Equifax, a credit report service company, has been under fire recently due to a massive data breach in 2017. The breach exposed the personal information of some 143 million people. The article describes in detail what happened and how Equifax is doing to make up for it.
What is a Credit Report?
Credit Reports are a collection of information about an individual’s credit history, usually from different reporting agencies. Credit Reports are used by many businesses to help estimate an individual’s creditworthiness.
A credit report is a record of your personal credit history. Credit reports can be obtained by lenders before making a loan or by anyone with access to credit reports when deciding whether to do business with you.
What Happened to Equifax?
Equifax is one of the leading credit reporting agencies in the United States that provide information on the credit profiles of consumers. It was hacked in 2017, and personal data of up to 143 million Americans may have been stolen by hackers. It is uncertain when Equifax will be able to restore trust with its customers.
After the Equifax breach, consumers are now keen to check their credit report and see what information may have been stolen. The website for checking your credit report has undergone a redesign so that it is easier for consumers to search and view their scores.
How Does a Credit Report Differ from an Identity Theft Insurance Policy?
Most people know that credit reports help lenders assess whether or not they should give you a loan. However, did you know that your credit report also helps identity theft protection providers determine whether or not to cover you for a potential identity theft?
The credit report is a statement of how someone has handled their finances and the aspects of their life that have led to debt problems or other issues. The identity theft insurance policy (i.e., IDT) provides coverage in case an identity thief uses the victim’s personal information to take out loans, open lines of credit, file tax returns, get mortgages, etc.
Why Should You Buy an Identity Theft Insurance Policy?
Identity theft is a real risk for consumers. There are people who fall victim to it every day because the perpetrators have gotten their hands on sensitive personal data. They use this information to make fraudulent purchases, open lines of credit in your name, and create new identities. An identity theft insurance policy will reimburse you for up to $25,000 in money stolen from your wallet or bank account as well as other miscellaneous expenses like new identification cards and legal fees. The policy offers 180 days of protection so that if you ever find yourself at the wrong end of an identity theft scenario, you’ll have time to recover before things get too far out of hand.
When you buy an identity protection insurance policy, it’s good to know that your personal information is protected so that when thieves try to use your credit card or bank account without your permission, you’re covered.
How Do I Get an Equifax Credit Report?
To start, you can get one free credit report from each of the three major credit bureaus every year. Each report has different information, so it is wise to use all three to get an idea of the full picture. An Equifax credit report primarily includes your payment history and overall debt status for a specific period of time. It does not include your personal financial information such as your salary or bank account number.
If you’ve been denied credit by an institution, you may want to know why and see if there is anything that could be done to improve your chances of approval. An Equifax credit report can help you understand how often you have been denied, the types of loans that were declined and all other related information. The only way to get an Equifax credit report is through the company’s website.
Equifax Credit Report is a credit report company that provides various types of reports and an online calculator. It was founded in 1899 and has since expanded across the globe. In 2008, it became the leading source of information on credit. The data is sourced from Equifax’s database which contains more than 3 billion records.
After careful consideration and review of Equifax’s credit report, I find that the company is reputable. Furthermore, their good customer service and their ability to give out free credit reports makes my recommendation for this company to be a positive one.