How to Get Your Equifax Credit Report
Why should credit card companies, mortgage lenders, auto loan establishments and prospective employers have access to your financial history if you don’t? This was the idea behind the Fair and Accurate Credit Transactions Act of 2003, which said you’re legally entitled to get a free copy of your credit report from each of the three credit bureaus each year (so that’s three in total). Some people choose to get them all at once so they can compare them side-by-side to check for inaccuracies, while others prefer to space them out over the year to monitor their credit for suspicious activities / identity theft or signs of gradual improvement.
To get your Equifax credit report, you may do so online or call to order at 1-800-685-1111.
Video: Questions About Credit Scores
What Is an Equifax Credit Report?
Equifax is a global company -- headquartered in Atlanta, Georgia -- that collects financial data regarding your payment history. This company has operated for more than a century and works with businesses and individuals to help people manage their credit and stay protected from fraud. As one of the three national credit bureaus, you can get a report from them to see what’s on your report that may open or close doors to capital for you. There are no real differences between an Equifax credit report, an Experian credit report or a TransUnion credit report, although you’ll commonly notice items on one report but not another because creditors need only report to one of the bureaus, not all.
How to Read an Equifax Credit Report
At the top of your credit report, you’ll see the company’s contact information and your personal contact information. Be sure the last three jobs and addresses are accurate here. Sometimes your name or social security number may have gotten mixed up with someone else’s so check for that error too. Next you’ll see a summary of your credit history, including the total number of accounts, accounts that are 30 / 60 / 90 days past due, accounts that have been paid off, the oldest account, the newest account, etc. Then you will see your Beacon scorecard and the reason for having such a low or high score. The following section will detail the accounts that are in collections, which is usually a negative thing. Public records like court judgments, tax liens, foreclosures and bankruptcies will appear next – if you have them.
On the far right of your report, you’ll see codes for your payment history. For instance, “N” or “0” means you have no balance on your current account. Past-due accounts are indicated by “1” (30 days), “2” (60 days), “3” (90 days), “4” (120 days), “5” (150 days) or “6” (180 days). Then there are some codes you definitely don’t want to see: “7” (Chapter 13 bankruptcy), “8” (Foreclosure, deed in lieu), “9” (Chapter 7, 11 or 12 bankruptcies), “G” (collection), “H” (foreclosure), “J” (voluntary surrender) or “K” (repossession). Commonly, when a debt has been canceled by the creditors who have given up on collecting from you, there will be a letter “L” to indicate a charge-off.
What is an Equifax Beacon Score?
Video: What Is a Beacon Score?
All of the credit bureaus derive their scores from the same algorithm, but each has their own name. Experian calls theirs the “FICO score,” TransUnion calls theirs the “Emperica score” and Equifax calls theirs the “Beacon score.” To calculate your credit score, the bureaus look at: Timeliness of bill payments (35%), Outstanding Debt (30%), Length of time your credit’s been active (15%), the Type of credit you possess (10%) and How many new credit accounts you’ve opened recently (10%). If your overall score is over 750, you have excellent credit. At 720 or higher, you have very good credit, although 660 – 720 is considered acceptable for most loans. Anything lower is considered poor.
How to Dispute an Equifax Error
In 2004, a USPIRG study found that 79% of all American credit reports contained serious errors. In 2007, the Consumer Data Industry claimed that only 2% of the credit reports had data deleted due to error. Here’s a ray of light: If you find an error on your credit report, disputing it is quite simple! Before contacting Equifax, have your credit report handy with the Report Confirmation Number circled. (You’ll find this number at the top of your report and it will allow Equifax to access your credit file easily.) Even if you don’t have this number, you may dispute by phone or online.
You may need supporting documents when you dispute. For instance, if your name or birth date was incorrect, you’ll need to provide a copy of your driver’s license. If your address has changed, you’ll need to send in a utility bill with your name and address on it or a copy of your driver’s license. If your social security number is wrong, you’ll need to send in a W2 tax statement or a copy of your social security card. If you want, you can provide extra records to show why a certain piece of credit information listed is inaccurate, but this typically isn’t necessary, as the onus is on the creditor to validate the debt. The process may take 30-45 days, but at the end of this time period, you’ll receive a credit file update.