From 1 July 2019 your Equifax Score Rating is included with all credit reports ordered from My Credit File.
Prior to this date, a score may not have been included.
Equifax Score Rating is a service where all of the information on your credit file is evaluated to produce a single score out of 1,000. When you apply for credit, this rating is calculated at the time of application by a mathematical equation which analyses multiple types of information from your credit file, and then compares this information to the patterns of a vast number of past credit files.
The Equifax Score Rating estimates your level of future credit risk and your ability to repay the amount that you will owe. Credit providers and other companies who have the authority to access your credit file in accordance to the Credit Reporting Privacy Code 2004 (the Code) can use your Equifax Score Rating to assess your intention and ability to make payments.
The ability to quickly, fairly and consistently consider all of this information, including the relationships between different types of information, is what makes credit scoring so useful.
Your Equifax Score Rating is included with your credit report.
Note: We do not score credit files where insolvency information is present.
Your Equifax Score Rating is based on all the information in your credit file, including any credit account information providers by eligible Comprehensive Credit Reporting contributors, and is designed to give an individual the most complete view of all the information we hold.
Some credit providers may not be eligible to receive some, or all your credit account information due to Comprehensive Credit Reporting reciprocity agreements. This will impact the score provided to a particular credit provider.
As scores are generated at the point of enquiry, they can change even in a short period of time as your credit file is updated, including each time a credit provider makes an enquiry.
The nature of a specific enquiry can also impact the score returned. The score returned for a mortgage application may not be the same as that returned for a credit card application, for example.
Help to navigate financially in a global pandemic
The COVID-19 pandemic has brought much uncertainty to our daily lives. It has changed the way we work, go to school, and socialise. The health of our families and communities are a priority for Equifax, as well as helping consumers understand and manage their credit profiles. For many people COVID-19 has meant a change to their employment, income or business and this has put pressure on the ability to make ends meet and repay financial commitments.
At Equifax we have had a number of queries from customers asking how the current situation will impact their credit report and score, especially if they are struggling to pay bills on time. Or, what happens if they apply for a mortgage deferral. We answer some of those questions for you below.