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equifax

Credit Scoring

Written by Anthony C. Martin

Equifax

Equifax is one of the three major credit reporting bureaus. Equifax is able to calculate your credit score according to your credit history. This credit evaluation helps the creditors to determine whether you are worthy of receiving credit or not. Equifax collects information from your credit file, and then determines your credit score by using mathematical equations. These equations are used for comparison with other files. As a result there is a number in the range from 300 to 850, this is your credit score. The higher the number - the better. If the information on your credit report changes, your credit score also changes. It rarely happens so that your credit score does not change with time.

Equifax is exploring many different factors to calculate your credit score. Here you can find the list of the main factors that are taken into account when determining your credit score:

1. Payment history - if your your accounts have late payments, it will reduce your credit score

2. Credit Owed - if you have too much on the current credit and especially approaching maximum, it must be reflected on your credit score.

3. Credit History - very important is an indicator of how long you have had credits. If you have had credit only for a few months, it will affect your score. The longer you have had credit, the higher your credit score will be.

4. Inquiries - your credit score may be reduced if you have made an application to several different lenders and creditors.

5. Bankruptcies, Judgements, Collections - your credit score will be reduced if there are any accounts that have been sent to collection or you have been taken to court on. The same applies to bankruptcy.

These are only some factors that may affect your credit score, but you definitely need to take them into account.

If you are not completely satisfied with your credit score, you can improve it. There are some ways for you to improve your credit score. The most important step that should be taken to improve your credit score is to pay bills on time. If, however, due to some circumstances you can not pay your bills on time, be sure to write a letter with a detailed explanation of the reasons why you can not do it. This letter will be included in your credit report and Equifax will take it into account in calculating your credit score.

Just like your body, to keep your credit as alluring as possible, you need to have annual check ups. Proactive sleuthing and repair of your credit history can save you a lot of headaches. If you know that you will be applying for a loan, employment, or an apartment, try to find out in advance which credit bureau your lender will be using. Then you can order just that one bureau's report, rather than buying all three of them, to see if your credit is attractive enough for a loan to be granted and to prevent unnecessary "inquiries" on your report.

Equifax: Call 888-873-5392. Fax: 888-664-4535 or 888-729-0083. The toll-free number has a voicemail system available in Spanish or English. It will let you record your request if you were turned down for credit, employment, or insurance.