Equifax India is one of the 4 major Credit Information Companies currently operating in India. Headquartered in Mumbai and registered as Equifax Credit Information Services Private Limited (ECIS), it is a joint venture between Equifax Inc., USA and seven leading financial institutions in India – State Bank of India, Bank of India, Bank of Baroda, Kotak Mahindra Prime Limited, Sundaram Finance Limited, Religare Finvest Limited and Union Bank of India. Equifax India collects and maintains data about the historical credit behaviour of borrowers. The credit report as well as credit score by Equifax is based on this historical data. Equifax credit reports and Equifax scores can be accessed by both borrowers and lender so that maintain their own credit health and make informed lending decisions respectively.
Features of Credit Score by Equifax
The credit score from Equifax is calculated by the credit information company (CIC) using its proprietary algorithm. Some key features of Equifax credit score are:
- It is a 3-digit numeric summary of your past credit behaviour
- It is a 3 digit number between 300 to 900
- It is used by lenders to assess the creditworthiness of the prospective borrower i.e. the risk involved in lending money to an applicant
- Knowing your own score can help you assess and monitor your personal credit health
- A high credit score from Equifax is desirable as it indicates responsible credit behaviour and lower risk of default for the lender
- Higher your Equifax credit score, greater are your chances of securing credit on more favourable terms
- Your repayment track record, the number of accounts you have, new credit accounts that you have opened recently, your credit utilization ratio and the length of your credit history are some key factors used by Equifax to calculate your score.
How to Check Equifax Credit Score and Credit Report for FREE?
You can get your Equifax credit report and score with monthly updates for free through Paisabazaar.com. All you need to do is following these steps:
Step 1: Go to the Free Credit Score Application page of the Paisabazaar.com website
Step 2: Fill out the simple online form with key details such as name, PAN, date of birth, mobile number, etc. and click on “Get Your Credit Score” after agreeing to the applicable terms and conditions
Step 3: Follow the subsequent verification steps including OTP (one time password) authentication sent to your mobile number as provided on your credit score application
Step 4: Once your credit score by Equifax is ready, you will receive an email with your credit report as a password-protected attachment. Alternately, you can log into your free Paisabazaar account to check your credit report from Equifax as well as other CIC such as TransUnion CIBIL, Experian India and CRIF Highmark online
Step 5: You will automatically be notified about changes in your credit report as well as any changes to your report on a monthly basis. All you need to do is log in and check those changes
Note: Your credit report will be provided by Equifax or other CIC (as applicable). Paisabazaar being an official partner of the credit bureaus which allows you to request and check your credit report and score for free.
How to Check Equifax Credit Report and Score on the company website?
Currently, Equifax India allows you to avail a free credit report only once a year. If you want to avail your credit report multiple times in a year, a fee has to be paid to Equifax. To avail your credit report and credit report directly from Equifax, you need to apply for the same using the steps given below:
Step 1: Visit the official website of Equifax
Step 2: Click on ‘Forms’ and select ‘Credit Report Request Form’
Step 3: Click on ‘Download the Credit Report Request Form’ to download the form and fill out the required details. Enclose/Attach a self-attested copy of one Address Proof and Identity Proof with the duly-filled in form.
Step 4: Enclose a demand draft for the requisite amount in case you are opting for a paid credit report.
Note: According to RBI’s directive, customers can access one full free Credit Report from Equifax every calendar year. If you wish to avail another Credit Report within the same calendar year from Equifax, you need to enclose a demand draft of Rs. 118 (in case you only wish to avail only the Credit Report) or Rs. 472 (for both Credit Report and Score) in favor of “Equifax Credit Information Services Pvt. Ltd.”.
Step 5: You can send the above mentioned scanned documents via email to firstname.lastname@example.org. Alternately, you can also send the filled out credit report application form and documents through regular post/speed post/courier to the following address:
Customer Service Team
Equifax Credit Information Services Ltd.
931, 3rd Floor, Building 9
Solitaire Corporate Park
Andheri Ghatkopar Link Road
Opposite Mirador Hotel
Andheri East, Mumbai – 400093.
Once all the relevant documents are received and verified by Equifax, your report/report and score will be dispatched within 7 to 10 days by post/courier.
How is Credit Score Calculated by Equifax?
Credit Score is calculated using the credit history found in the Credit Report. Credit Report includes data about the credit behaviour of consumers including their credit payment and borrowing patterns, credit utilization ratio, etc. Like other Credit Information Companies, Equifax also has its own unique proprietary algorithm which it uses to calculate the Equifax credit score. Due to legal protection of this proprietary formula, the exact breakup of various factors that impact the credit score by Equifax India is currently unknown. However, some key factors involved in calculating the Equifax Credit Score are discussed below:
- Repayment History: Your credit repayment history has significant impact on your credit score. Have a proven track record regarding timely payment of credit card bills and EMIs has a favourable impact on your credit score and shows responsible credit behaviour. This increases your Equifax score. Whereas, repeated or frequently missing EMIs and credit card payments affects your credit score adversely. It indicates poor financial planning and decreases your score.
- Credit Utilization Ratio: It is the ratio of the amount of credit availed to the available credit limit across all credit card, loan and overdraft accounts. A high credit utilization ratio indicates a higher dependence on credit and an increase in the repayment burden. This impacts your credit score adversely. However, a low credit utilization ratio (30% or lower) indicates higher credit worthiness and increases your Equifax credit score.
