What is Equifax used for?

Equifax is primarily known as a credit reporting agency, which means its primary function is to gather and maintain data on consumer credit histories. This information is utilized by lenders, creditors, and other organizations to assess an individual's creditworthiness when they apply for loans, credit cards, mortgages, and other forms of financing. Running someone's credit report involves accessing this compiled financial information to make decisions regarding loans or credit approvals. This is a vital function in the financial system, as it helps mitigate risk for lenders and provides potential borrowers with the chance to access various financial products based on their creditworthiness.

The other options relate to functions that do not pertain directly to the core services provided by Equifax. Tracking inventory levels and managing customer databases involve operational aspects of businesses that are unrelated to credit reporting, while calculating employee performance is associated with human resources and performance management.