All You Need to Know About Equifax UK

- by Kelly Richards

Your credit report will make a big difference to your financial life. From getting a mortgage, to applying for a short term loan, all lenders take notice of your credit score. But who decides what your credit report should say? In this article we take a closer look at Equifax UK, one of the big three credit reference agencies in the UK.

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This article about Equifax, is the third in a series that looks at credit in the UK. Cashfloat is a responsible lender focused on giving our customer the best online loan for them. Equifax is one of the 3 credit reference agencies that we use to help us make a decision.

The information that Equifax offers is essential and can include plenty of reports on how well one’s finances are going. Remarkably, Equifax has been offering this service since 1899 and has become a trustworthy name in the world of credit reporting. This is especially the case among businesses in the United Kingdom looking for more information on individual consumers. Naturally, you can access the Equifax services through an online portal. As a consequence, this makes it easy for businesses and individuals alike.

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Equifax Credit Score

Equifax helps people take a closer look at their credit scores and reports. This is all to give people ideas of how they are running their finances.

Equifax goes into detail on anyone’s credit history to get an accurate depiction of one’s financial history. In short, it includes information on such things as:

  • All personal details to someone’s name
  • A general summary of every financial account someone has; this includes the credit cards, mortgages and other commonplace debts one might hold
  • All public records relating to bankruptcies and other serious financial concerns
  • Any applications someone has made for credit; details on the specific places one applied at can be listed too
Equifax handles a huge database of UK citizens, which they offer as a reference tool to financial institutuions - cashfloat

Interestingly enough, Equifax reviews will take a look at open and closed accounts separately. Open accounts are active and in some cases have money owed on them. Closed accounts are older debts that are no longer active. Incidentally, these include loans, such as personal loans, that were already paid off and old credit card lines that might have been closed off.

Equifax also goes into immense detail on one’s credit history. As a result, it will go back as far as 81 months to show every single payment one has made to different creditors. As you can imagine, this extensive history report is used to create the most accurate and realistic credit score possible.

Equifax Credit – How it Works

Businesses often use Equifax to gather information on people who are interested in financial services. For one, they can inquire Equifax about the credit histories of all people. Still, this is only a small portion of what Equifax can do for businesses looking to get the most out of whatever they have to provide to the general public.

Equifax UK – The 4 Step Process

A unique part of what lenders can do with Equifax entails a four-step process. Understandably, this is used by many different parties to ensure that their potential clients can support themselves properly.

At present, businesses that want to use this service can consult Equifax online for help. In addition, Equifax offers a number of services to assist businesses in finding the right services that they can use as required.


Who Uses Equifax Credit Bureau?

Banks using Equifax

Equifax UK has made a name for itself as a prominent entity devoted to serving more clients. Consequently, most major banks in the UK use Equifax for their credit reference information on all prospective borrowers. These include many foreign-based banks like the Bank of Ireland and Bank of Cyprus plus HSBC, RBS and Natwest.

Credit Card Providers using Equifax

Credit card providers also offer use the information that Equifax has to offer. Barclaycard, American Express, RBS and Tesco among other entities use Equifax credit services. The information these places gather will include details on how people have paid for their debts in the past among other critical bits of data.

Telecommunication and Utility Providers using Equifax

Equifax has become a favourite among mobile phone, television and utility service providers. Naturally, these businesses will use Equifax reports to get ideas on how well people can pay off recurring debts like the ones they might charge. Some of the companies that work alongside Equifax include 3, E.ON, Orange, T-Mobile, Tesco Mobile, Virgin and Vodafone.

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Catalogue Services using Equifax

Interestingly, Equifax is also popular among catalogue services. Candid Collections, Otto Group and Redcats are among the companies in the field that use Equifax information. Lenders like Nationwide, Natwest, Santander and Tesco also use Equifax. RCI also uses Equifax for its motor loan services.

Payday Lenders using Equifax

When you apply for a payday loans or quick loans online, the lender has no way of knowing if you are reliable in paying back your debt. They will therefore look at your credit score to check whether you have taken quick loans before and your previous financial behaviour. They then use this, among other checks when deciding whether to lend to you or not.

What Credit Agency Do Cashfloat Use?

When it comes to checking your credit score, we will use Equifax and Call Credit. However, we will do a thoroughly review your credit report and completed application form to determine your whole financial picture. Having a bad credit score does not deter us from lending to you because we look through the report carefully. We also offer loans for people with bad credit.

Equifax Credit Report

Pros and Cons

Of course, like with any other credit reporting agency, there are plenty of positive and negative aspects of Equifax on the lender’s end. Let’s explore these here:

Positives

  • First of all, Equifax UK focuses on a review of every individual financial service that someone gets into.
  • Secondly, the general credit score that Equifax uses is considered to be heavily accurate and indicative of what someone holds.
  • Ultimately, this is a service that can work for just about every single bank, payday lender or other place that offers financial services.
  • Finally, information on fraud and other serious problems is easy to review and check upon when getting a credit profile ready.

Negatives

  • Firstly, all closed accounts may include varying changes to one’s credit total. Therefore, these changes will clearly vary based on the total amount of money one owes.
  • In addition, Equifax UK offers plenty of review services but it is often best for people to manually ask for new credit reports for individual customers on a regular basis. This is primarily to keep from bearing with outdated reports on individual people who are trying to apply for certain services.

In conclusion, a large part of what makes Equifax UK so popular is their extended track record. Since they have been around longer than other entities, Equifax UK has the experience needed to take care of as many critical and important services as possible.

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About The Author
Kelly Richards
Kelly Richards is the founder of the Cashfloat blog and has been working tirelessly to produce interesting and informative articles for UK consumers since the blog's creation. Kelly's passion is travelling. She loves her job because she can do it from anywhere in the world! Whether inspiration hits her while sitting on the balcony of a French B&B, or whether she is struck with an idea in a roadside cafe in Moscow, she will always make sure that the idea comes to fruition. Kelly's insights come from her knowledge gained while completing her degree in Economics and Finance as well as from the people she meets around the world. Her motto is: Everyone you meet has something valuable to teach you, so meet as many people as you can!
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