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Frequently Asked Questions

What is a credit report?

A credit report is a summary of your credit history, reported to credit bureaus by lenders and creditors. Potential creditors and lenders may use credit reports as part of their decision-making process to choose whether to approve your application for a credit card, loan, mortgage, car lease, telecom contract, etc. It can also determine what interest rate you're offered.

What’s in my Equifax credit report?

You have more than one credit report, including your Equifax credit report that contains four types of information:

1. Identifying information
   This section includes your name, address, and date of birth, and may also include employment information and your Social Insurance Number (S.I.N.). This information is not used to calculate credit scores.
2. Credit accounts, also known as “tradelines”
   These are accounts that you have established with lenders and can include the type of account (for example, a credit card, mortgage, or auto loan), the date you opened the account, your credit limit or loan amount, the account balance and your payment history.
3. Inquiry information
   This section lists every time your Equifax credit report was accessed and by whom. Each request or access to the credit report is called an "inquiry". There are two categories of inquiries: hard and soft inquiries.
4. Bankruptcy, court and collections information
   Public court record information reported to Equifax, such as bankruptcies, is also listed on your Equifax credit report. Past-due accounts that have been turned over to a collections agency could also be included on your Equifax credit report.

What is a credit score?

A credit score is a number, generally between 300 and 900, designed to represent your credit risk, or the likelihood you will pay your bills on time. Your Equifax credit score is calculated using the information available in your Equifax credit report at the time the score is calculated.

What factors affect my credit score?

1. On time payments
   One of the key behaviours that lenders and creditors like to see is on-time payment of bills. Since this is one of the strongest predictors of a consumer's likelihood to meet their financial obligations, it is an important factor in credit scoring models.
2. Different types of credit accounts
   Credit scoring models generally factor in the mix of different types of credit you have, such as credit cards, installment loans, mortgages, and store accounts. If you have too many different credit accounts — or don’t have a mix of different types — it could negatively impact credit scores.
3. How many new credit accounts you have opened
   Be mindful of opening too many accounts at once. Scoring models usually look at how many new accounts you have as well as how many new accounts you've applied for recently. This may indicate that you’re taking on a lot of new debt and may be a higher-risk borrower.
4. The age of your credit accounts
   In general, creditors and lenders like to see that you've been able to properly handle credit accounts over a period of time.
5. Your balances vs. your total available credit limit
   Creditors and lenders prefer to see a lower ratio of how much debt you're carrying compared with how much available credit you have on a particular account. This is often called your “utilization.”
6. Negative public records
   Having any legal judgments, foreclosures, bankruptcies, consumer proposals, or delinquencies on your credit history may negatively impact your credit score. If you have gone through financial hardship, and had to file for bankruptcy or completed a foreclosure, your credit score will reflect this negative information for several years.

Will checking my credit affect my credit score?

No, checking your Equifax credit report will not negatively affect your credit score. In fact, regularly checking your credit report is an important part of monitoring your financial health.

How do identity thieves get access to my personal information?

Identity thieves have gotten more sophisticated in their methods. Some of the ways they can access your personal information are:

• Steal wallets or purses in order to obtain identification, credit cards, and bank cards
• Dig through mail and trash in search of bank and credit card statements, pre-approved credit card offers, tax information, and other documents that may contain personal details
• Fill out change-of-address forms to forward mail, and intercept mail containing personal and financial information
• Buy personal information from an inside, third-party source, such as a company employee who has access to applications for credit
• Obtain personnel records from a victim's place of employment
• "Skim" information from an ATM — this is done through an electronic device attached to an ATM that can steal the information stored on a credit or debit card's magnetic strip
• Swipe personal information shared on unsecured websites or public WiFi
• Steal electronic records or information through some kind of unauthorized access
• "Phish" for electronic information with phony emails, text messages, and websites that seem legitimate, but are designed to steal sensitive information
• Pose as a home buyer during open houses in order to gain access to sensitive information casually stored in unlocked drawers.

How can I better protect myself from identity theft?

Checking your credit reports for unexpected changes is one of the best ways to spot early signs of identity theft, but sometimes that's not enough. Consider signing up for a credit monitoring service, such as Equifax Complete Premier, which will alert you to key changes to your Equifax credit report and provide you with tools that may help you in the event of identity theft.

What types of information can WebScan⁴ find?

The Internet scanning feature will search suspected fraudulent websites for credit card numbers, bank account numbers, email addresses and Social Insurance Number (if you choose).

What happens if I’m a victim of identity theft?

With Equifax Complete Premier, we have your back. A dedicated Identity Restoration Specialist will work on your behalf to help restore your identity. You can also receive up to $1 million in coverage for certain out-of-pocket expenses you may face as a result of having your identity stolen³.