Key Things You Must Know About An Equifax Credit Report
August 27th, 2008 | by Ray Lam |Everybody should be checking their credit report at least once a year. identity theft, mistakes made by credit reporting agencies, and mistakes made by creditors are just some of the reasons that should persuade you to check your credit report. Three major credit agencies report credit scores are Equifax, TransUnion and Experian. The credit report from these three credit agencies can be checked once a year for free, at annual credit report.
However, after being turned down from a loan, consumers have a right to get their credit report from any of the three agencies. The consumer can request a credit report from Equifax by going to their website (equifax.com) and clicking on a tab located on the top right corner “Free Report, Security Freeze, Dispute and Fraud Protection.” After which the tab “get your credit report” has to be selected. Fields requesting personal information has to be filled out afterwards, bringing you to the final stage of getting your credit report. Furthermore, after filling out the informational fields you will have an option of either getting your full score report for seven dollars or just getting the report for free.
There are also other features that the Equifax website offers for a fee. Such as service that keeps track of your credit history and informs you if something unusual occurs. However, these are usually not needed but should only be used in special circumstances. Learning about your credit can greatly affect the interest rate that you pay for mortgages, auto loans, car insurance, etc. It could amount to thousands of dollars per year. The best advice is to stay active and diligent as far as your credit score goes. Insure that nobody has committed fraud upon you by stealing your credit.
Recently Equifax introduced a 3-1 Monitoring System. For $12.95 a month, consumers will receive monitoring of their credit report for all three major credit agencies of Equifax, Experian and TransUnion; automated and customized alert notification of changes to any of these three credit agency reports; unlimited access to their Equifax Credit Report; $20,000 identity theft Insurance policy with no deductible although certain limitations and exclusions apply and a customer service center 24 hours a day, 7 days a week.
Requesting an Equifax credit report via the Internet gives you instant access to this report. Obtaining your report through postal mail can take a longer period of time. For just 10 dollars, you can view what companies have viewed your credit report and understand any reason why a past decision may still affect your ability to borrow money. Other services that Equifax offers include a credit ranking system, a valuable tool that allows you to compare your credit rankings and scores with other individuals in your area. By understanding these averages and statistics, you will be able to better understand your own situation. For peace of mind and personal safety, look over your Equifax credit report.
Some consumers may feel that the price of $12.95 a month ($155.40/year) is not a good value for the money and services offered. Consumers should take into consideration that one free three agency credit report is available to them each year, however additional reports may cost approximately $10.00 each. The Equifax service does offer some advantages such as customization, wireless alerts, identity theft insurance and convenience.
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