### What is Equifax? - [x] One of the three major credit bureaus that track a potential homebuyer's credit history. - [ ] A type of mortgage loan for first-time homebuyers. - [ ] A real estate investment trust (REIT). - [ ] A government agency providing down payment assistance. > **Explanation:** Equifax is one of the three major credit bureaus (along with Experian and TransUnion) that track consumers' credit history and provide credit reports to potential lenders to assess the risk of lending money to a borrower. ### What information is included in an Equifax credit report? - [x] Current balance on other credit accounts. - [ ] Home valuation data. - [ ] Detailed tax returns. - [ ] Personal savings account history. > **Explanation:** An Equifax credit report includes information about the current balances on other credit accounts, the amount of time the accounts have been open, and whether the individual generally pays their bills on time. It does not include home valuation data, tax returns, or personal savings account history. ### How can a good Equifax credit score affect a homebuyer? - [x] It can reduce the amount of interest paid on a mortgage. - [ ] It can increase the home's appraised value. - [ ] It can extend the mortgage loan term automatically. - [ ] It can replace the need for a down payment. > **Explanation:** A good credit score can make the borrower appear less risky to lenders, which can lead to lower interest rates on a mortgage. This can result in significant savings over the life of the loan. ### Where can you access your Equifax credit report? - [x] http://www.equifax.com - [ ] Directly from mortgage lenders. - [ ] From your real estate agent. - [ ] Through your local city hall. > **Explanation:** You can access your Equifax credit report through their official website, http://www.equifax.com, or by writing to their mailing address. Credit reports are not typically provided directly by mortgage lenders or real estate agents. ### Why might a bank consult Equifax when reviewing a mortgage application? - [x] To assess the risk of lending to a potential homebuyer. - [ ] To determine the home appraisal value. - [ ] To verify the accuracy of property tax records. - [ ] To evaluate the geographical location of the property. > **Explanation:** Banks consult Equifax to assess the risk involved in lending money to potential buyers by reviewing their credit history. This helps the bank determine the likelihood of the borrower repaying the loan. ### Which of the following factors does NOT impact your Equifax credit score? - [ ] Payment history on credit accounts. - [ ] The amount of time credit accounts have been open. - [ ] Credit account balances. - [x] The appraised value of your home. > **Explanation:** The appraised value of your home does not impact your Equifax credit score. Factors that do affect the score include payment history, length of credit history, and credit account balances. ### Which of the following is NOT true about Equifax? - [ ] It helps lenders assess potential borrower's credit risk. - [ ] It tracks a potential homebuyer's credit history. - [x] It directly approves or denies mortgage applications. - [ ] It compiles credit reports using various credit factors. > **Explanation:** Equifax does not directly approve or deny mortgage applications; instead, it provides credit information that lenders use to make their decisions. Equifax tracks credit history and compiles reports based on multiple factors. ### What primary service does Equifax provide to lenders? - [ ] Home appraisal services. - [ ] Property tax assessments. - [x] Credit reports assessing consumer credit history. - [ ] Real estate brokerage services. > **Explanation:** Equifax provides credit reports to lenders, which include assessments of consumer credit history. Home appraisal services, property tax assessments, and real estate brokerage services are not primary services offered by Equifax.