As one of the world's biggest credit data providers, Equifax is a trusted brand for many Australians. With millions of customers worldwide — both individual and commercial — Equifax is by no means a small player in credit scores. But are they right for you?
If you want to know whether Equifax is the best way to track your credit score, scroll down to find out more.
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In this guide
- Who owns Equifax?
- Should you be worried about the 2017 Equifax hack?
- Are they a legit service?
- What credit reporting bureau do they use?
- How much does it cost?
- What ID is required to sign up?
- How often can you check?
- What do you get in your credit report?
- Do they have a mobile app?
- Does using Equifax affect your credit score?
- Can I use it to get the credit score for a business?
- Equifax's credit score bands
- Alternatives
Who owns Equifax?
Previously known as Veda in Australia, Equifax acquired Veda in 2015 for USD $1.8 billion. [1] Prior to their acquisition, Veda had been in business in various forms as a credit reporting bureau since 1899.
Equifax is used around the world for credit reporting, including here in Australia. The company itself originates in America, with headquarters in Atlanta, Georgia.
Should you be worried about the 2017 Equifax hack?
Equifax reported a serious cyber-security breach in 2017, where millions of US customers were affected, as well as customers in the UK and Canada. [2] While there was no breach of Australian customer information reported, it’s no surprise that many are cautious about using their service. However, the company have since restored their reputation by bolstering their security protocols and providing better protection against hackers.
Are they a legit service?
Despite their problems in 2017, Equifax is nevertheless a legitimate credit reporting company. It is one of the biggest credit bureaus in the world, with millions of customers in the US, UK, Canada, and Australia. However, recent poor reviews suggest the transition from Veda to Equifax hasn’t been a smooth one, with many customers on review websites such as ProductReview and Trustpilot citing the interface and poor customer service as problems.
What credit reporting bureau do they use?
Since Equifax are one of Australia’s main credit reporting bureaus, they use their own data.
How much does it cost?
Equifax have a number of plans, starting at free and ranging up to $14.95 per month. [3]
You can get a free copy of your Equifax credit report once every three months (or if you’ve been declined for credit, or had something corrected on your report).
They have several paid plans offering access to your credit report. The Equifax plan that is most similar to the service provided by a free credit score service (like Finty’s) costs $14.95 / month, but you are limited to a credit report per quarter.
What ID is required to sign up?
To access your Equifax credit report, you’ll first need to pay for your chosen tier of service (if you aren’t eligible for a free report). You’ll then need to provide a form of photographic ID (a driver’s license, passport, or Medicare card) as well as personal information such as name, date of birth and addresses.
How often can you check?
Depending on your choice of plan, you can access your credit score at any time. If you’ve paid for a one-off credit report, you won’t have access to a dashboard to check your score regularly.
What do you get in your credit report?
Equifax has the option for a complete credit report, including tracking your score as part of the service. Your credit report will include all your personal information and credit account information from lenders plus information about searches made against your name. Any bankruptcies, collections, or accounts in arrears will also be included in a full credit report.
Do they have a mobile app?
Equifax does not currently have a mobile app for use in Australia.
Does using Equifax affect your credit score?
Equifax run a soft check when you sign up. This won’t affect your overall credit score and is common for services like this.
Can I use it to get the credit score for a business?
Equifax offers a dedicated service for businesses called Business Credit Express, with online reporting and credit information. These one-off reports can be purchased through the Equifax website or through speaking to their sales team.
Equifax's credit score bands
While Experian use a range from 0 - 1,000, Equifax credit scores range between 0 - 1,200 and are grouped into 5 bands.
- Excellent: 833 - 1,200
- Very good: 726 - 832
- Good: 622 - 725
- Average: 510 - 621
- Below average: 0 - 509
Alternatives
Not convinced on Equifax? With a wide range of other user-friendly credit report services out there, it’s easy to find something you’ll like.
- Finty. Get your personal credit report. Monitor using iOS and Android app.
- Get Credit Score. Owned by Equifax. Get your Equifax credit score for free.
- Experian. One of the other main credit reporting bureaus in Australia. Free report available.
- illion. Another of Australia’s main credit reporting bureaus. Offers a free checking service for personal accounts.
- Credit Simple. Get your illion credit score for free.
- Credit Savvy. Owned by Commonwealth Bank. Free credit report available.
- Clearscore. UK-based service offering access to your Experian credit report.
- Finder. Comparison website using Experian to provide a free credit report for individuals.
Article sources
1 Equifax. "Equifax Announces Binding Agreement to Acquire Australia's Leading Credit Information Company Veda Group Limited for USD$1.8 billion, https://investor.equifax.com/news-and-events/press-releases/2015/11-22-2015". 22nd November, 2015.
2 Wired. "How 4 Chinese Hackers Allegedly Took Down Equifax, https://www.wired.com/story/equifax-hack-china/". 10th February, 2020.
3 Equifax. "Equifax Personal, https://www.equifax.com.au/personal/".
