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Ten New Thoughts About Equifax Credit Bureau That Will Turn Your World Upside Down | equifax credit bureau

Knowing your credit history and rating by one of the leading credit bureaus is a very good thing. It helps you get lower interest rates on various loans, credit cards, mortgages, etc. This in turn helps you avoid unnecessary finance charges and high interest debts. Your Equifax credit report is one of the best ways for you to obtain your FICO scores and financial information. So, what exactly is an Equifax credit report and how do you access it?

A good credit score greatly helps you in receiving lower interest rates on various loans. For example, a mortgage loan or car loan can be significantly reduced when you have a good FICO score. In simple terms, credit bureaus rate your risk based on your current financial situation. The credit bureau deducts points from your credit score for each of your financial transactions. These points are published in your Equifax credit report.

The credit bureau keeps a record of your past payment history, whether you paid the bills on time or missed payments, your payment history with other creditors, and so on. Once you submit an application for a loan, your lender may check your report and determine if you're financially sound and able to pay the monthly installments. If not, they may freeze your assets until you pay off the loan in full.

A freeze is a temporary protection and is meant to prevent illegal misuse of your identity. Once you've paid off an installment and the creditor has frozen your assets, you won't be able to apply for more credit until the freeze is lifted. But what if you forget to reverse the freeze and then use your credit cards again? You'll automatically be reported again to the credit bureau and will have to start all over again with your new credit scores. That means another late payment and possibly even more action from the creditor. It's better to work out an arrangement before you get into such a frustrating situation.

Before you apply for a new credit account, check your Equifax credit score and see if you've been reported. If you've been, you'll likely have to pay a deposit to start the process. See if it's enough to trigger a freeze. If it isn't, try lowering your current credit scores as much as possible before you submit an application. A high credit score combined with a low credit utilization ratio equates to a poor credit utilization ratio. This ratio measures the percentage of total debt you have outstanding versus how much of that outstanding debt you pay off each month.

Lowering your current credit card balances by $100 or more may be enough to trigger an approval. Using available cash to take care of current expenses, paying down some existing debt, and perhaps even changing your overall spending habits may also be enough to get your Equifax report cleared. Once your Equifax credit score has improved, you can then begin working on lowering your new credit accounts. And don't forget to check the history of your credit card payments to make sure they were not a mistake.

In order to monitor your credit score at a regular interval, you can always use one of the many Equifax credit monitoring solutions available. These products are designed to send you alerts when certain criteria such as new applications or credit card balance changes are sent to your e-mail or cellular phone. You then print out the reports so you can go over them very carefully. Keep in mind that this type of personal information is not held by the Equifax credit bureaus. It is up to you to protect yourself.

Your FICO score is based on three major factors: your payment history, the amount of credit you've used, and the length of time since your last account. Your Equifax credit history is also affected by your level of trust with other people. A low score indicates that you may not be a trustworthy person. Credit monitoring can help to prevent identity theft and catch mistakes made in the application process. It can also help to protect your credit history from erroneous or fraudulent entries made by others.

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