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Equifax: Equifax Credit Report
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Equifax Inc. (NYSE: EFX) is a consumer credit reporting agency in the United States, considered one of the big three American credit agencies along with Experian and TransUnion. Founded in 1899, Equifax is the oldest of the three agencies and gathers and maintains information on over 400 million credit holders worldwide. Based in Atlanta, Georgia, Equifax is a global service provider with US $1.5 billion in annual revenue and 5,000 employees in 14 countries.
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Equifax is taking advantage of the giving season to market credit reports and/or FICO score gift certificates. The cost is $20 for a three-bureau credit report, $15 for the FICO score and explanation, or $30 for both (see email below). An even better gift would be a year of credit monitoring.
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During this same period, Equifax aggressively expanded overseas. In July 1995 Equifax acquired U.K.-based Infocheck Group Limited and TecniCob S.A., a French payment services firm. In June 1996 the company gained full ownership of Transax plc, the largest check guarantee company in the United Kingdom, while in March 1998 it acquired a leading U.K. risk and credit management firm, CCI Group Plc. In Canada, Equifax purchased Collective Credit Bureaus Ltd. and Creditel of Canada Limited, a credit reporting agency. With opportunities for expansion growing more limited in the developed world, Equifax turned to the Latin American and Asian markets, acquiring full or partial ownership of firms in Chile, India, Argentina, Peru, and El Salvador. During the second half of 1998 Equifax purchased an 80 percent stake in Segurança ao Crédito e Informações, the leading financial information company in Brazil; a 59 percent controlling stake in Unnisa-Soluções em Meios de Pagamento Ltda., Brazil's leading credit card processing firm; and a 34 percent interest in Proceda Tecnologia e Informática S.A., the second largest outsourcer of information technology in Brazil.
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For those consumers who choose to purchase credit monitoring from Equifax Personal Solutions, Equifax Credit Watch with Credit Report Control offers another alternative. "More than a million consumers have chosen Equifax as their trusted partner to monitor their credit and protect themselves from identity theft," said Steve Ely, President, Equifax Personal Solutions. "Credit Report Control allows you to lock your credit file to prevent any new accounts being opened without your permission. Coupling credit monitoring with Credit Report Control is the most comprehensive solution available to protect against identity theft."
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The new Equifax policy makes it possible for Suite Solutions to provide certified bankruptcy practitioners with information from Experian, TransUnion and Equifax in a merged report. Formerly, the Equifax information could only be sent to the consumer, and attorneys had to check with their clients to get any liability information not included by TransUnion and Experian. Research showed that more than 85% of credit reports were missing information when the Equifax data was not included.
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Equifax, along with TransUnion and Experian, keeps track of credit histories. Consumers used to have to pay a fee to these agencies any time they wanted to check their credit. But due to a relatively new law known as The Fair and Accurate Credit Transactions Act (FACTA), consumers are now allowed one free credit report a year from each agency.
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Equifax Credit Report