Equifax is the oldest of the three major credit bureaus. This review explores its credit monitoring and reporting products, along with their features and drawbacks.
- Lots of options
- Mobile app
- Educational content
- Triple-bureau reporting
- FICO scores
Lots of Options
Equifax offers a large number of options for customers looking to manage and monitor their credit, including both subscription-based credit monitoring, à la carte credit reports from all three bureaus, family plans, and the like. With all of these options, chances are high that one will find a plan that provides the features they’re looking for. Of particular note is the family credit monitoring plan, which offers significant savings for those looking to cover their spouse and children.
Equifax offers both smartphone and tablet apps for mobile users to help them stay aware of changes to their credit and ID protection alerts.
Equifax has a considerable number of educational pieces on its site which are useful for customers seeking to better understand consumer credit.
Equifax offers credit scores and reports from itself, as well as the two other major credit bureaus—Experian and TransUnion.
Equifax uses the FICO scoring model to report credit. This is the same model used by the vast majority of lenders, so customers can be confident that they are looking at the same scores that potential creditors will see.
- Refresh rate
- Security issues
Unfortunately, Equifax only refreshes credit scores and reports twice per year. A lot can happen to an individual’s credit during six months, so its frustrating that customers will not be able to view their actual credit information in real time.
In 2013, Equifax, along with the other credit bureaus, confirmed that it was hacked and financial data for many high profile individuals was stolen. Then in 2015, Equifax admitted that it may have exposed personal customer information by accident. This may make potential customers question the security of the personal information that they share with the company.
Equifax’s credit monitoring plans range from $14.95 to $29.59 per month, depending on the plan.
The company does not offer a free trial of its services.
Scores and Reports Provided
Equifax provides credit scores and reports from all three major bureaus—itself, Experian, and TransUnion.
If you do spot an error in your credit report, you can file a free dispute with each of the credit reporting bureaus online, by phone, or by mail. By law, Equifax is required to investigate your dispute within 30 to 45 days and inform you of the outcome. If you file your dispute by mail, you will be notified of the outcome by mail. If you file your dispute online, you will receive email updates throughout the investigation.
Equifax provides consistent credit monitoring.
Credit Score and Report Refreshes
The company refreshes credit scores and reports on a bi-annual basis.
Equifax is partnered with Norton Secured powered by Symantec to help protect customer’s private information.
Identity Theft Protection
Equifax provides its customers with up to $1 million in identity theft insurance, as well as live phone support. The company can also provide credit freezes in the event that suspicious activity is detected.
The company alerts customers of suspicious activity and key changes to their credit file.
Time in Business
Equifax was founded in 1899.
P.O. Box 740256
Atlanta, GA 30348