bankruptcy in the past are usually given a higher interest rate when asking for a loan from the bank.

Being able to maintain a good credit can lead to being offered Platinum credit cards with high spending limits.  Lenders understand that occasionally people will make late payments.  Their business runs off the idea that you will fail to make your payment, so that you will end up paying more in the long run.  Having multiple late payments on different credit cards can cause a problem for you.  Being aware of your payment dates and paying on time will help you overcome these obstacles.

Founded in 1899 as Retail Credit Company, Equifax quickly grew becoming one of the nation’s largest credit bureaus.  Equifax was alleged to have rewarded its employees for collecting negative information on its consumers.  This all changed when they began to electronically file all of their consumer’s information, setting a standard to which all of content of their consumers’ information was acquired.

Being aware of what lenders are seeing about you is important if you truly need a loan or need to apply for a credit card.  Requesting your free credit report from companies like Equifax will give you the ability to foresee whether or not you will get a loan, or low interest rates.

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