Equifax: Unveiling the Power of Your Credit History
Equifax is one of the three major credit bureaus that track a potential homebuyer’s credit history. When a home buyer submits a mortgage application to a bank, Equifax Credit Information Services, Inc. could be consulted to determine the risk involved in lending money to the potential buyer.
The credit report compiled by Equifax includes numerous factors such as:
- The current balance on your other credit accounts
- The amount of time the credit accounts have been open
- Your bill payment history
- Numerous other indicators
A positive credit report and score from Equifax can significantly reduce the interest rate you pay on your mortgage in addition to the principal amount. Ensuring good credit habits can therefore potentially save you a lot of money.
If you wish to view your Equifax credit report, you can visit their website at Equifax or write to them at P.O. Box 740249, Atlanta, GA 30374.
Related Terms: TransUnion, Experian, credit rating, creditworthiness, FICO score.
