Equifax is a credit reporting agency that collects information about consumers who use credit cards and take out loans. The information Equifax collects about consumers relates to their borrowing and spending habits. Equifax collects information about consumers through banks, retailers, collection agencies and court records.

Rates Defined

Equifax calculates a rating score that reflects people's borrowing and repayment responsibilities. When Equifax receives people's billing statements from credit card companies and banks, it rates its information based on repayment of the loans.

Identification

Equifax applies codes to people's credit reports that are brief descriptions of their repayment, delayed payment and payment balances. The codes represent payment information from banks, retailers, collection agencies, court records and mortgage companies. The letter G on the Equifax credit report has two meanings.

Type 1

In the public record section, the letter G stands for a wage garnishment. A public record is a statement about a court case. A wage garnishment is money being taken out of a person's paycheck without his consent to repay a loan or child support.

Type 2

The letter G also means a person is going through the foreclosure process in the trade rating section. The trade rating section lists the creditor's information, loan amount and payment history

Record Keeping

Equifax maintains records of people's credit borrowing repayments for 10 years. Records of people's credit card default payments, collection agencies, judgments and tax liens are kept for seven years. People who file for bankruptcy under Chapter 7 and 11 or Chapters 12 and 13 with a non-discharged or dismissed case remain on file for 10 years. If Chapters 12 and 13 are discharged, they remain on file for seven years.

Source:

Equifax: How long does information remain in my Equifax credit file?

Northeast Claim Service: Equifax Credit Report Format

Credit Reports Repair: Equifax Code

More Information:

CreditFYI: Your Key to Cracking Credit Report Codes

AARP: Protect Yourself from Credit Card Fraud