Equifax Inc. is one of the largest Credit Reporting Agencies or credit bureaus in the United States of America. However it also operates in fourteen other countries in the world. The credit bureau was founded in the year 1899 and is the oldest among the three credit rating agencies in the United States. Equifax Inc. started operating under the name of Retail Credit Company during its inception. However it later changed the name to Equifax in order to improve its image in the market.
The credit summary section of your credit report sums up data about the various types of accounts that you have. This section lists the total number, balance, current, and delinquent accounts. The credit summary will usually include real estate accounts such as any mortgages that you have, revolving accounts, (such as credit cards and various lines of credit), installment accounts (such as loans), collection accounts, and other accounts.
A credit history is a documentation and proof of a consumer’s payment and borrowing behavior with their creditors. Fundamentally, it is a consumer’s credit standing and the behavior enclosed in a credit history or credit report consist of, but are not restricted to, a consumer’s payment pattern, borrowing habits, and credit balances, in addition to credit inquiries by prospective lenders.
A credit report is a comprehensive and precise account of the financial history (particularly related to credit) of a person. All the main financial transactions including history of borrowing, repayment and bankruptcy is detailed in this report. The report is helpful for lenders when they decide the creditworthiness of a borrower. These reports are acquired by the lenders from companies such as Equifax, TransUnion, and Experian which are called Credit Bureaus.
