Equifax is a consumer Credit Reference Agency (CRA). Theyâre 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 how much do you 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. Theyâve been around for over 120 years and operate in 25 countries.
Equifax collect information on how you manage your finances which they provide to businesses. This information helps lenders make more informed decisions about lending to you.
What does Equifax do for you?
Equifax gives you the option to access your own credit information. You can look at whatâs being reported on you by requesting a credit report. And itâll 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.
Whatâs an Equifax credit report?
An Equifax credit report is information on your credit history which 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 youâre registered on the electoral roll
Your credit report confirms whether youâre registered to vote. If youâre on the electoral roll itâs 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. Youâd have to ask your lender if theyâll be reporting your information to Equifax.
4. Information on the public register
Information on the public register is where youâll find judgements that have been decided in court. Itâs called the Register for Judgments, Orders and Fines. This includes things like County Court Judgements (CCJs) or bankruptcies. Equifax will report information thatâs on this register.
5. Details of people who youâre linked to financially
When you take out any joint borrowings or bank accounts with someone, theyâre seen as being linked to you financially. This financial connection shows up on your credit report.
Lenders will often look at that personâs credit report when deciding whether to lend to you.
How can I check my credit report on Equifax?
If you want to check your credit report on Equifax, you can get your credit report from Clearscore which is a credit monitoring service. Clearscore are a credit monitoring service in the UK whoâll give you information on your credit report. They take the information from Equifax and will give you your credit score for free. Theyâll also alert you if anything on your credit report changes.
How do I download my Equifax credit report?
If you want to download a copy of your Equifax credit report, youâll need to use the print option. When you see the print preview you can then change the destination from a printer to âSave as a PDFâ. This will then allow you to save your credit report to a folder on your computer.
Is the Equifax credit report reliable?
Yes, the Equifax credit report is reliable. Equifax are a global company and the information they provide on your credit report can be relied on. The information they hold must be accurate to comply with data protection rules.
They only thing they donât have control over is which lenders report to them. While most lenders can send information on accounts you hold with them to all 3 agencies, not all of them do.
The only way to know what is being reported on you is to check with all 3 credit reference agencies. These are Experian and TransUnion as well as Equifax.
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 wonât change it without the lenderâs agreement.
Equifax have a webpage with information on how to get a mistake corrected. You get to it through their FAQs page. Once Equifax has investigated your claim, theyâll provide you with a final outcome after 28 days.
Itâs important to get any errors put right as they can have an impact on your credit score. For example, a mistake with your address could stop you from being approved for a loan.
Does checking my credit report on Equifax affect my credit score?
No, checking your credit score on Equifax wonât affect your credit score. You can check your credit file as many times as you want, it wonât show up on your credit file. This means that lenders wonât be able to see that youâve checked it either.
When you check your own credit score a soft check is carried out and this isnât visible to anyone but you.
What is an Equifax credit score?
Your Equifax credit score is a number that indicates how well you manage your repayments. They calculate what your score is using information on your credit report. Itâs based on factors such as:
- Your payment history
- The amount of debt you have
- The length of your credit history
The credit score you get will be between 0 and 1000. Depending on where it falls will determine if itâs classed as a good credit score or a poor one.
What is Equifaxâs 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 thatâs lower than this there are things you can do to improve it. Read on below to find out tips on how to do this.
Is the Equifax credit score accurate?
Yes, your credit score with Equifax is accurate based on the information they have stored for you. They use their own credit scoring system which is different to the other two credit reference agencies. But the score is calculated using only the information Equifax have on your credit file.
How does Equifax calculate the credit score?
Equifax use an algorithm that works out what your credit score is. It uses all the information thatâs held on your credit file that goes back over the past 6 years. Things like how well youâve managed your payments will have an impact on your credit score. This is why itâs worth making sure that the information on your credit file is correct.
What is an Equifax credit score used for?
Your Equifax credit score is used by lenders to give them an idea of how safe it would be for them to lend to you. The higher your score, the easier it is to borrow money.
| Your credit score | How risky to lend to you |
| High score | Low risk |
| Low score | High risk |
Your credit report might also be looked at by landlords or potential employers. Thatâs why itâs always best to keep a good credit score.
Is Equifax the same as Experian?
Equifax is similar to Experian in that they are both credit reference agencies. But theyâre not the same company, they are independent of each other. As lenders donât all report to the same agency, so your credit report might differ between them.
Why is my Equifax Score Lower than my Experian score?
There are two main reasons why your Equifax credit score might be different to your Experian in the UK.
1. The scoring ranges that the two agencies use are slightly different
The scoring range at Equifax is different to the range used at Experian. The table below shows the different scoring ranges each of them use.
| Credit Score Range | Very Poor/Poor | Fair | Good/Very Good | Excellent |
|---|---|---|---|---|
| Experian | 0-720 | 721-880 | 881-960 | 961-999 |
| Equifax | 0-438 | 439-530 | 531-810 | 811-1,000 |
As you can see, a credit score of 700 would class your score as being good with Equifax. But it’s classed as poor with Experian.
2. The two agencies may have different information on your credit report
Each Credit Reference Agency gets their information from different sources. Thatâs because not all lenders report your lending activity to all three CRAs. It means that the information Equifax has to work out your credit score might not be the same as what Experian has.
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. Donât make lots of new applications close together
Every application you make shows up on your credit file. Even though it only stays on there for 12 months, it impacts your credit score. By spacing out your applications itâll make you look less desperate for money.
3. Register on the electoral roll
If youâre not already enrolled to vote, consider registering. Itâll give your credit score a boost and could help with future applications for credit you make.
4. Remove links to anyone youâre no longer connected to financially
If youâve taken out loans or had a joint bank account with someone, it shows on your credit file. If they have a poor credit score, itâll affect you when you apply for credit. Thatâs why, if youâre no longer linked to them, itâs worth getting them removed from your credit file.
5. Donât 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 cancel my Equifax membership?
If you want to cancel your Equifax membership you can do this online or by calling them. To cancel it online you login in to your âMy Equifaxâ account. Then go to âMy Accountâ and click âCancel Subscriptionâ. From there you just follow the cancellation process.
Remember to download your credit report before you cancel so that youâve got an up to date copy.
How can I contact Equifax in the UK?
The quickest way to contact Equifax 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. Thatâs why itâs important to make sure the information they have on your report is accurate.
FAQs â 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, theyâre 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, itâs 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.