Finance Blog

Stay financially savvy with the Equifax Advisor.

Sign up for our FREE Monthly Email Newsletter


Thank you for signing up for the FREE Equifax monthly newsletter

In addition to keeping in the financial know, you may be interested in checking your credit score and report.

Understand your credit. Help protect your identity.

Equifax Complete™ Premier Plan

  • Know What May Influence Your Credit Score and Be Alerted of Changes
    Credit score monitoring with custom alerts
    Important Disclosure: The Equifax credit score and 3-Bureau credit scores are based on an Equifax credit score model and are not the same scores used by 3rd parties to assess your creditworthiness.¹
  • Help Protect Your Identity
    Automatic fraud alerts encourages lenders to take extra steps to verify your identity²
  • Lock Your Credit
    The ability to lock and unlock your Equifax Credit Report³
Save 75% your first 30 days with the purchase of Equifax Complete™ Premier

$4.95 for the first 30 days, then $19.95 per month thereafter. You may cancel at any time; however, we do not provide partial month refunds.4

¹The credit scores provided under the offers described here use the Equifax Credit Score, which is a proprietary credit model developed by Equifax. The Equifax Credit Score and 3-Bureau scores are each based on the Equifax Credit Score model, but calculated using the information in your Equifax, Experian and TransUnion credit files. The Equifax Credit Score is intended for your own educational use. It is also commercially available to third parties along with numerous other credit scores and models in the marketplace. Please keep in mind third parties are likely to use a different score when evaluating your creditworthiness. Also, third parties will take into consideration items other than your credit score or information found in your credit file, such as your income.

²The Automatic Fraud Alert feature is made available to consumers by Equifax Information Services LLC and fulfilled on its behalf by Equifax Consumer Services LLC.

³Equifax Credit Report Control™ is only available while you have a current subscription to Equifax Complete Premier. Locking your credit file with Equifax Credit Report Control will prevent access to your Equifax credit file by certain third parties, such as credit grantors or other companies and agencies. Credit Report Control will not prevent access to your credit file at any other credit reporting agency, and will not prevent access to your Equifax credit file by companies like Equifax Personal Solutions which provide you with access to your credit report or credit score or monitor your credit file; Federal, state and local government agencies; companies reviewing your application for employment; companies that have a current account or relationship with you, and collection agencies acting on behalf of those whom you owe; for fraud detection and prevention purposes; and companies that wish to make pre-approved offers of credit or insurance to you. To opt out of such pre-approved offers, visit www.optoutprescreen.com/.

4We will require you to provide your payment information when you sign up and we will immediately charge your card $4.95. After that, we will charge the card $19.95 for each month you continue your subscription. You may cancel at any time; however, we do not provide partial month refunds.

Equifax® is a registered trademark and Equifax Complete™ Premier is a trademark of Equifax, Inc. © 2014, Equifax Inc., Atlanta, Georgia. All rights reserved.

Making Minimum Payments on Credit Cards Will Cost You in the Long Run

Written by Robin Holland on November 8, 2010 in Credit  |   No comments

Making Minimum Payments on Credit Cards Will Cost You in the Long Run By Robin Holland The balancing act of credit card bills, mortgage payments, student loan payments, and car payments is something we’re all familiar with. Sometimes, it’s all too easy to get caught…

Making Minimum Payments on Credit Cards Will Cost You in the Long Run
By Robin Holland

The balancing act of credit card bills, mortgage payments, student loan payments, and car payments is something we’re all familiar with. Sometimes, it’s all too easy to get caught up in making only the minimum payments.

There’s good and bad news here. The good news: Your credit report does not indicate whether you’re making your credit card payments in full or only the minimum payments.

The bad news: If you make only the minimum payments, you’ll end up paying more in interest over time. You can see exactly how much more you’ll end up paying by taking a look at your monthly credit card statements. Since the enactment of the Credit Card Act of 2009, credit card companies are required to show you how long it will take you to pay off your balance and what you will pay in interest over time.

How Payments Appear on Your Credit Report

Let’s take another look at how payments appear on your credit report.

Different creditors have different policies for how they report your information, but revolving accounts, like your credit cards, will usually show the same information:

  • When you opened the card
  • Your high balance limit
  • Your available balance
  • Your history of on-time or late payments

As long as you make the minimum payment and you make it on time, then it will be reflected on your credit report as an on-time payment for that month.

