Looking to understand and improve your credit score can be important step in a successful financial future. Equifax are one of the three main options for credit score in the UK alongside Experian and Clearscore.
As one of the most popular credit reporting services, Equifax is one option for people looking to get a better understanding of their credit score and begin improving their credit rating through 2024. Before signing up with Equifax we’ve put together a handy review of all that Equifax offers and if the service is the right option for you.
Who are Equifax?
Founded all the way back in 1899, Equifax is the oldest and longest running of the main credit reporting agencies. The company is based in Atlanta, Georgia and operates in 24 countries across the world and alongside TransUnion and Equifax, makes up one of the ‘Big Three’ credit-reporting agencies.
In addition to delivering credit score and reporting services, the company also offers fraud protection and identity theft services.
Equifax’s subscription model
Though Equifax offer an initial free trial service of 30 days and allow you to view your credit score and a summary of your borrowing always without charge. Many of the services features are premium and require a monthly subscription fee.
For £10.95 per month, you can access your full credit report at any time and receive regular updates on your credit and up to date information on your credit history. Equifax’s premium service also includes ‘Equifax WebDetect’ a web and financial information monitoring service that helps to protect against fraud and identity theft.
Ultimately paying for a premium Equifax account will depend on how closely you need to monitor your credit record. Since a general overview of your credit score is free, if you only require a cursory look at your credit report then these premium features might not be required.
Understanding Equifax’s rating system
Each credit reporting agency measures credit scores based on their own metrics and use their own data to come up with a credit score. This means that each agency may come to a different rating with unique factors in their scoring that may result in overall different results.
Equifax’s credit score is a number ranging from 0-1000 with 1000 being considered a ‘perfect credit score’ a credit rating is created when you first take out a line of credit.
Your score is measured using a number of financial factors that include existing credit agreements, your track record of making payments and any examples of problem debt, including defaults, CCJs and Individual Voluntary Arrangements etc.
Equifax takes all of this data related to credit and repayments and calculates your credit rating. If you’re experiencing financial difficulties and considering options like an Individual Voluntary Arrangement, Debt Relief Order (DRO) or a Debt Management Plan (DMP), MoneyPlus’ debt solutions page provides helpful information and resources to assist you.
While there are some subtle differences in scoring and metrics between the main credit score providers, they generally follow a similar scoring structure between them.
Credit rating grade:
| Excellent | 811 -1000 |
| Very Good | 671 -810 |
| Good | 531 -670 |
| Fair | 439 -530 |
| Poor | 0-438 |
Equifax and Clearscore comparison
Though Equifax operates a premium subscription-based service in the UK, your Equifax credit score can always be viewed for free.
The credit reporting company Clearscore advertised as a free alternative to Experian and Equifax by offering their credit reporting for free in the companies words ‘forever’ Clearscore collates Equifax and Experian credit data to offer their credit reporting services for free.
Offering a completely free service gives Clearscore a ‘clear’ advantage if you are just looking to check your credit score. However, the service does lack some of the premium features found in Equifax’s monthly subscription service.
If you value features such as the online protections and fraud alerts then the decision of which service is better may change.
Equifax and Experian comparison
Like Equifax, Experian is a premium credit scoring service that offers an initial free trial and monthly subscription model.
In practice the two offer similar features, though Experian offers a slightly more user friendly experience with slicker navigation on site and on the app that makes checking your credit score easy.
Though it’s premium features come at more of a premium and many of it’s features such as online fraud protection are split into separate packages and services. As Equifax offers these features in it’s standard premium rate, Equifax may offer more value over Experian depending on how much use you gain from each service.
Equifax reviews
Online reviews for Equifax on customer rating sites such as TrustPilot, show an overall mixed reception from customers who have used the service or interacted with the business previously.
On Trustpilot the company has a 3.0 (average) customer rating based on 1,257 reviews with 75% of ratings being one-star stars. This indicates a generally negative customer experience for the brand in the UK.
As with anything these experience might not always be representative of every experience with the company and it’s important to do some due diligence and look at some reviews of your own to form a good opinion on the company and the testimony of customers given.
