Customer Service

Debt Wise FAQs

What is my Fast Pay Plan?

Your Fast Pay Plan is a personalized debt pay off plan you create as part of your Debt Wise product. Following the plan can help you pay down your debts more quickly and save money on interest. The Fast Pay Plan Wizard imports debts you want to include from your Equifax Credit Report™ and allows you to include debts that do not appear on your credit report. Once you complete the necessary information about your debts that you want to include in your plan, the Wizard calculates the optimal order in which to pay off your debts and applies a payment strategy known as "debt stacking" to help you see how you can accelerate paying off your debts.

How does Debt Stacking work?

Debt stacking is a payment strategy that is designed to help you see how you can pay off your debts more quickly. When you pay off your first debt, the amount you were paying toward that debt is added to the amount you pay towards the next debt on your list. By paying more on that second debt, you can accelerate the pay off of that debt. When that debt is paid off, you apply the amount you were paying toward it to the next debt on your list. The total amount you pay each month toward debt in your plan never changes, but the speed with which you start to pay down your debts increases over time as you begin to pay off your debts. When you get to your last debt, the total monthly amount is applied to this one debt each month until it is paid off.

See Debt Stacking in Action

What types of debts can I include in my Fast Pay Plan?

The Fast Pay Plan can support just about any debt that appears on your Equifax Credit Report™ Only accounts with balloon payments are not supported. However, you will have to decide which debts you want to include and you may not want to include all debts that are supported. The Fast Pay Plan Wizard will provide you with information that can helpyou decide which debts you want to include in your plan and which ones you want leave out

Can my Fast Pay Plan include debts not found on my Equifax Credit Report™?

Yes. If you have debt that isn’t reported to Equifax or perhaps a debt that you are responsible for or are making payments on that appears on your spouse’s credit report, you may include that debt in your plan as an Additional Debt. However, since that debt isn’t reported to Equifax, you will need to update your balance manually every month on the Plan Summary tab to keep your status current.

Additional Debts that you include in your Fast Pay Plan are not added to your credit report and do not impact your credit score.

What additional information do I need to enter for debts in my Fast Pay Plan?

Some details are pre-populated from your Equifax credit file, but you will need to add information, such as interest rate and any special terms (such as promotional interest rates). In some cases you may need to edit the information that was pre-populated, such as if your current account balance is different from the balance that was last reported to Equifax. It’s a good idea to have a current statement and/or customer service phone number handy for any accounts you intend to include in your plan.

Mortgage – You will need to know what type of mortgage you have, the interest rate, any special terms and what your Escrow (if any) and Principal & Interest payments are. Your escrow amount is typically included in the amount reported to Equifax every month, but your escrow amount will need to be broken out in the Fast Pay Plan Wizard.

Revolving and Installment Accounts, – You will need to know your current interest rate and details on introductory periods if you have any. Many times this information is not included on your statement and you will need to contact your creditors’ customer service department.

Additional Debts – You will need to know the debt’s balance, the amount of your payment, the interest rate, and type of debt.

What if the balance from my credit report doesn't match the balance on my last statement?

The date creditors report to Equifax is not always the same date that your last statement was created. The balance on your Equifax Credit Report reflects the balance as of the date the creditor reported to Equifax – which may or may not be the same date your last statement was created. You should update your Fast Pay Plan with the most current balance of the debts that you entered in your plan.

Does the Fast Pay Plan support interest only debts?

Yes. Mortgages where the monthly minimum payment covers only the interest due are supported. However, you will need to provide additional information to accurately determine your interest savings and debt pay off date. When adding or editing account details for interest only debts, you will need to provide the length of the interest only period, the duration of the loan, and the date the original loan was opened.

Does the Fast Pay Plan support “no interest until” or “no payments until debts”?

Yes. Debts that offer special introductory payment options where the interest rate or minimum due each month changes after a certain period of time are supported. However, additional information is necessary to accurately determine your interest savings and debt payoff date. The Fast Pay Plan Wizard will prompt you for the information needed. When adding or editing account details for introductory period debts, you will need to provide the interest rate and monthly minimum payment during and after the introductory period, the end date of the period, and whether interest accrues during that period.

If your debt had an introductory period but that period has expired, you do not need to enter the introductory period details.

How does the Fast Pay Plan handle accounts with variable or multiple interest rates?

