Definition
Equifax is the oldest of the three major credit bureaus in the United States. Established in 1899, Equifax was formerly known as Retail Credit Company until changing names in 1975.
Analysis
Equifax is a consumer credit reporting agency, or CRA, otherwise known as a credit bureau, and credit scores and reports to individuals and organizations who have a permissible purpose. As a CRA, Equifax is governed by federal regulations such as the Fair Credit Reporting Act and the Fair and Accurate Credit Transactions Act.
Credit Scores
Like the other major credit bureaus, Equifax provides businesses and consumers with consumer credit scores that are calculated based on risk scoring models. Equifax provides consumers with their Score Power product, which features their FICO credit score. According to Equifax, this is the same score that they provide to many lenders. Equifax also provides a VantageScore and a BEACON score to businesses for the purpose of evaluating a consumer’s credit worthiness.
Contacting Equifax
- Online
- www.equifax.com
- To order a free annual credit report mandated by Congress under the Fair and Accurate Credit Transactions Act: www.annualcreditreport.com
- For those who are denied credit or otherwise entitled to a free credit report: www.equifax.com/fcra
- Phone
- Order your credit report: 1-800-685-1111
- Place a fraud alert: 1-888-766-0008
