What Credit Cards Pull From Equifax?
Learn how credit card issuers utilize Equifax for applications and understand the nuances of credit inquiries on your report.
When applying for new credit, such as a credit card, lenders typically evaluate an applicant’s creditworthiness by reviewing their credit report. Equifax is one of the three major nationwide credit bureaus that collects and maintains consumer credit information. This information helps credit card issuers understand an applicant’s financial history and make informed decisions about extending credit.
How Credit Card Issuers Use Credit Bureaus
Credit card issuers often have internal policies guiding which credit bureau they use. This choice is not always consistent and varies based on several factors. Lenders may have specific agreements with credit bureaus, influencing their selection and sometimes including commitments to purchase a certain volume of reports.
Geographic location also plays a role; an issuer might consistently pull from one bureau in some areas, but use multiple or a different primary one in others. The specific credit card product applied for can also influence bureau selection. Predicting which bureau an issuer will use can be challenging.
Credit Card Issuers Known to Pull from Equifax
While no credit card issuer exclusively uses a single credit bureau for every application, several are commonly known to pull credit reports from Equifax. Major financial institutions like American Express, Bank of America, Capital One, Chase, Citi, Discover, and Wells Fargo often use Equifax for credit checks. However, they may also use Experian or TransUnion, or a combination, depending on internal processes and other factors.
Some smaller banks and credit unions also frequently rely on Equifax. Citizens Bank reliably pulls from Equifax for credit card applications. Key Bank also typically uses Equifax.
Credit unions such as Langley Federal Credit Union, Andrews Federal Credit Union, and Digital Credit Union (DCU) generally pull from Equifax, though exceptions may occur based on location. Issuer policies can change at any time.
Understanding Credit Inquiries on Equifax
When a credit card issuer reviews your credit report as part of an application, it results in a credit inquiry. There are two main types: hard inquiries and soft inquiries. A hard inquiry occurs when a lender checks your credit report because you have applied for new credit, such as a credit card or a loan. This type of inquiry can temporarily lower your credit score by a few points and remains on your Equifax credit report for up to two years, typically affecting scores for about one year.
In contrast, a soft inquiry does not impact your credit score. Soft inquiries occur when you check your own credit report or when a company pre-approves you for an offer. These inquiries are visible only to you and do not affect lending decisions.
Checking your Equifax credit report regularly is a good practice to monitor your financial health and identify any unexpected activity. You can obtain a free copy of your Equifax credit report, along with reports from Experian and TransUnion, once every week by visiting AnnualCreditReport.com. You can also access a free monthly Equifax credit report and a VantageScore 3.0 credit score by creating a myEquifax account. Reviewing the inquiry section of your report allows you to see which entities have accessed your credit information.