Equifax 3-In-1 Monitoring To Keep Tabs On Your Credit

Knowing your credit score could save you money

Your FICO® credit score can make a big difference in your interest rates and loan payments. It’s critical that you understand it, track it, and protect it. Equifax 3-In-1 Monitoring makes it easy for you to track and protect your credit. It monitors all three of your nationwide credit reports and alerts you within 24 hours of key changes. It also comes with 4 credit score reports so that you can keep an eye on your score throughout the year. So there’s many concepts going around, and we need to be wary of all of them. Let’s start then:

What is a ‘Credit Report’

A credit report is a detailed report of an individual’s credit history prepared by a credit bureau. Credit bureaus such as Equifax 3-In-1 Monitoring, collect information and create credit reports based on that information, and lenders use the reports along with other details to determine loan applicants’ credit worthiness. In the United States, there are three major credit reporting bureaus: Equifax, Experian and TransUnion. Each of these reporting companies collects information about consumers’ personal details and their bill-paying habits to create a unique credit report; although most of the information is similar, there are often small differences between the three reports.

Reading Credit Reports

Equifax 3-In-1 Monitoring provides credit reports which typically divide information into four sections. The top of the report contains personal information about the consumer, and in many cases, this section may include variances of the consumer’s name or Social Security number, simply because the information was reported incorrectly by a lender or other entity.

The second section comprises the bulk of most reports and includes detailed information on lines of credit, also called trade lines. The third section includes public records such as bankruptcies, judgments and tax liens. The bottom of the report lists all of the entities that have recently inquired to see the individual’s credit report.

What is a ‘Credit Score’

A credit score is a statistical number that evaluates a consumer’s creditworthiness and is based on credit history. Lenders (Equifax 3-In-1 Monitoring) use credit scores to evaluate the probability that an individual will repay his or her debts. A person’s credit score ranges from 300 to 850, and the higher the score, the more financially trustworthy a person is considered to be.

While every creditor defines its own ranges for credit scores (for instance, many lenders think anything over 720 is excellent), here is the average score range, according to Credit Sesame:
  • Excellent: 750 and above
  • Good: 700 to 749
  • Fair: 650 to 699
  • Poor: 550 to 649
  • Bad: 550 and below
There are three major credit reporting agencies in the United States (Experian, Transunion and Equifax) which report, update and store consumers’ credit histories. While there can be differences in the information collected by the three credit bureaus, there are five main factors evaluated when calculating a credit score:
  1. Payment history
  2. Total amount owed
  3. Length of credit history
  4. Types of credit
  5. New credit

To know more:

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