Equifax is one of the three major credit reporting agencies in the United States, along with Experian and TransUnion. The agency collects, processes, maintains and reports all the financial information on credit holders. All this financial information is used to compile very important files called credit reports. Please note that once a year you are entitled to a free copy of your Equifax credit report.
Every time you apply for credit, say for a credit card, the credit issuer orders a copy of your credit report from one of the credit bureaus mentioned above to decide whether to approve you for credit or not. If you are approved, your credit report also influences your credit terms including interest rate and credit limit.
In addition, the company offers other services like credit monitoring, identity theft protection, and more.
