ATLANTA, Feb. 10, 2014 (GLOBE NEWSWIRE) -- Car loans, mortgages, credit cards, school loans. To get approved for any of these loans or lines of credit requires a copy of your credit score. What you might not understand is how your credit score affects the details of your loan/line of credit: the terms, interest rate, and even your credit limit.
Living in a digital economy means consumers need to understand how their credit scores impact their financial life. To help consumers better understand how their credit scores are calculated and how they can help improve their credit scores and creditworthiness, Equifax (NYSE:EFX) has launched the "Money Matters: How Much Do You Know About Your Credit Score?" quiz.
One grand prize winner will receive a $1,000 gift card and a complimentary one-year subscription to Equifax Complete™ Family Plan, a credit monitoring and identity theft protection product for the entire family. First and second prize winners will receive $500 and $100 gift cards, respectively, and complimentary one-year subscriptions to Equifax Complete™ Family Plan.
"The information on the Equifax Finance Blog can help consumers navigate the sometimes confusing world of credit and personal finance," said Trey Loughran, president of the Personal Solutions unit at Equifax. "With this quiz, we want to give consumers a chance to better understand the information factored into their credit scores, and recommend some steps to help make a positive impact on their financial well-being, now and in the future."
Information factored into your Equifax credit score
Each credit reporting agency has its own model for evaluating your credit score, and your scores will vary between the CRAs. Information such as length of credit history, payment behavior, amounts owed, and types of credit used all factor into your Equifax credit score.
"It's important to understand how your credit score is calculated because no matter what stage of life you're in, your score matters," said Ilyce Glink, managing editor of the Equifax Finance Blog. "Understanding your credit score and the information in your credit report can help you make sound financial decisions for yourself and your family."
Contest Rules
For detailed information about the "Money Matters: How Much Do You Know About Your Credit Score?" quiz, please read the contest rules and eligibility details at www.blog.equifax.com.
About Equifax
Equifax Personal Solutions empowers consumers with the confidence and control to be their financial best. Find out more about Equifax's innovative suite of credit monitoring and identity protection products at www.equifax.com. Learn about identity theft and how to help protect yourself and your family at IdentityProtection.com. Get smart information on everything from credit to retirement, all in one place at the Equifax Finance Blog, blog.equifax.com.
Equifax is a global leader in consumer, commercial and workforce information solutions that provide businesses of all sizes and consumers with insight and information they can trust. Equifax organizes and assimilates data on more than 600 million consumers and 81 million businesses worldwide. The company's significant investments in differentiated data, its expertise in advanced analytics to explore and develop new multi-source data solutions, and its leading-edge proprietary technology enable it to create and deliver unparalleled customized insights that enrich both the performance of businesses and the lives of consumers.
Headquartered in Atlanta, Equifax operates or has investments in 18 countries and is a member of Standard & Poor's (S&P) 500® Index. Its common stock is traded on the New York Stock Exchange (NYSE) under the symbol EFX. In 2013, Equifax was named a Bloomberg BusinessWeek Top 50 company, was #3 in Fortune's Most Admired list in its category, and was named to InfoWeek 500 as well as the FinTech 100. For more information, please visit www.equifax.com.