Equifax free credit report

A free credit report is a file that contains a complete record of your borrowing and repaying pattern. It comprise of your credit history up to present.  There are 3 credit bureaus responsible for preparing annual credit report. Equifax is one of the 3 major credit bureaus and has been compiling credit reports since 1899. Equifax free credit report shows your credit worthiness.

The significant part is that until recent you had to pay these credit agencies to get your credit report but now you don’t have to. These credit reports are now available for free! Under the Fair and Accurate Transaction (FACT) Act, on your request, Equifax and each of the other two major credit reporting agencies are obligated to provide you a copy of your credit  report once a year that too free of cost. Formerly, only companies had access to these reports but now one can easily access his credit information. So, you can now access your credit report without shelling out anything from your kitty!

Your credit report acts as a guide for lenders who base their decision on by viewing the scores. Generally those having bad credit records are considered ineligible for loans. Their bad credit scores pose a risk of non repayment and hence increase the risk involved in lending. By knowing your credit history you can even make efforts to improve in case of any blemishes. It’s important to know your credit scores and maintain them to sustain your financial wellbeing. Any blemishes may lower your scores and turn them negative.

It is very important for you to carefully scrutinize your report for common errors such as misspellings, incorrect information and name confusions. A free credit report contains following information:-

• Personal info (this section lists legal name, alias names, addresses, current and previous employers, date of birth)
• Account summary (current and past credit status, number of open and closed accounts, balances of accounts, historic high balances, payment history, if accounts are current or delinquent)
• Public records (bankruptcy records, government court records, liens, court judgments and child support records)
• Credit Inquires (a list of companies who have requested for your report in the last 2 years)

Each time when you apply for loan, your prospective lender requests for a credit report to decide whether to approve application for loan or not. Based on your scores the application is rejected or approved. In case your application is declined then lenders are obligated to state the reason for loan denial.

Now, free credit report can be accessed easily online. You will be required to establish your identity by providing your social security number, date of birth, social security number, name and address. It is required to verify who you are before credit report can be accessed or handed. The process is really simple and consumes few minutes.