The Fast Pay Plan relies on a fixed interest rate over the course of the loan to determine the payoff date. Even a slight change to your interest rate can impact the account payoff date and amount due every month, so it is important that you update your interest rates so that your plan payoff dates can be recalculated if your interest rates change. However, loans that have an introductory period where the interest rate changes once are supported without recalculating your plan as long as you’ve set that account up in your plan to have an introductory period.

Are mortgage loans with balloon payments supported?

Balloon payment loans are not supported at this time. If your mortgage has a balloon payment, you will not be able to add it to your Fast Pay Plan.

Why is the Fast Pay Plan Wizard not able to calculate a pay off date?

Some loans are negatively-amortized, meaning the monthly minimum payment required is too small to cover the interest rate for the loan. If you have a loan like this and are not currently paying enough extra each month to cover the interest, you will need to add enough extra to the Additional Monthly Payment field for that account to make up the difference.

This may also happen if you mistype an interest rate or monthly minimum. If you don’t believe you have a negatively-amortized loan, you should recheck your entries.

How does Debt Wise track my progress against my Fast Pay Plan?

The accounts you select to import from your Equifax Credit Report™ to create your Fast Pay Plan are updated each time the creditor reports to Equifax, usually once a month. We track your status by comparing the balances creditors report to us with the expected balances in your Fast Pay Plan on those dates if you were making payments according to your plan.

Debts added to your Fast Pay Plan that are not on your Equifax Credit Report are not updated automatically. When you make a payment on any of these accounts you must update them by entering the new balance on the Plan Summary tab of your product.

What is the difference between a Target Account and Remaining Account(s)?

The Target Account is the account that you are currently working towards paying off while you continue to make payments on the remaining debts in your Fast Pay Plan. Using the debt stacking payment strategy, when the Target Account is paid off, you apply the monthly payment you were paying towards the Target Account to the first account in your Remaining Debts and that account then becomes your new Target Account. When this new Target Account is paid off, the next Remaining Debt becomes your new Target Account, and so on, until you have paid off all of the debts in your Fast Pay Plan.

How does Debt Wise determine if I am “on plan” or “off plan”?

The accounts that you select from your Equifax Credit Report™ to include in your Fast Pay Plan are updated each time the creditor reports to Equifax, usually once a month. As accounts are updated, the expected balance in your Fast Pay Plan on that date if you were making payments according to your plan is compared to the balance reported by your creditors. If an account’s reported balance is the same as or below what your Fast Pay Plan says it should be for the month the account was last reported, the account will be "On Plan". If the reported balance is above the Plan balance, then the account will be "Off Plan".

Why doesn't the plan show my latest payment?

Most creditors who report their data to Equifax only report to Equifax once a month, regardless of when you make your payment. If your last payment to a creditor was made after the creditor last reported to Equifax, the payment will not be reflected in your Fast Pay Plan until the next time the creditor reports to Equifax.

Why does my plan tell me I'm off plan even though I've made all of my payments on time?

Because there is often a lag time between when you make your payment and when it is reported to Equifax, your most recent payment may not be reflected on your Plan Summary. However, your status is based on a comparison of the balances on your Equifax Credit Report on the date the balance was reported to Equifax and what your balances would be if you were making payments according to your Fast Pay Plan on those dates – not the current date.

What if the amount the Fast Pay Plan tells me is lower than the minimum payment due for a debt?

You should ALWAYS pay at least the minimum amount due to the creditor to avoid a late payment or other penalties. If the minimum payment due to your creditor(s) is higher than the payment amount indicated in the Fast Pay Plan, this could be due to terms changing on your account that were not changed in your Fast Pay Plan (for example, an interest rate increase) or if your account becomes off plan.

Can I make changes if I fall behind in my plan or pay off some of my debts early?

If you fall behind in your plan, you can make up the difference by increasing the amount of your payments to your creditors. If you pay off some of your debts early, you can enjoy being ahead of the game. You may also edit your plan to reflect your new circumstances and create a new Fast Pay Plan. The new plan will most likely have a new debt pay off date and different payment schedule aligned to your current situation.

What should I do if my interest rate or other terms of an account changes?

