Equifax is a credit referencing agency in the UK that provides credit services to banks and other financial services companies that lend finance to consumers and businesses. There are three credit bureaus in the UK, Experian which is the largest, Call Credit which is the smallest - but growing. Equifax is the middle player in the industry, but has a very strong reputation for data integrity and is a partner to many banks across the UK.
- FREE 30-day Trial
- Free Credit Report & Score
- £14.95 Per Month (after trial)
- CCJ's, Defaults, Bankruptcy
- Free Identity Theft Alerts
- Cancel at Any Time
- Customer Support
The role of credit agencies is becoming more significant as time goes on. With the global financial crisis still vivid in our memories, banks are growing more selective about who they lend to and who they do not. Credit agencies provide critical information about potential borrowers that have a significant bearing on that lending decision. The advent of the online credit report is a pure revelation. They allow consumers to help ensure that banks are getting the best information they can to help make good lending decisions, and in doing so increasing their chances of obtaining the credit they need to move life forward.
But it isn't just about credit or not. Having access to credit at the lowest interest rate you can get is key to saving many thousands of pounds in a lifetime. Equifax is one of the business that holds a credit report on you. You can easily Sign up to Equifax to get access to this report on a 30 day free trial, and see what lenders think know about you. You'll be able to help clean up the report, and remove errors - boosting your credit score. This will impact you in big ways and put the power back into your hands. If you find that your credit report is low and justified, start reading our website regularly, and begin to take positive steps toward a stronger financial position.
In this section of the website we help you in understanding your equifax credit report, what it contains, what your equifax credit score means and what to do to improve your credit file.
Other Equifax Services
Like the other credit reference agencies, Equifax offers a range of services and products to consumers and is also used by lenders who want to check on the status of someone's credit so that they can make a decision on whether to approve the person's application. When it comes to lenders the main services that Equifax and the other agencies provide is access to personal and credit information about the person that has made an application for finance. Lenders are able to see at a glance a range of information on the credit files such as:
- Credit account information relating to bank accounts, loans, credit cards, finance agreements, mobile phone contracts, etc.
- Information about adverse credit such as CCJs, bankruptcies, IVAs, late payments, and missed payments
- Searches carried out by other lenders whether or not the person was approved for credit
- Personal data such as name and address details
- Financial Associations details such as people you may have joint credit with, such as your spouse and a current account
- Electoral roll details. This information is maintained by the local authority. It is information that lenders will use to compare your address details on the electoral register with the details you have put on your application for credit. If there is a difference between the two addresses your application approval could be delayed or your application may even be declined on this basis
All of these details are vital for lenders to enable them to make an informed decision on whether or not to approve a loan. This is why it is so important for consumers to keep their credit information in check, make sure that it is up to date, and do all they can to either improve their credit or maintain their good credit.
Equifax allows consumers to do this by providing a range of services and products that make it easy and convenient to access and make changes to your credit file should you wish to do so. These services are invaluable for anyone that is planning to get credit in the future.
Equifax Consumer Services
There are a number of credit related products and services that Equifax offers to consumers and some of these are outlined below:
Statutory credit reports
The standard reference statutory credit reports are available to order online or by post and cost £2 each time the report is ordered. These are best suited to those that do not check their credit regularly and are not planning to get finance in the future hence are not as focussed on checking their credit report on a regular basis.
Pay monthly credit reports
The pay monthly credit reports are popular amongst people that are planning to get finance such as loans, credit cards, mortgages, and car finance in the future. The service is also very good for those that are working on improving their credit and need to keep an eye on changes to their credit file on a regular basis. The pay monthly credit report services usually start off as a free online credit report, and then the bureaus charge from month two. These reports typically costs £14.95 a month (with credit report and credit score access) or £9.95 for access to your credit report without score. If you decide to cancel within the thirty days you won't have to pay anything. If you want to continue then you will pay the monthly fee but are still free to cancel at anytime so there is no contract to worry about.
The benefits of signing up to the pay monthly credit report with Equifax include:
- Free instant access to your credit information for thirty days
- Continual access if you decide to continue
- Ability to cancel at anytime without any long term contracts to worry about
- Weekly alerts about any changes that have been made to your credit file
- Tips and advice on understanding your credit report
- Excellent support from the dedicated customer services team
- Access to the online dispute facility
Equifax Credit Score
With Equifax you can also access your Equifax credit score, which enables you to see how many points you have and whether you are in the poor, fair, good, or excellent credit score band. It is advisable to check your credit file and your credit score before you apply for any finance as this can give you a better idea of whether you are likely to be accepted.
Equifax ID Protection
Equifax Identity Watch Pro is an identity theft protection scheme from Equifax designed to cater for those that are concerned about becoming a victim of this sort of crime and who want to protect themselves against ID theft. You can order monthly access to this scheme for £9.95 per month. There are a number of benefits that you will receive with this scheme including:
- Unlimited access to your Equifax credit report.
- Automatic alerts that are sent within 24 hours of any significant changes to your credit report.
- Webdetect will alert you if your financial details are shared on websites by fraudsters.
- Access to dedicated customers services staff members