Equifax is a credit bureau where they accumulate information on a consumer’s credit history to calculate a credit score. Equifax collects information from trusted sources and they prepare a credit report. If someone wants to apply for credit like loans or a credit card, the lender would want to know whether an applicant is creditworthy, before they sanction a loan or give approval for a credit card. An applicant’s credit history, will let the lenders know if they will be able to make their payments regularly. According to your credit history, your credit score will be formulated. The higher your credit score the higher are your chances of getting approved for the credit you wanted.

Your credit score and credit report is what will determine your chances of your credit getting approved. This information can be stolen by identity thieves. They can steal or modify your information and this will come back to bite you when you are applying for credit. You can make sure that your credit report hasn’t been tampered with, by requesting access to your credit report. You can also get annual credit reports, and try to rectify the areas of weakness in your credit report.