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Equifax primarily operates in the business-to-business sector, selling consumer credit and insurance reports and related analytics to businesses in a range of industries. [citation needed] Business customers include retailers, insurance firms, healthcare providers, utilities, government agencies, as well as banks, credit unions, personal and specialty finance companies and other financial ...
Business credit reports are reports that show the credit history of a business. They are usually created by credit bureaus when a credit grantor reports information related to a business credit account. These reports are typically used during the decision-making process to decide whether or not to grant credit to a business.
In 2017, consumer credit rating giant Equifax suffered one of the country's largest data breaches, exposing the personal information of 147 million U.S. citizens, or roughly 40% of the population ...
Moody's said it's downgrading the outlook for Equifax from stable to negative, citing ongoing fallout from the company's 2018 data breach.
Services limited to cardholders or only offering trial plans are excluded. The chart specifies what is free, what kind of credit reports are included, and whether a full Social Security number is needed. According to the Federal Trade Commission, "AnnualCreditReport.com is the only authorized source for the free annual credit report."
One of the alleged reasons for the excess of errors, according to Matt Litt, consumer campaign director with U.S. Public Interest Research Group, is that the credit reporting agencies are not incentivized to fix them because consumers are not the customers, but are instead the product—lenders, landlords, and other businesses seeking credit ...
Equifax sells data to third parties. Companies, including "mortgage, auto and other financial services credit grantors", may request pay rate information similar to a credit report. Also, "debt/collection agencies may request employment information" to verify someone's place of employment.
The FICO Small Business Scoring Service (SBSS) score is used to evaluate small business credit applicants. [34] This score can evaluate the personal credit report of a business owner along with the business credit report of the business itself. Financial information of the business may be evaluated as well.