Wednesday, April 29, 2009

what you'll get free from equifax

Following up on my investigating your credit history for free post; I have now received my credit report back from Equifax. This arrived in the mail 4 business days after I phoned their automated request line. Below is a summary of what the report contains:

4 pages front and back were included.
This contains some personal information that they have on file for you including your prior addresses and a brief employment history. Mine seems to be accurate and complete back to 2002. This section also includes the date that Equifax opened a file on me.

This section first lists Equifax members who have received a copy of my credit file for credit granting followed by a list of authorized parties who wanted their records updated regarding my existing account with them. Very little detail and nothing real shocking here.

This is the meat of the report as it goes into detail on your account with each creditor. This includes a rating for each, for example R1 meaning 'paid as agreed and up to date'. Information on what your balance was at the time of last reporting, when the account was opened, your credit limit, and date of last payment made are included. Items listed here might include credit cards, student loans, lines of credit, bank accounts with overdraft, auto loans and leases, and other loans.

This section was interesting to read and I made sure that I went over it in detail to ensure accuracy. Everything was in order and aside from a very old credit card with a $0 balance, there were no surprises.

This section seems to be a place for official filings of secured loans/chattel mortgage, etc.

Section 5 'GLOSSARY'
This section just gives some general information on different credit terms and time frames for when records will be purged. They then go on to give some more general information about credit and Equifax and their services.

The last page is a Consumer Credit Report Update Form to request changes to your file.

Overall obtaining this report was beneficial, and I feel there is enough information here to set my mind at ease regarding my credit. Although I am a little curious, I don't feel the need to obtain my actual score.

One thing that I did not expect was the absence of our mortgage on this report. After some quick searching on the Internet I've learned that this appears to be common practice, as apparently a mortgage does not affect your credit score. This was a surprise to me and I still don't quite understand why this would be the case. Does anyone know anything about why mortgages are not included in Equifax reports?

1 comment:

Anonymous said...

Mortgages not showing up on credit reports is one of the main reasons that so many people could get away with mortgage fraud in the past. 5 different mortgages at 5 different banks. Banks are getting around this now buy offering mortgages that are attached to (or act like) bank accounts or LOC's. That way they show up on the credit report. At some banks it is difficult to get a plain old mortgage now...