Equifax is one of the three major credit reporting agencies, along with Experian and Tans Union. All three get information from creditors voluntarily. You may have heard of the agencies, and realize the important of your credit report. If you do, then you may be interested in retaining a copy of your own credit report from Equifax. Your Equifax credit report should be of great interest to you since the contents can have such a profound influence on your ability to make certain purchases. Therefore, it is important to understand what you are going to see on your report and what it means. The contents of your Equifax credit report can basically be broken down into five parts: your personal information, inquiries, your credit history, public record information, and your overall credit score.

The first part of your Equifax credit report is your personal profile. Your personal information is kept in this portion. You name, aliases, spouses name, current and former addresses, birth date, employment history, and Social Security number. When looking at your Equifax credit report, make sure the information is accurate. You can make corrections to the information by talking with Equifax.

Next, you will find the inquiries section. Here, you can see everyone over the last two years that has requested your credit report. You will find two types of inquiry on your Equifax credit report: hard and soft. A hard inquiry is one made by a company and initiated by you, like when you apply for a mortgage or credit card. A soft inquiry does not show to creditors unless you request it and is made by existing creditors who are monitoring your credit.

Third on your Equifax credit report is your credit history and public records. Your history will have a detailed list of your credit debts. It will include how you have done in terms of paying, all late payments, and information about how the account has been paid to

date. You records will include bankruptcies, liens, and over due child support type information. Any public records are negative and will lower your overall score. They usually will stay on your Equifax credit report for six to ten years.

Last you will find your credit score. The credit score is a rating that shows how great of a credit risk you are and what the chances are that you may default on a loan. Most lenders will use the credit score as factor in y our loan application. The number of the score is between 300 and 850. The higher the score on your Equifax credit report, the less risky you will be considered by creditors. If the score is lower, you will be seen as a higher risk and while you still may get loans, you will likely be headed toward higher rates of interest.

Your Equifax credit report has a big influence on your ability to make purchases on credit. Many state and federal laws allow you to receive a copy of your Equifax credit report either for free or at a low cost. Take the time to get a copy of your Equifax credit report, as well as ones from the other companies. That way you can be sure that all of the information is correct and have an idea of how risky you are so that there are no surprises when you got apply for any loans.

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