GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

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Equifax

Equifax
Is a company established in 1899.

Website:http://www.equifax.ca
Synonyms:credit bureau, credit report
Acronyms &
abbreviations:
EF
Relevant locations:Canada
Year established:1899
Filed Under: companies-associations, financial-banking, mortgages
Tags: credit rating
 
Narrowly associated with: [Equifax Inc]

Definition of Equifax (EF)

Equifax (EF)
1. One of the major credit bureau companies in Canada along with Trans Union.

Related Terms and Acronyms:

  • credit bureau (CB)   A company that collects and sells information about how people handle credit. It issues credit reports that list how individuals manage their debts and make payments, how much untapped credit they have available and whether they have applied for any loans. The reports are made available to individuals and to creditors who profess to have a legitimate need for the information.
      ➥  Company that determines one's credit worthiness.
  • credit history   A record of an individual's or company's past borrowing patterns and whether or not debts were repaid on time.
  • credit rating (CR)   A judgement of a person's ability to repay debts. The rating is often based on a person's current and projected income and past debt payment history. Also called a credit score.
      ➥  A metric to measure the credit worthiness of a debtor.
  • credit report (CR)   A report on a loan applicant's willingness and ability to make payments in a timely manner in the past. This report is provided to the bank by an outside agency.
      ➥  A report that outlines the credit worthiness of an individual or entity.
  • credit score   Also referred to as a 'Beacon Score' is a number, between 300 and 900, that reflects a person's credit history. Lenders calculate this number using a computer system as part of the process for assigning rates and terms to the loans they grant.
  • good credit   Someone who carries little credit risk.
  • joint credit   Credit that is issued to two people based their credit reports and their combined assets and incomes. The repayment of joint credit is the responsibility of both parties.
  • merged credit report   A summary of one's credit history from the big two credit bureaus: Equifax and Trans Union.
  • sub-prime borrower   A borrower with a less-than-perfect credit report due to late payments or a default on debt payments.
  • TransUnion (TU)   One of the major Canadian credit bureau companies along with Equifax.
      ➥  See TransUnion Canada.

More Related Terms and Acronyms

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