YOUR EQUIFAX CREDIT SCORE:

What This Company Credit Report Score Means To You!!

Equifax is one of the top three major credit reporting agencies that many mainstream banks, lenders and creditors use to gather consumer credit information. Although this company uses a complex scoring system their model is based off the standard fico system that is used in the financial industry.

Your Equifax Score is a number that tells a potential lender how well you manage your bills and what the likelihood of you paying them back. The equifax score is actually calculated by the FICO score model. This equifax score is also part of the scoring system that major banks, lenders and creditors use. Yes I know, it almost sounds like a test score when you were going to school!

Although there are over 1200 hundred CRA's available, the most important companies are from these three major credit reporting agencies happens to be the company in subject. But this company has the most weighting when you are trying to improve your report.

TIP, this is the company you need to first contact to lower your score. Their results will show more of an improvement. If you are a homeowner or a first time home buyer and your score comes in lower for qualifying many times a smart loan officer will recommend a re-run in your credit report called the rapid rescore. Equifax usually gets great results when the rapid rescore is processed. The results can sometimes dramatically move you up in the credit ratings and allow you to get qualified for your refinance or new home loan. 

Banks and Lenders use these scores with their own qualifying model to detemine your worthiness. These reports actually show your pattern or trend on how you pay your credit. They many other variables too and each creditor uses many variations of how scores are determined for their qualifying.

Potential employers use these scores to analysis how responsible you are, looking for any trends based on the information gathered.

It is now very important for you as a consumer and potential employee or renter to make sure your score is in good standing especially with E-quifax. By taking the steps to properly manage your credit history and do the necessary house cleaning on your credit the better off you will be in the long run. Everyone wants their credit to be in the best shape in case we really need to depend on it for one reason or another.

To order your Equifax Credit Report, CLICK HERE.