The term “equifax free credit report” refers to a free credit report from a company called “Equifax.”  Equifax is one of three credit reporting agencies.  The other two are Trans Union and Experian.

The bad news is that in some cases, these bureaus will charge as much as $49.95 for access to your credit report.  But the good news is that you can get an equifax free credit report, if you just know where to look.

How Can I Get an Equifax Free Credit Report?

Each of the credit monitoring and reporting bureaus are required to give you one copy of your credit report absolutely free once per year.  If you find problems or inconsistencies on the report, you are entitled to additional free copies of the report until it is corrected.

The truly free yearly credit report can be found at www.annualcreditreport.com.  This is the system required by federal law that allows you to check  reports from all three agencies for free once-per-year.  Utilizing your social security number the system offers you access to the records maintained by the three agencies.

Why Should I Review my Equifax Free Credit Report?

Your credit report, and specifically the credit score generated from the report, determines whether and on what terms you will be offered credit.  Everyone from mortgage lenders to car dealerships to department stores review your credit report to determine whether they will agree to extend you a line of credit.  They also use these numbers to determine important factors such as interest rates, fees and credit limits.  If your credit report is not great, you’ll be paying a great deal more for the privilege of using credit than you might like.

Equifax is just one of the three agencies that maintain separate records.  While the bureaus share information and much of what you will find on their reports is similar, it still makes sense to seek out an Equifax Free Credit Report as well as an Experian and Trans Union report.

What Are the Potential Problems with my Equifax Free Credit Report?

Unfortunately, the credit bureaus aren’t always accurate in the information they add to your report.  Several things may happen that will impact the accuracy of your report – and hence your ability to get credit on favorable terms.

• First, there are simple administrative errors, such as a vendor reporting a payment late that really wasn’t, or the accidental assigning of certain bad accounts to your name.  If you have a common name, you should definitely double-check on at least a yearly basis to make sure that other accounts aren’t “lurking” on your report – and dragging down your score.
• Second, of course, is identify theft.  Every year millions of Americans find that someone is using their name, address and social security number to open credit accounts.  If you start receiving mail from companies you’ve never heard of about accounts you’ve never opened, you may be a victim of this crime.

Are There Other Ways to Get My Equifax Free Credit Report?

If you need access to your credit report more than the once a year offered through federal law, you might want to consider purchasing a plan that allows you access to monitoring and report information from all three agencies.  Each of the three bureaus offers a “3-in-1 monitoring service,” which provides you with access to all three reports and scores – for a fee.  Typically this service will cost around $15 per month.

In short, your good name is tied up with your credit – accessing your Equifax free credit report can help you preserve that name now and in the future.