Equifax
from class: Principles of Finance Definition Equifax is one of the three major credit reporting agencies in the United States that collects and maintains consumer credit information. It provides credit reports and scores that lenders use to assess an individual's creditworthiness for loans and other financial products.
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Predict what's on your test 5 Must Know Facts For Your Next Test Equifax collects data from financial institutions, creditors, and public records to compile consumer credit reports. Lenders utilize Equifax's reports to make decisions on loan approvals, interest rates, and loan terms. An individual's FICO score can be influenced by the data reported to Equifax. Errors in an Equifax report can impact a person's ability to secure a loan or favorable loan terms. Consumers have the right to request a free copy of their Equifax credit report annually under the Fair Credit Reporting Act (FCRA). Review Questions What role does Equifax play in determining a consumer's eligibility for a loan? How often can consumers request a free copy of their Equifax credit report? Why is it important for consumers to check their Equifax credit report for errors?
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