What is a Consumer Statement and Should I Have One?
Time to read: 4 minutes
Consumer Statements are freeform, 100 word statements (200 words in Maine) that you can add to your Equifax credit report. Once placed, a Consumer Statement will remain in your Equifax credit report unless you remove it and is viewable each time your Equifax credit report is accessed by a lender or creditor. You can elect to remove a Consumer Statement at a later time and it will no longer be seen by lenders or creditors.
There are two main purposes for adding a Consumer Statement to your Equifax credit report and it may be the right thing for you to do, depending on your situation.
The first use generally follows a denied dispute of information on your Equifax credit report. If you've identified something on your Equifax credit report that you don't believe is accurate, your first step is to file a dispute, with the proper documentation, with Equifax. We will work with the identified lender or creditor to determine whether the information on your Equifax credit report is accurate. Then, we will either accept the dispute and revise your Equifax credit report based on the corrected information from the lender, or deny the dispute if the information was found to be accurate. If the dispute is rejected, you can use the Consumer Statement to put your information onto that particular tradeline of your Equifax credit report.
The second use is a more broad application of adding a statement to your Equifax credit report. This may be useful to provide context to accurately reported derogatory information on your credit report. For example, if you suffered a job loss for a period of time and had derogatory information added to your credit report, you may want to add a Consumer Statement. An example of a Consumer Statement could be “I was laid off and unemployed between April and November 2019. Once re-employed, I paid off all delinquencies and continued to make the regular payments.” This Consumer Statement will inform anyone pulling your credit report that derogatory information during April to November 2019 had a specific cause and demonstrate that you were able to catch-up on payments once you regained employment. Another example could be if there was significant hardship in your family due to an illness or injury that led to derogatory information being added to your credit report.
It's important to note that a Consumer Statement will not change the accurately reported information and is unlikely to impact your credit scores. However, providing context for a lender or creditor may help them accurately evaluate your credit worthiness.
You can add a Consumer Statement to your Equifax credit report online or by mail.
To add a Consumer Statement to your Equifax credit report:
- Sign in or register for a myEquifax account.
With your myEquifax account, you can start or manage a dispute on your Equifax credit report. This is where you can add a Consumer Statement to your Equifax credit report regarding either a previously denied dispute or accurate derogatory information on your credit report.
- After signing into myEquifax, Click “Start a Dispute”.
If you've filed a dispute and it was denied, you can select the trade line and add a consumer statement explaining the details of your dispute.
Or, if you'd like to add a statement to your entire Equifax credit report explaining accurate derogatory information, at the bottom of the dispute page there is a form for you to enter your Consumer Statement.
If you prefer, you can submit your Consumer Statement via mail at the following address:
Equifax Information Services LLC
PO Box 740256
Atlanta, GA 30374-0256
The Consumer Statement you add to your Equifax credit report will not be reflected on your TransUnion or Experian credit reports. If you want to add a Consumer Statement to those credit reports, you'll need to contact them separately. You won't always find the same information at all three CRAs because some creditors or lenders may report to only one, two or none of the nationwide credit bureaus.