Equifax Inc. is one of the “big three” credit reporting, credit monitoring, and fraud prevention companies in the United States. It is in charge of reviewing the credit of more than 800 million people and 88 million companies worldwide to transmit that information to banks and financial institutions. The data it obtains is based on each individual’s FICO score and works in conjunction with TransUnion and Experian.
Each of these companies has an individual review based on their criteria. When a person or business applies to a bank for financing, the banks look to credit records to confirm whether or not to approve the loan. But it is very unlikely that banks will only use one agency; sometimes, they may take data from all three, but you can never be sure.
If you want to know what credit card companies use Equifax only, the answer is that they do not exist, or there is no access to that information. However, there is data from companies that most frequently query Equifax data. Here is everything you need to know.
No creditor uses Equifax data alone all the time
A creditor never uses the same credit bureau because everything varies according to geographic location or product. In other words, the choice is up to the conditions of the moment. There is no way of knowing which credit bureau the issuer will hire in a given circumstance; it may choose one or even two or take information from all three.
We must clarify that no issuer trusts only one agency to have data on a person. And when it comes to credit histories, each agency is a specialist in a certain subject. For example, if you want information regarding fraud, Equifax is the expert, but if you’re going to know about educational credit scores, TransUnion is a better alternative.
Whether a creditor consults one company or the other depends solely on the questions he wants to resolve. You can choose all of them or check the Equifax data; so, based on this thesis, no bank always asks a credit bureau for information.
Banks that typically use Equifax data
While we are certain that no bank only uses one credit bureau for credit card approval, we have information on some cards that frequently take Equifax data to be approved.
We make no guarantee that if you apply for these cards, the bank will only ask for Equifax data.
Discover is the first bank to launch cashback credit cards. You’ll get travel benefits and other perks depending on which one you choose. These are the Discover cards that use Equifax data:
Discover it Cash Bank
Can withdraw all the money you’ve earned during the first year in cashback in cash. This card has no minimum spend and no maximum rewards. At the end of the first year, you can receive $150 to $300 in cash back.
Some benefits of this card are:
- Receive 5% cashback on everyday purchases every three months
- Get 1% cashback on all purchases other than groceries, gas stations and restaurants.
- Cashback never expires; you can exchange it for cashback at any time.
- For 15 months, get 0% APR on your purchases
- No annual fees
Discover it Balance Transfer
- Receive 5% cashback on everyday purchases every three months at supermarkets, gas stations and restaurants
- Get 1% cashback on all purchases other than those listed above
- No annual fees
- Redeem rewards at any time; never expire
- Get a free Credit ScordCard with your FICO Credit Score, recent inquiry numbers and much more
Discover it Miles
- At the end of the first year, receive double the miles earned. That is, if you completed 20,000, you would receive 40,000 miles
- Earn 1.5x miles for every dollar spent on every purchase
- Redeem miles for monthly bill payments
- Redeem miles for cash
- Redeem miles as credits for travel, such as airfare, hotels, and restaurants. Miles do not expire, and you can save them and use them whenever you want
- Get 0% APR on all purchases for the first 15 months of using your card
Chase Bank is one of the leading banks in the United States. It has a wide variety of credit cards with many benefits to fit customers’ needs.
Chase credit cards that typically use Equifax information to get approved are:
Chase Freedom Flex
- Receive a $200 reward if you spend equal to or more than $500 in the first three months on your account
- If you spend more than $1,500 when combining purchases in the bonus categories every three months, you receive a 5% rebate
- When you purchase airline tickets through the Chase Unlimited Rewards program, you can save 5% off your total payment. This rebate can be exchanged for cash, gift cards and travel
- When you shop at pharmacies, pay for dinners at restaurants and order groceries for home delivery, you receive a 3% rebate
Chase Unlimited Freedom
- Receive a 1.5% rebate on everything you buy in the first year with a $20,000 cap
- With the Chase Unlimited Rewards program, collect a 6.5% rebate when paying for travel
- For shopping at pharmacies, paying for restaurant dinners and food delivery, you receive a 4.5% bonus
- Upon reaching the first year of completing $20,000 in spending in the first twelve months, you can save 5% on travel through Chase Unlimited and another 3% on drugstore purchases, restaurant dining and food delivery
Chase Slate Edge
- 0% APR in the first 18 months of purchase and 15.24% to 23.99% APR on balance transfers and purchases beginning in month 19
- Every two years, the interest rate is reduced by 2%
- If you increase your credit limit, you receive an automatic review for a higher credit limit if you spend and pay on time at least $500 in the first six months
- No override fees
Citibank is one of the oldest banks in the United States. It was founded in New York in 1812 and is still one of the most important credit issuers. These are some of the cards it offers and the benefits of each one:
Citi Double Cash Card
- Receive 2% on every purchase with unlimited 1% cashback plus 1% when you pay for purchases
- Receive more cashback if you pay your debts on time
- Get 0% APR for the first 18 months on balance transfers and between 14.74% to 24.74% APR starting month 19
- Balance transfers do not generate cash rebates
Citi Premier Card
- Claim 60,000 TankYou Points after spending $4,000 on purchases in the first three months of your account
- For every dollar spent at restaurants and grocery stores, you receive three points
- For every one dollar spent on gas, air travel and hotels, you receive three points
- For every dollar spent on everything else, you receive one point.
- Receive annual hotel savings