Equifax

Importance: 0.71

Website: http://www.equifax.ca

Narrow Association: Equifax Inc

Relevant Locations: Canada

Established Year: 1899

Is a company: yes

Is a proper noun: yes

Synonyms

  • credit report
  • credit bureau

Acronyms

  • EF

Definition of Equifax

  1. One of the major credit bureau companies in Canada along with Trans Union.

Related Terms and Acronyms

  • Merged Credit Report Definition,
    • A summary of one's credit history from the big two credit bureaus: Equifax and Trans Union.
  • Credit Reporting Agency (CRA) Acronym,
    • An organization that prepares reports that are used by lenders to determine a potential borrower's credit history. The agency obtains data for these reports from a credit repository as well as from other sources.
  • Credit Bureau (CB) Acronym, Very Important,
    • A company that collects and sells information about how people handle credit. It issues credit reports that list how individuals manage their debts and make payments, how much untapped credit they have available and whether they have applied for any loans. The reports are made available to individuals and to creditors who profess to have a legitimate need for the information.
    Company that determines one's credit worthiness.
  • TransUnion (TU) Acronym,
    • One of the major Canadian credit bureau companies along with Equifax.
    See TransUnion Canada.
  • Credit Worthiness Definition,
    • How likely an individual or entity is to default on their debt.
  • Good Credit Definition,
    • Someone who carries little credit risk.
  • Credit Report (CR) Acronym, Very Important,
    • A report on a loan applicant's willingness and ability to make payments in a timely manner in the past. This report is provided to the bank by an outside agency.
    A report that outlines the credit worthiness of an individual or entity.
  • Bad Credit Definition,
    • Someone who carries a higher credit risk.
  • Sub-prime Borrower Definition,
    • A borrower with a less-than-perfect credit report due to late payments or a default on debt payments.
  • Credit Rating (CR) Acronym, Very Important,
    • A judgement of a person's ability to repay debts. The rating is often based on a person's current and projected income and past debt payment history. Also called a credit score.
    A metric to measure the credit worthiness of a debtor.
  • Experian (XP) Company, Canada,
    • One of the Big Three credit bureaus, along with Equifax and Trans Union, Experian not normally used in Canada.
  • Credit History Definition,
    • A record of an individual's or company's past borrowing patterns and whether or not debts were repaid on time.
  • Credit Score Definition,
    • Also referred to as a 'Beacon Score' is a number, between 300 and 900, that reflects a person's credit history. Lenders calculate this number using a computer system as part of the process for assigning rates and terms to the loans they grant.
  • Joint Credit Definition,
    • Credit that is issued to two people based their credit reports and their combined assets and incomes. The repayment of joint credit is the responsibility of both parties.
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