Are you figuring out credit bureaus and have stumbled upon Equifax? Do you want to know if Equifax calculates accurate? Confused? Fret not; this article is here to solve your problems. Not only will we answer your queries, but we will also make you understand what TransUnion is.
Let’s dive deep into it.
Equifax – A Credit Bureau
Equifax is a multinational credit score reporting agency based in the United States of America. They provide you with credit scores and credit reports. Its headquarters are stationed in Atlanta, Georgia. It is one of the three major credit bureaus, along with TransUnion and Experian. Together, they are called the “Big 3”.
The primary services include:
- Fraud Prevention.
- Data Collection and Marketing Analysis.
- Verification for Employers.
- Screening.
- Credit Reporting.
- Credit Monitoring Services.
Cater, and Guy Woolford established Equifax in 1899 under the name Retail Credit Company. Its significant lines of business were consumer investigations and the production of reports for employers and insurance firms. Equifax was formerly called a ‘Retail Credit Company’ until 1975, and it added consumer credit reporting in 1999.
Is Equifax Accurate?
Yes, when it comes to calculating your credit scores, Equifax provides accurate scores. Keep in mind that the scores for every credit bureau will be different. So, the score you get on TransUnion and Experian will be slightly different from the one you will receive from Equifax.
Equifax’s credit score accuracy depends on the correctness of the data being analyzed. It also relies on the completeness of the same. This makes it reliable to use. The credit scoring model it uses is FICO. FICO assures that the consumer gets accurate credit scores and has no faults. Equifax is widely considered authentic and essential, along with Experian and TransUnion. Regarding credit scores, FICO Score is used in 90% of lending decisions.
The Equifax credit score is known as an educational credit score. It has been seen that credit ratings used for educational purposes and the ones used by lenders for underwriting purposes differ to some degree.

FAQs
I. What is Equifax’s credit score used for?
The Equifax credit score is helpful for consumers who wish to monitor their progress as they want to raise or maintain their credit score. It’s a reasonable stand-in for other scoring models and should follow their upward or downward trends.
II. Which is more reliable: Equifax, Experian or TransUnion?
Credit reports from all three credit bureaus are equally important. All three are essential, and one must check all three credit reports as it is considered a good practice.
III. What is a good Equifax credit score?
Even though ranges differ based on the credit scoring model, generally speaking, credit scores between 580 and 669 are regarded as fair, 670 to 739 as good, 740 to 799 as very good, and 800 and up as exceptional.
Conclusion
So, to sum it up, Equifax is very accurate and generates reliable credit scores, and it comes under the top 3 major credit bureaus along with Experian and TransUnion. Also, the Equifax credit score is known as an educational credit score, and we can call it trustworthy.