Equifax Case
Alongside Experian and TransUnion, Equifax stands as one of three most important consumer credit reporting agencies in the U.S. The company's importance is underscored by the large number of outside people and companies that rely on its information. Creditors, landlords and employers will use the information provided to make decisions about doing business with certain individuals.
What Services Does Equifax Provide?
Most Americans are aware of the fact Equifax provides personal information related to the credit and payment history of individuals. However, Equifax also offers a variety of other services. For example, they provide commercial credit reports and ratings on businesses. These reports contain both financial and non-financial data, …show more content…
A person's social security number acts as their primary source of identification with creditors and service providers. Using this number, legitimate creditors provide Equifax with data related to an individual's current credit status and payment history. This information is seen as critical to other creditors that might be willing to extend personal credit to certain applicants. The ultimate decision is usually made by using Equifax's data to assess an individual's ability to handle more financial responsibility.
From Equifax's database, people and organizations, with what is called a “permissible purpose,” can purchase information on a prospective customer or client. The information can only be accessed if authorized in writing from the person being evaluated. Once authorized, the data is used to create a current "credit score." This credit score gives end-users an easy way to quantify the possible risks of giving credit to an applicant.
Can Consumers Access their Credit Information?
There's a couple of different ways an Equifax free credit score can be secured for verification of accuracy by consumers. The first way is through the Annual Credit Report law. The law states all individuals must have access to a free annual credit report from all three major reporting
What Services Does Equifax Provide?
Most Americans are aware of the fact Equifax provides personal information related to the credit and payment history of individuals. However, Equifax also offers a variety of other services. For example, they provide commercial credit reports and ratings on businesses. These reports contain both financial and non-financial data, …show more content…
A person's social security number acts as their primary source of identification with creditors and service providers. Using this number, legitimate creditors provide Equifax with data related to an individual's current credit status and payment history. This information is seen as critical to other creditors that might be willing to extend personal credit to certain applicants. The ultimate decision is usually made by using Equifax's data to assess an individual's ability to handle more financial responsibility.
From Equifax's database, people and organizations, with what is called a “permissible purpose,” can purchase information on a prospective customer or client. The information can only be accessed if authorized in writing from the person being evaluated. Once authorized, the data is used to create a current "credit score." This credit score gives end-users an easy way to quantify the possible risks of giving credit to an applicant.
Can Consumers Access their Credit Information?
There's a couple of different ways an Equifax free credit score can be secured for verification of accuracy by consumers. The first way is through the Annual Credit Report law. The law states all individuals must have access to a free annual credit report from all three major reporting