Because even a slight change to an account’s interest rate can impact the pay off date and the amount due every month, it is important that you keep your plan up-to-date with the most up-to-date terms of each account. When you change terms that impact your loan pay off date or interest to be paid, it requires creation of a new Fast Pay Plan. Other changes that require creation of a new plan include an increase in your monthly minimum payment due and a change to the length or terms of your introductory period. Escrow amount changes should also be updated on your Plan Summary page when they occur, but these changes will not require a new plan to be created since the changes do not impact your loan pay off date or interest to be paid. If your monthly minimum payment decreases – you may not want to update and create a new Fast Pay Plan. For example, as you pay down revolving accounts the monthly minimum payment required by your creditor(s) will likely decrease. Your Fast Pay Plan will not automatically adjust the payment amounts in your plan to the decreasing minimum payments required by your creditor(s). Therefore, to keep revolving accounts on track with your plan, you will need to pay the plan amount if the plan amount is greater than the minimum payment that your creditor(s) requires.

A good rule of thumb is: Pay the plan amount or the minimum amount due, whichever is greater.

What can I change in my plan?

You can change the details of any account in your Fast Pay Plan, just as you did when you created your initial plan. However most changes require creation of a new plan. These changes include:

• Updating the terms of your account, such as interest rate or monthly payment
• Adding or removing an account from your Fast Pay Plan
• Changing your commitment amount used for paying down your Target Account

Any of these changes will require a new Fast Pay Plan to be calculated with a new payment schedule.

If I make changes, will I need to start over with a new plan?

Because even a slight change to any of the terms on one of your accounts can impact the account pay off date and amount due every month, a new plan is necessary for most changes to your plan. The exceptions are changes to an account name and changes to an escrow amount, as changes to these do not impact your loan pay off date or interest to be paid.

What is my commitment amount?

Your commitment amount is the money you have available beyond the minimum payments required by your creditors to pay your debts each month. This amount initially comes from the additional monthly payments you included when you set up your plan plus the accelerated amount from any paid off Target Accounts in your plan.

At any time, you may increase or decrease that commitment amount in your plan, which will likely impact your debt pay off date. When you change your commitment amount on the Edit Plan page, your Total Monthly Payments will be updated and a new Fast Pay Plan will be calculated with a new pay off date and payment schedule.

How can I achieve the time and money savings for paying off my debts that are indicated in my Fast Pay Plan?

To achieve the goals set out in your Fast Pay Plan – namely, a reduction in the number of months until you pay off the debts that you included in your Fast Pay Plan and interest savings - you must follow the payment schedule there, not incur additional balances on those debts, and not incur new debts. You always remain responsible for paying your debts. Also, be aware that the plan calculates goals for you using details you enter. You should be sure to correct any errors and make changes in the details when necessary in order for your plan to remain accurate and current.

Remember that the actual results you achieve towards paying down your debts, reducing the length of time you will be in debt, and realizing savings in interest payments, all depend on you. Actual results will vary based upon individual circumstances.

Will Equifax distribute my debt payments to my creditors on my behalf?

No. You must continue to pay your lenders and creditors directly.  You remain at all times responsible for paying your debts in accordance with the terms of your agreements with your lenders and creditors.

Will Debt Wise™ improve my credit history or credit score?

No. Debt Wise™ will not improve your credit record, credit history, credit rating, credit score, credit report or debt-to-income ratio. These items are based on your past or historical credit behavior, and accurate and timely adverse credit information based on your past credit behavior cannot be changed.

How do I know if using Debt Wise™ is right for me?

Your personal financial situation is unique, and you must determine whether the information you obtain through using Debt Wise™ is appropriate for your situation. Accordingly, before making any final decisions or implementing any financial strategy, you should consider obtaining additional information and advice from your accountant or other financial advisers who are fully aware of your individual circumstances.

Equifax is not a certified or registered financial planner, and neither Equifax nor the Debt Wise™ product provide debt management advice, credit counseling, financial planning or financial counseling.

Will Equifax negotiate with my creditors to get me better terms on my existing debts?

No. Equifax will not negotiate on your behalf with your lenders or creditors to obtain new or different loan or credit terms for you or to eliminate, reduce or settle your debts.

What benefits does Debt Wise™ provide me?

Debt Wise™ is an information product that allows you to:

1. understand your existing debt obligations,
2. develop your Fast Pay Plan for paying off your debts based on information and preferences you input into the Fast Pay Plan Wizard and the options you select,
3. monitor your progress against your Fast Pay Plan, and
4. update your Fast Pay Plan from time to time.

Will Debt Wise™ provide me with a loan or extension of credit that I can use to pay off my other debts?

No. Debt Wise™ is not a loan product, does not provide an extension of credit, and is being offered independent of any extension of credit.