Equifax is a consumer Credit Reference Agency (CRA). They’re one of the top three agencies in the UK alongside Experian and TransUnion. Their head offices are in Atlanta, Georgia in the USA. They provide information on businesses and consumers regarding their credit information. But what do you need to know about Equifax?
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Who is Equifax?
Equifax is a leading Credit Reference Agency in the UK, authorised by the Financial Conduct Authority. They’ve been around for over 120 years and operate in 25 countries.
Equifax collect uk customer data on how you manage your finances. They provide this information to businesses and financial institutions. This information helps lenders make more informed decisions about lending to you.
What does Equifax do for you?
Equifax allows you to access your credit information. You can look at what’s being reported on you by requesting a credit report. It’ll tell you what your credit score is which it generates using the information on your credit file. By knowing what is on your credit file, you can stay on top of your finances.
What is an Equifax credit report?
An Equifax credit report is information on your credit history that goes back 6 years. It includes any current financial commitments you have too. Lenders will use the information held on your credit report to assess how you manage your money. It helps them decide whether to lend to you.
What information is on an Equifax credit report?
There are various pieces of information on an Equifax credit report. You can expect to find the following details.
1. Personal information
This helps to verify who you are and includes:
- Your name
- Your date of birth
- Your current and previous addresses
2. If you’re registered on the electoral roll
Your credit report confirms whether you’re registered to vote. If you’re on the electoral roll it’s easier for lenders to verify your identity.
3. All the financial accounts you have
Every account you take out will be reported to at least one of the top 3 credit reference agencies. This can be anything from your bank account to loans, mortgages or credit cards. You’d have to ask your lender if they’ll be reporting your information to Equifax.
4. Information on the public register
Information on the public register is where you’ll find judgements that have been decided in court. It’s called the Register for Judgments, Orders and Fines. This includes things like County Court Judgements (CCJs) or bankruptcies. Equifax will report information that’s on this register.
5. Details of people who you’re linked to financially
When you take out any joint borrowings or bank accounts with someone, they’re seen as being linked to you financially. This financial connection shows up on your credit report.
6. Employment verification
Some lenders may also check your employment status when assessing your creditworthiness. Equifax provides employment verification services that help confirm your job details, which can play a role in financial decisions.
How can I check my credit report on Equifax?
There are two ways to check your report with Equifax. You can request a free report directly from Equifax or use the free app Clearscore. ClearScore is a UK-based credit monitoring service that provides information on your credit report. They take the information from Equifax and will give you your credit score.
Is the Equifax credit report reliable?
Yes, the Equifax credit report is accurate and reliable. The information they hold must be accurate to comply with data protection rules.
However, government agencies and business customers should be aware that Equifax can only report data that has been shared with them. Some lenders may choose to report to other credit reference agencies instead.
Can I correct mistakes on my Equifax credit report?
To get mistakes corrected on your credit report you can raise a dispute with Equifax. Depending on what the mistake is, the process will be different. For example, if your address is incorrect, you can send in documentation to get this changed. If the error is with information a lender has reported, you can raise a dispute with Equifax. But they won’t change it without the lender’s agreement.
Equifax has a webpage with information on how to get a mistake corrected. You can get to it through their FAQs page. Once Equifax has investigated your claim, they’ll provide you with a final outcome after 28 days.
It’s important to get any errors put right as they can have an impact on your credit score. A data breach that exposes incorrect or outdated information could also affect your financial standing.
Does checking my credit report on Equifax affect my credit score?
No, checking your credit report on Equifax won’t affect your credit score. You can check your credit file as many times as you want. It won’t show up on your credit file. This means that lenders won’t be able to see that you’ve checked it either.
When you check your own credit score a soft check is carried out and this isn’t visible to anyone but you.
What is Equifax’s credit score range?
The credit score range that Equifax use is different to the ranges used by Experian and TransUnion. The table below shows the credit score ranges used by Equifax.
| Very Poor/Poor | Fair | Good/Very Good | Excellent | |
| Equifax | 0-438 | 439-530 | 531-810 | 811-1,000 |
What is a good Equifax credit score?
A good Equifax credit score is one that falls between 531 and 810. If you have a score that’s lower than this there are things you can do to improve it. Read on below to find out tips on how to do this.
How does Equifax calculate the credit score?
Equifax use an algorithm to create your score. It uses all the information that’s held on your credit file that goes back over the past 6 years. Things like how well you’ve managed your payments will have an impact on your credit score. This is why it’s worth making sure that the information on your credit file is correct.
What can I do to improve my Equifax credit score?
If your Equifax credit score is low, there are things you can do to improve it:
1. Make your payments on time
Every late payment you make brings down your credit score. If you set up a direct debit you can make sure your payments go out on the day your salary goes in.
2. Don’t make lots of new applications close together
Every application you make shows up on your credit file. These can stay on your file for up to 2 years. By spacing out your applications it’ll make you look less desperate for money.
3. Register on the electoral roll
If you’re not already enrolled to vote, consider registering. It’ll give your credit score a boost and could help with future applications for credit you make.
4. Remove links to anyone you’re no longer connected to financially
If you’ve taken out loans or had a joint bank account with someone, it shows on your credit file. If they have a poor credit score, it’ll affect you when you apply for credit. That’s why, if you’re no longer linked to them, it’s worth getting them removed from your credit file.
5. Don’t use up all your available credit
Lenders like to see that you can manage your money well. You can do this by not borrowing up to your credit limit. If you can, try to keep your borrowing to around 30% of your credit limit.
How can I contact Equifax in the UK?
The quickest way to contact Equifax inc is online via their website. Otherwise, you can call them on 0800 014 2955, or you can write to them at the following address.
Equifax Ltd
Customer Service Centre
PO Box 10036
Leicester
LE3 4FS
Final words
Equifax is one of the top three credit reference agencies in the UK. They offer a range of services to help you keep track of your credit score and history. Lenders use the information on your Equifax credit file to decide whether to approve your loan application. That’s why it’s important to make sure the information they have on your report is accurate.
Since identity theft is a growing concern, it’s crucial to monitor your credit report. The Federal Trade Commission recommends checking your credit file regularly to catch errors and prevent fraud.
FAQs – Equifax
Is 500 a good credit score on Equifax?
A credit score of 500 is classed as fair with Equifax. To have a good credit score with Equifax it needs to be above 531. If you want to improve your credit score, follow our tips above.
Which banks use Equifax?
As Equifax are one of the leading credit reference agencies in the UK, they’re used by most banks. This includes the following: Barclays, Halifax & Bank of Scotland, HSBC, Natwest, RBS.
Do lenders look at TransUnion or Equifax?
With three different credit reference agencies in the UK, it’s hard to know which one a lender will use. Some will look at all three. The best way to find out which agency a lender will use is by asking them.
Disclaimer: The information given above on Equifax is provided for reference only. Please visit their main website for detailed information. Also, the external links linked above are for reference only and we are not affiliated to any of the external parties linked here.