Now, if you’re making only the minimum payments every month, you likely don’t have a lot of available credit. And, if you have several credit accounts that are charged to the limit, on-time payments aren’t the only cure. You’ll still need to tackle how much debt you have and lower your ratio of debt to available credit. (If you want to understand better how your credit score is calculated, take a look at some of our past blogs.)

A Strategy for Paying Off Credit Card Debt

When it comes to paying off your debt, you have to decide on a strategy that works best for you. Paying off small debts first or tackling larger debts with higher interest rates, using online budgeting sites and software, seeking the help of a reputable consumer credit counseling agency, or using do-it-yourself products like Equifax’s Debt Wise™ to help you tackle your debt more efficiently and effectively. Unlike similar products, Debt Wise is powered by the information in your Equifax Credit Report and allows users to create a personalized debt payment plan that shows you how to pay off your debt faster—the average subscriber can save over $30,000 in interest and get out of debt 15 years quicker by following their personalized plan.

Making only the minimum payments can make you feel like you’re buried under interest payments and rising fees. But remember, paying down your debt is a process—it took you a while to get in debt, so it’ll take some time to get out of debt too. If you have a couple of small balances that you can tackle right away, go ahead and pay them off—the satisfaction of being done with those accounts will help fuel your journey to becoming debt free.

What’s your plan for tackling your credit card debt?

The information contained in this blog post is designed to generally educate and inform visitors to the Equifax Finance Blog. The blog posts do not give, and should not be assumed to provide, personalized tax, investment, real estate, legal, retirement, credit, personal financial, or other professional advice. Before making any financial decision, you should always consult with the appropriate professionals who can explain your options, rights, and legal responsibilities, and advise you on any tax, legal, credit, or business implications that may result from those decisions. The views and opinions expressed by the authors of blog posts are their own views and may not be the views or opinions of Equifax, Inc. and/or its affiliates.

No comments yet

Leave a Comment

Name :

Commenting guidelines

We welcome your interest and participation on this forum, but be aware that comments will be published at Equifax's sole discretion. Please don't use this blog to submit questions or concerns about your Equifax credit report or raise customer service issues. Instead, you should contact Equifax directly for all such matters and any attempts to do so in this forum will be promptly re-directed.

Some other factors to consider when commenting:
  1. Registration and privacy. While no registration is required to visit our forum, participants wishing to post a message must register by creating an account. All personal information provided by forum members incident to registration is governed by our Terms of Use and Privacy Policy.
  2. All comments are anonymous. We'll delete your name, e-mail address, and any other identifying information, including details about your investments.
  3. We can't post or respond to every comment - As much as we'd like to, we can't post every comment, nor can we guarantee that we will respond to each individual message. All questions or comments about your Equifax credit report or similar customer service issues should be handled by contacting Equifax directly.
  4. Don't offer specific legal, tax or financial advice. All of the materials on this Site are for information, education, and noncommercial purposes only and this forum is not intended as a means of expressing views or ideas regarding any specific legal, tax, or investment advice. While offering general rules of thumb is both permitted and encouraged, recommending specific ideas or strategies regarding investments, taxes, and related matters is prohibited.
  5. Credit Repair. This blog is not intended as a venue for the discussion or exchange of ideas regarding credit repair or other strategies intended to assist visitors and community members improve or otherwise modify their credit histories, ratings or scores.
  6. Stay on topic. Your comment should be concise and pertain to the specific post in question.
  7. Be respectful of the community. The use of profanity, offensive language, spam, and personal attacks will not be tolerated and egregious or repeat offenders will be banned from future participation. We encourage disagreement and healthy debate, but please refrain from personal attacks on our WordPresss and contributors.
  8. Finally: Participation in this forum may be terminated by Equifax immediately and without notice for failure to comply with any guidelines or Terms of Use. As such, you should familiarize yourself with all pertinent requirements prior to submitting any response through the blog or otherwise. All opinions expressed in this forum are solely those of the individual submitting the comment, and don't necessarily represent the views of Equifax or its management.

Equifax maintains this interactive forum for education and information purposes in order to allow individuals to share their relevant knowledge and opinions with other members and visitors. We encourage you to participate in discussions about personal finance issues and other topics of interest to this community, but please read our commenting guidelines first. Equifax reserves the right to monitor postings to the forum and comments will be published at our discretion. Do you have questions or comments about your Equifax credit report or customer-service issues regarding an Equifax product? If so, please contact Equifax directly. All opinions and information expressed or shared in blog comments are solely those of the person submitting the comments, and don't necessarily represent the views of Equifax or its management.

Credit Archive