Equifax is the oldest of the Australian two big credit referencing agencies. It operates under the motto'Inform, Enriches, Empower'.
Moreover, Equifax holds a credit file for almost every person in Australia over the age of 18.
You will have a credit report if you have ever borrowed money or applied for financial products like short-term loans. You can access one of your credit files through Equifax. Separate reports are held by other credit reference agencies.
A credit score is provided as a quick way to see how creditworthy you are. You can also look into the details that lenders will use to assess you.
Credit providers may use your Equifax file whilst making a lending decision.
1. Introduction to Equifax
Equifax powers the financial future of individuals and organizations around the world. Using the combined strength of unique trusted data, technology, and innovative analytics, Equifax has grown from a consumer credit company into a leading provider of insights and knowledge that helps its customers make informed decisions. The company organizes, assimilates, and analyses data on more than 820 million consumers and more than 91 million businesses worldwide, and its database includes employee data contributed from more than 6,600 employers.
Headquartered in Atlanta, Ga., Equifax operates or has investments in 24 countries in North America, Central and South America, Europe, and more recently in the Asia Pacific region, with the acquisition of Veda, a data analytics company and the leading provider of credit information and analysis in Australia and New Zealand. Combined the companies bring nearly 170 years of data and insights experience to the marketplace.
Providers of credit, including loans, payday loans, guarantor loans, logbook loans, and credit cards, can use your Equifax report to check the details of your financial history.
2. Checking your Equifax file
There are several ways that you can check your credit score, or see your full credit report.
Equifax Credit Report & Score
For $14.95 AUD per month, you can receive full access to your credit report.
You will be able to see your credit record in detail. It will show what accounts you have open. It may also show closed or paid accounts, and which lenders have checked your file recently.
This option includes automatic alerts if there are any significant changes to your credit file.
Also included is Equifax WebDetect.
If your personal information is being shared on the internet, you are at risk of becoming a fraud victim. WebDetect can help you to act quickly, by alerting you if your information is shared.
3. What lenders can use Equifax for
Lenders can use Equifax to check your credit file
Your credit file shows lenders what you are like as a borrower.
Lenders can check if you have open credit accounts already. They can also see if you are up to date on your payments, or if you are falling behind.
Your credit report helps lenders to assess how much of a risk you are. This may affect the amount of credit that you are approved for if any.
Your credit score could also affect the interest rate that you are offered.
Lenders can use Equifax for identity checks
If a company needs to verify your age or identity, they can do this through Equifax.
They can also verify bank account details, to make sure that a Direct Debit is being set up correctly.
Your bank details may also be verified if you are buying something on credit.
Lenders can use Equifax for consumer data
Businesses can purchase consumer information. Types of data include records of spending habits and behaviors. This is alongside geographic and demographic statistics.
Data can be used for marketing. Companies can better target their ideal consumers, using the insights that Equifax provides.
Facts about you are recorded almost every day. Your spending habits feature on your bank statements. The use of debit and credit cards can be traced. Also, you might offer information voluntarily, as you share things online.
Information is collected by Equifax, where it can be sold under the label of Consumer Data.
Lenders can use Equifax for debt recovery information
The financial data that Equifax holds can help with debt recovery.
If you cannot afford to make your repayments then your creditors may run a check through Equifax.
The credit referencing agency may have insights into your income and your debt levels. This data can prove to lenders that you cannot afford to pay.
Also, your creditors may be able to offer a fair repayment plan if they know that you are in financial difficulty.
Information held by Equifax can be used to check if you are defaulting on your payments elsewhere, or only with one creditor. It can also show if you are applying for more credit elsewhere.
Equifax can make a prediction, based on your current behavior. They can tell lenders if you might end up filing for bankruptcy, or become insolvent as a result of your debt levels.
Creditors might use an Equifax prediction to decide if they should continue chasing your debt, or if they would benefit from selling it on.
4. Summary: Equifax
Equifax is the Australian oldest credit referencing agency. Across the globe, the agency holds records for around 800 million consumers. These records can be accessed with a consumer's permission.
Your Equifax credit is valuable to lenders. They can use the data to assess how much of a risk you represent as a borrower.
If you have a poor credit rating and a history of missing payments, you are less likely to be approved for credit. People with good credit scores are more likely to be approved, and will usually be offered the best rates.
Many Australian banks use Equifax credit reports as a part of their process. As do phone and utility companies, credit card providers, and loan providers.
Businesses can use the information held by Equifax for identity verification. They can also use it to verify bank details or to check your financial situation if you are having trouble keeping up with payments.
Equifax can also provide businesses with other consumer data. This might include information about spending habits or borrowing behaviors in general.
Your Equifax credit file can be accessed with your permission. Many lenders will need you to provide this permission before they make a loan or credit card offer.
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