What is Equifax Credit Report?


Equifax is a consumer credit reporting agency  In the U.S., it is considered as one of the three largest American credit agencies beside Experian and Trans Union. Equifax is headquartered in the USA and operates in more than 15 countries through Europe, Asia, North America and Latin America IT was founded in 1899, it is the oldest of the three agencies which gathers, maintains, reviews and report information about consumer credit files on over 820 million consumers and more than 91 million businesses in world and its database includes employee data put in from more than 7,100 employers. 

What is Equifax
What is Equifax

The company provides a variety of services for consumers such as 3-in-1 credit reports, identity theft insurance, credit monitoring and credit alerts.

Equifax is a member of S&P 500®Index and its common stock is traded on the New York Stock Exchange under the symbol EFX. Equifax’s main proficiency is the ability to process millions of data records that are submitted by its members and change it into valuable information for its customers, who then use it for consumer and business decisions and data intelligence.

A Value added products such as risk management solutions, portfolio management, credit risk management and analysis, fraud detection triggers, decision for technologies, marketing methods and many more are also given from the same information bank. The information provides many industries including banking and financial services, insurance, telecom, etc.

The product-set covers solutions in Equifax are:

1) Commercial Information Solutions:

Going far ahead of self reported information, it includes trade credit history, business demographics, financial payment history and organizational insight. It accesses as a better information tool shed on credit value, business feasibility, potential prospects and even more. It brings new accuracy and trust to businesses. 

2) Consumer Information Solutions:

Equifax assists financial institutions, insurance, telecom companies or B2C companies to influence the most appropriate consumer information to gain extraordinary insight into their customer base. In all over the world, leading businesses in the financial services like retail, auto, mortgage, communications or utilities and other region, Equifax act as a part of their necessary decision making and an inherent part of their business.

3) Personal Information: It provides personal data solutions for individuals for them to get a complete credit report and score, monitor 3-in-1 credit reports, identify threat insurance and credit protection, and monitor one’s FICO credit score, create a plan to get out of debt faster and monitor credit alerts.

4) Provide workforce Solutions:

Equifax Workforce Solutions which is provided by TALX replaces slow, paper based tasks so that business can provide better and faster employee service.  We allow business to meet now a day’s demands for reduced costs and higher service levels. It is used to manage employment and income verification

5) Small Business Solutions – Individuals and businesses can get a credit report on any company in the database which has over 24 million business records.

Products and services

The Equifax consumer credit database is a top information services source for the credit granting community. It let lenders to make quicker, better credit granting decisions, while letting them to manage their risk and maximize growth and development opportunities.

It offers:

1) Newness of data where data is being updated on a regular basis from our member institutions.

2) Consumer credit files in all regions across India with the history of refund on the consumer across his/her various loans and credit cards.

3) Advanced search techniques and matching logic, which collects all information about the consumer across his /her various loans and credit cards with our member institutions.

4) To manage in our world class technology and operations platform.

Equifax has build and managed Microfinance Data Exchanges in developing parts in all over the world. And in India, Equifax has launched there dedicated Microfinance Institution bureau in June 2011. Equifax offers expertise to help for more profitable and robust decisions across the marketing and credit lifecycle:

1) Credit Risk and Fraud Management Products and Solutions

2) Product and Pricing Design

3) Portfolio Management

4) Collection Products and Solutions

5) Governance and Monitoring Frameworks

6) Process Redesign

Equifax has operated mostly in the B2B sector by selling consumer credit and insurance reports and related analytic to businesses. All business customers comprise of insurance firms, healthcare providers, retailers, utilities, government agencies, as well as banks and personal and specialty finance companies and other financial institutions.

Equifax sells credit reports which provide detailed information on the personal credit and payment history of individuals, indicating financial obligations such as paying bills or repaying a loan. Credit grantors use this information to decide what sort of products or services to offer their customers.

In short, Equifax’s strong expertise and experience help specific business to improve profit & loss performance by lower costs and losses, with higher yields and greater consumer loyalty.

The role of intermediaries has been on a constant rise since the dawn of financial globalization. Credit rating agencies such as Transunion, Equifax have become more than a mere necessity for a bank or lender. Apart from financial behavior, these reports also detail with international norms of KYC (know your customer). Further, the debt and repayment decipher the calculation of debt, current and other important financial ratios.

Any detail regarding frauds and identity theft has to be supplemented with a detailed credit report. Sending goods to a buyer internationally requires a credit report of the same.

As we hop into the era of peer to peer lending and transactions, the necessity of having an unbiased credit report system can never be discarded. When it comes to dynamic organizations like Equifax, the demand would always be satisfied with need. Specialized products, worldwide approach and thorough research, certainly justify Equifax’s role.

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