Equifax Credit Report
Equifax credit report is the credit report by Equifax credit reporting company. Most of the financial institutions fall back on Equifax credit report for deciding the fate of loan or credit card applications made by you. This credit report contains all the vital information regarding your previous borrowing and repayment pattern as well as your bill payment records. This helps the financing company to decide whether to consider your loan application. Equifax credit report is a vast compilation of data, which the company collects from all major lending institutions and organizations. Whenever you take a loan, make payment; pay a bill, delay in payment or default in payment, all the information goes to credit reporting agencies including Equifax. The company then prepares a detailed report for each individual based upon all the data. If your Equifax credit report also carries your credit score on it. Your credit score is the determiner of your creditworthiness for all future borrowings and credit card applications. If you pay all your bills on time and have never defaulted on your credit card or loan payments your credit score would be higher. However, it would adversely affect your credit scores if you have an outstanding bill or have delayed or defaulted previously. High scores on Equifax credit report would mean that you will have no or very fewer problems in getting loans and credit cards and lower scores would indicate the contrary. If you have low credit scores, you may find it very difficult to get loan or credit card and even if you manage to get one, it would be very with exceptionally higher rates of interest. If you want to avoid expensive loans and credit cards, you must ensure timely payment of your bills for getting a high score on Equifax credit report. You can get your personal Equifax credit report free by requesting the company for the same. The company would send you a copy of your report and then you must check it for discrepancies if any. Whenever you find a discrepancy like a paid bill reflected as unpaid, you must report to the company with necessary proofs of payments for making necessary corrections and improve your credit scores.
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