Term: Equifax
5 found

Where Did Credit Reports Come From?

By Steven Shaw on 5/1/2014

credit report origin  

We may be in an age of Big Data, but collecting information on consumers is nothing new. Credit reporting goes back to the late 1800s, when it was just a couple of guys going from door to door, asking merchants to describe the customers who had credit at their stores. The technical, sometimes-long files we now know as credit reports started out as a few notes in a ledger that said something like, “Reliable,” “Slow to repay” or “Won’t pay, but father will cover debt.”

CFPB
credit reports
Equifax
Experian
TransUnion

How to Talk to a Credit Bureau

By Steven Shaw on 1/29/2014
credit bureau
credit reporting agencies
Equifax
Experian
national credit reporting agencies
TransUnion

FTC Study on Accuracy of Credit Reports

By Steve Ely on 2/13/2013

I worked at Equifax for 7 years, and we spent a lot of time trying to improve the quality of the data received from "data furnishers" - that is, the companies who extended consumer credit in the first place, and choose to report the payment history to the credit bureaus.  

There's an old saying in computer programming GIGO, or Garbage In - Garbage Out.  That's the world of most credit reporting agencies.  They're 100% dependent upon the creditors who report payment information to them, and if poor quality processes are used by the creditors, the bureaus are going to receive bad data which is all they can report on.  I found it interesting that the recent story on 60 Minutes about this topic completely focused on the credit bureaus as being the entire problem, when they should have given equal time to the data furnishers.  

I'm not talking about the big banks and credit card companies.  They do a great job of scrubbing the data before they submit it to the bureaus.  It's mostly the little guys (e.g. neighborhood furniture store) who don't have the resources to make sure everything they report is accurate.  

In any case, order your credit report and make sure it doesn't have any errors.  If it does, take the time to fix it now, so you don't have to deal with when it really counts - like when you're applying for credit.

credit
Equifax

A Step-By-Step Guide to Disputing Credit Report Mistakes

By Steven Shaw on 2/11/2013

The information in your credit reports is what’s used to create your credit scores, so you don’t want to let mistakes on your credit reports potentially throw your credit scores out of whack.

An FTC study released today shows that one in five consumers have errors on their credit reports and 5% of consumers have errors serious enough that they could result in less favorable loan terms.

credit 101
credit lessons
credit reports
credit scores
Equifax
Experian
TransUnion

FICO v. VantageScore: 5 Differences You Should Understand

By Steven Shaw on 1/25/2013

FICO v. VantageScore - 5 Differences You Should Know

It’s been seven years since VantageScore (Vantage) appeared on the credit scoring scene to challenge Fair Isaac Corporation (FICO), following years of FICO’s dominance that lead to its credit bureau risk scores becoming the industry standard for lenders making prescreened credit offers, approving or denying applications for new credit, and managing their existing credit accounts. (Full disclosure: I worked for FICO for 16 years).

While consumers are still more likely to see their credit applications evaluated by FICO than Vantage when applying for different types of credit, they are, at the same time, most likely to receive Vantage scores when ordering their credit reports from the major consumer reporting agencies (CRAs): Equifax, Experian and TransUnion.

Equifax
Experian
FICO
TransUnion
VantageScore