Business Has Been Relying On Equifax For More Than A Hundred Years

by erin on March 21, 2011

Credit reports unfortunately are a fact of life. If you need a substantial sum of money and have to borrow it, this report will be checked. The information it contains will be the yardstick for the lender to decide whether you will get the loan or not. It will also be the major instrument in determining what terms will be offered to you. Equifax, established in 1899 as The Retail Credit Company, is one of the three biggest companies in the credit information business. It has more than a century of experience in this field.

Computers came along and all of a sudden people had access to all kinds of information. Privacy was shattered because their information was on computer and could be accessed by others. This included personal information. The US congress initiated hearings to establish a balance. The Fair Credit Reporting act resulted. This Act granted the loan applicant some rights to make sure that personal information not applicable to a loan application remained personal.

The Retail Credit Company decided to change its name in 1975 and Equifax was born. This company has its head office in Atlanta, Georgia. Equifax has become a household name worldwide and you will find it in the NYSE listings.

Equifax became an international company as it grew over time. It now operates worldwide. The company’s annual revenue tops $1.5 billion and more than seven thousand people in 14 countries work for it. Delivery of information to the business sector has always been its main focus. It is a trusted name in many different industries. Banks and other financial institutions count among its customers as do retailers, health care providers, insurance companies, government agencies and others.

Business analytics, demographic data, as well software are a few other products that the company provides to its customers. Their detailed credit reports are a quick and easy way to evaluate the loan applicant. It contains information on whether he or she has honored loan commitments and other financial obligations in the past. The information is also necessary for businesses to decide on services or products to offer and on what terms.

The firm also offers various products aimed at consumer assistance. Some of them can also help an individual discover unauthorized activity such as fraud or identity theft. Debt Wise is a tool you can use to try and get out of a debt situation quicker. The credit lock service gives the individual a greater degree of control when it comes to allowing people to view information. It is a good way of keeping unauthorized eyes out of files that they really do not need to see.

The law makes provision for a free check of their credit details by all US customers at least once a year. You may access this online. It is very necessary to make use of these opportunities to make sure all is well and that there are no mistakes.

It is really not that difficult to have a good credit rating. The secret can be summarized in three words. Pay your bills. If you do find yourself in an unfavorable position, good advice is to avoid so called repair companies. They are usually all talk and no deeds.

Through the years, many loan firms and many customers have experienced good service from Equifax for credit monitoring. It is crucial that you have a reliable firm taking care of your credit details. Do your part by checking your credit report. That way, you will stay out of serious debt and the trouble that goes with it.

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