Putting That Equifax Credit Report in Context
Contributed by Alix Mcmurray
Putting That Equifax Credit Report in Context
Feeling righteous for having ordered your very own Equifax credit report? So you should, to a point, because ordering your credit report is arguably the best first step to repairing your credit if it is less than perfect. But is your credit report as maintained by Equifax any better than one maintained by the others?
Your Credit Report from Equifax is Only a Portion of Your Available Credit Profile
Equifax is one of the three longest lived national credit bureaus, the other two being Experian and TransUnion. But there are some "new kids in town," also -- Innovis Data Solutions; and Pay Rent, Build Credit (PRBC), Inc. Neither maintains databases as comprehensive as the big three, but there is some benefit to interfacing with one or both.
Though it does not provide credit reports to lenders, Innovis sells lists of recently relocated and payment delinquent consumers to lenders marketing pre-approved credit card offers. Reviewing your Innovis file for accuracy could safeguard your eligibility for pre-approved offers. PRBC, on the other hand, is very useful for apartment renters who can now, through them,establish a credit history by payment of utilities, phone, auto loans, and day care.
What Your Equifax Credit Report May NOT Contain....
Timely payments on credit cards, mortgage or rent, and on installment accounts are great, but how's that bank account doing? If you've bounced a check, had a bank account closed by the bank due to overdraft, or closed an account without leaving a buffer for service fees, these incidents will appear in consumer reports prepared by ChexSystems and TeleCheck. These sources of credit data are often overlooked by many consumers, but they are as instrumental in your financial credibility as your credit report.
