About Your Credit Report

What is a credit report?

A credit report is a summary of your credit history. The information on your credit report is obtained from a variety of sources, including lenders, insurers, creditors, employers and public records. Any institution that issues a credit card or loan to you (like a mortgage) will report to the transaction to at least one of the credit bureaus. That information will then go on your credit report.

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Can I have more than one credit report?

Although most people believe they only have a single credit report, there are actually 3 different credit bureaus that keep credit files: Equifax, Experian and Transunion. Each one of these privately owned companies receives reports from institutions with which you may have (or had) a financial relationship. They then update the credit report they have on file with this information. This means that you have 3 different credit reports, and they may vary because not all lenders report their information to all 3 bureaus. They may only report to one or two.

With Equifax Complete you won't need to worry, because it monitors all 3 of your credit files in real time. You'll be alerted via email and/or text when a critical change happens. You also get access to your credit reports for all 3 credit bureaus.

Why should I care about my credit report?

Your credit report is a very important piece of information. When you apply for new credit, the creditor will request your credit report from one, two, or all three of the credit bureaus. They then use it to help them make decisions about whether to extend credit to you, and on what terms. A poor credit report may mean you're turned down for a loan, or even that you're accepted but need to pay higher interest rates.

Because companies will use your credit report to help them decide the interest rates they charge, having a poor credit report can cost you thousands a year. For example, on a $300,000, 30-year home loan, someone with a very good credit history would pay about $1,499 per month at the current rates. For the same loan, someone with a poor credit report would pay about $1,793 per month. That's $105,840 extra in interest payments over the course of 30 years!

What is credit report monitoring?

Credit report monitoring services will constantly monitor your credit report for critical changes, and alert you via email or text if there are any updates. Although this type of service is great, you need to make sure you subscribe to one that monitors all three of your credit reports. Otherwise you won't have full knowledge of what may be going on. Equifax Complete provides 3-bureau credit report monitoring, so you'll know you're fully covered. You can even get customized alerts, based on criteria you determine and set.

What about identity theft?

Identity theft occurs when a thief uses your personal information for gain. One of the most common scenarios occurs when someone else applies for a credit card or loan under your name. Most people have no idea this has happened until it's too late, and the thief has stolen hundreds or thousands of dollars. With credit report monitoring you'll be alerted as soon as there is a change in your credit report—such as a credit card application. You can ward off damage ahead of time and take steps to make the correction to your credit history.

Equifax Complete also allows you to take the proactive step of setting automated fraud alerts on your credit files if you wish. Fraud alerts ask lenders to contact you to confirm your identity before issuing any new credit in your name. While a fraud alert typically expires after 90 days, Equifax will automatically renew it so your fraud alerts continuously stay in place at all 3 bureaus.