If I pay off all my debts, will I have a good Equifax Credit Score?

Not necessarily. If you’ve been late paying your debts in the past this information will remain on your Equifax Credit Report for up to five years and for a serious crime imfringement it will remain for seven years. Even if you’ve now paid off all your outstanding debts, your Equifax Credit Score will likely continue to be negatively impacted by your prior late payments or defaults. That noted, you can improve your Equifax Credit Score by always making your loan repayments and paying your bills on time.  

If you do have a default on your credit report you can help improve your credit profile by repaying credit accounts you have on time each month such as a personal loan or mortgage repayments or the minimum balance on your credit card. Please note that not all credit providers provide Equifax with repayment history information.