Equifax is a consumer credit reporting agency, with headquarters Atlanta, GA and operates in 24 countries. It is one of the three largest American Credit Companies along with Experian and Trans Union. Equifax gathers and maintains information, to deliver innovative solutions with high integrity and reliability. Trusted by customers across geographies, it is a global leader in information management services. They process millions of data records and convert it into usable information for their customers. This information helps for business lending decisions and intelligence. They sell businesses credit reports, analytics, demographic data, and software. Equifax is accredited with BBB and holds an A+ rating.
Equifax is also a member of Standard and Poor’s(S&P)500 Index. Under the symbol EFX, it’s common stock is trading on the NEW York Stock Exchange.
Credit reports provide information about the creditworthiness of individuals. Creditors use this information, to determine what sort of products to offer their customers, and on what terms.
Their Business customers include:
- Insurance Firms
- Healthcare providers
- Government Agencies
- Credit Unions
- Other Financial Institutions
Solutions provided by EQUIFAX
- Commercial Information Solutions: Apart from self- reported data,it consolidates credit history,payment history, and organizational insight. This information shed light on the credit trend,business viability, which brings new accuracy and trust to business intelligence.
- Consumer Information Solutions: Equifax gives the most relevant consumer information to financial institutions, to know their customer’s credit capacity,character and collateral issues. These information’s are key to making sound risk decisions.
- Personal Information Solutions: Provide solutions for individuals by helping them to get their credit report, monitor their FICO score & 3-Bureau Credit history. Gives the basics in identity and credit protection, helps the individuals to know their potential purchasing power. Monitor their progress and helps them to get out of their debt.
- Work Force Solutions: Equifax workforce solute is provided by TALX. This helps to avoid paper based works, which helps the organizations better,faster employee service. TALX web-base service serves in three employment- related areas : Hiring,Compliance, and Pay Reporting.
- Small Business Solutions: Provides database having 24 million business records with over 140 million trades and powerful scores. From the database, individuals and businesses can buy credit report of any company. It also provides business monitoring and alert which helps to protect from losses.
- Technology and Analytical Solutions: Helps to maximize revenue and reduce cost across the customer’s life cycle. Equifax helps many banks and leading institutions, to streamline their account acquisitions and customer management processes. They also deliver fraud solutions to many businesses.
Equifax Credit Score
Like Experian and Trans Union, Equifax provides FICO and Vantage scores. They calculate the score with the help of many different scoring models. The most current FICO and Vantage scores range from 300 to 850. Vantage Score is a new credit scoring model, developed by the credit bureaus. This new scoring model is based on their own research into the consumer credit information
Equifax offers a credit monitoring service, known as Equifax Complete as a monthly paid subscription. This service includes credit scores, credit reports, credit freeze and alerts.
Features of Equifax
- 24/7 file monitoring.
- Alerts on credit report.
- Credit scores and profile are based on information provided by all 3 bureaus.
- Gives financial alerts on two of individual’s credit card and bank accounts.
- Customers get an unlimited access to their Equifax credit report and score.
- Up to $25000 in Identity Theft Protection.
- Access to customer service 7 days a week.
Decision 360 Approach
Equifax empowers customer decisions with Decision 360 Approach. It helps organizations, to make insight- driven decisions which help them to add value to their business and to their customers. This approach impacts how Equifax develop and deliver solutions to their customers. They work with their customers, to determine the best solution and the best way to deliver it. Remain flexible and open to work with all the challenges from the market. They use their knowledge, of both the market and customer’s businesses, to deliver a complete consumer insight.
Decision 360 Approach generates value throughout the customer life cycle with
- Insight drove decision
- Timely Actionable Intelligence
- Maximized Customer Value
- Enhanced Business Efficiency
How Credit Reporting Agency works?
Consumer reporting agencies are inevitable part our credit based economy. They don’t determine the eligibility of an individual, who apply for a loan. CRA’s collect and maintain a history of individual’s from credit card companies, banks and mortgage companies. From this information, they prepare credit report and calculate a three- digit credit score. When you apply for a loan, the lender calls up the Credit Reporting Agency, to review your credit card reports and credit score. From this report, they decide whether to extend you a loan and at what interest rate. Credit Reporting Agencies are powerful institutions.
A bad entry in your credit report will hurt your borrowing power. That’s why it is very important to make sure that everything on the credit report is true and accurate. Individuals can request their credit reports and credit scores. They share credit reports and scores only if there is a request for the same. Inquiries are of two types, hard and soft. Institutional Investors request for hard Inquiries. Individuals request for soft Inquiry. Higher credit scores represent lower credit risk. Negative entry stays on a credit report between 7 and 10 years. In conclusion, Equifax is one among the big three credit reporting agencies.