- Type of Credit Utilized: The type of credit (secured or unsecured) that you use also has an impact on your credit score. Having too much unsecured loans like personal loans and credit cards often has an unfavourable impact on your credit score because it is often interpreted as a sign of mismanagement of personal finances. It is good to have a healthy credit mix i.e. a balanced of secured (like Home and Auto loans) and unsecured credit. It has a positive impact on your credit score calculated by Equifax.
- Number of New Credit Applications: The number of new credit accounts that you have applied for recently may also impact on your credit score. Applying for a multiple number of new credit cards or loans shows you to be credit hungry and also increases the number of hard inquiries. This may affect your Equifax credit score adversely.
- Length of Credit History: The length of your credit history i.e. the period of time over which credit accounts have been active, also affects your credit score. The period over which the oldest credit account has been active and whether you have been responsibly repaying your debts over that period also affects your credit score. A longer track record of responsible credit behaviour tends to positively affect your credit score.
Services Offered by Equifax
Equifax India offers a wide range of services to its members as well as consumers. Its members include banks and financial institutions which work on the principle of reciprocity and thus, Equifax member both offer and avail data from Equifax related to credit behaviour/credit history of individuals and entities to make informed lending decisions. On the other hand, consumers of Equifax include borrowers – both individuals and commercial entities, who wish to access their Credit Report and/or score to check and if necessary correct their credit behaviour. Some key services offered by Equifax to its members and consumers are given below:
- Access to Credit Report and Credit Score
- Dispute Resolution in case of errors/inaccuracies found in the Credit Report
Equifax enables Members to make sound business decisions related to customer acquisition, extension of credit, fraud prevention and improved portfolio risk management by combining data, advanced technology and analytics. Some services offered by Equifax to its Members are given below:
- Access to Credit Reports of individuals and entities
- Equifax Risk Score
- E-KYC service
- Equifax Alerts- both Activity Alerts and Collection Alerts
- Equifax Portfolio Review
- Equifax Dimensions
- Access to Equifax ePORT
- Credit Capacity Score, Graduation Score, Propensity Score, etc.
Important Aspects of Equifax Credit Score
Some key aspects relating to Equifax credit report and score are given below:
- Equifax India currently offers one full free Credit Report to its consumers annually. However, for every successive report during the year, a payment of Rs. 118 (to avail only the credit report) or Rs. 472 (for both credit report and credit score from Equifax) is to be made.
- Members (banks and financial institutions) can access Credit Reports of individuals and commercial entities (on the principle of reciprocity) to make lending decisions. Whereas, consumers (individuals and commercial entities) can access only their own credit report to review and monitor their own credit health.
- Though Equifax score has the same 300 to 900 range as that of other credit bureaus in India, its credit score calculation formula is different. As a result, your Equifax credit score is likely to differ from the credit score generated by any other CIC. Due to this different credit bureaus have a different credit score for the same individual.
- A score closer to 900 such as 750 or higher is generally considered to be a good score and may help you to secure new credit easily
Q1. How much time does Equifax take to generate a Credit Report?
Once you have applied for a credit report and submitted all the relevant documents, Equifax dispatches your Credit Report and Credit Score through post or courier within 7-10 days upon the successful verification and authentication of all the provided documents. In case you have applied for the full free credit report through the mobile app, you can receive it after only 1 day via email.
Q2. Why is there a difference between my Equifax Score and my CIBIL Score?
Though both TransUnion CIBIL and Equifax have the same score range of 300-900, each bureau is likely to provide a different credit score for the same individual. This is because each bureau has its own proprietary scoring model that it uses to calculate an individual’s credit score.
Q3. What is the key information included in my Equifax Credit Report?
Your Equifax credit report contains information about your credit behaviour and entities across loan types and lending institutions. An Equifax Credit Report contains the following key information:
- Identifying Information: It includes personal information like your name, address, date of birth, etc.
- Information relating to your credit accounts: Information relating to your current (active) and past (inactive) credit accounts as reported by various lenders s listed in your credit report. This information includes account type (for instance auto loan, credit card, personal loan, etc.), your loan amount or credit limit, your repayment history, current status of account such as active, default, past due, etc.
- Inquiry information: This section contains information related to inquiries made for your credit report. This section includes both “Soft” inquiries (such as your own requests for your credit report) and “Hard” inquiries (those made by potential lenders every time you apply for a new loan or credit card). While soft inquiries do not affect your credit score, too many hard inquiries within a short time can adversely impact your Equifax Credit Score.
Q4. How can I get my Full Free Credit Report using the Equifax mobile app?
You can avail your Full Free Credit Report (FFCR) once a year from Equifax using its mobile app by simply following the steps given below:
Step 1: Download the Equifax App and Login:
-Enter your email address to get your temporary pin.
-Login using your email id and temporary pin and create a 6-digit login pin.
Step 2: Authenticate yourself / complete KYC
-Enter your personal information and Aadhaar card to authenticate your identity.
-Upon confirmation an OTP will be sent to your Aadhaar registered mobile number.
-Enter this OTP in the Equifax App.
Step 3: Avail your FFCR (Free Full Credit Report)
-Enter your personal information such as your date of birth, address, etc.
-24-hours after the successful completion of Step 1, Login to the Equifax App to authenticate your identity by answering 3 questions based on your credit history (You will get 4 attempts to authenticate yourself).
-Upon successful authentication, your password protected FFCR will be sent to your registered email address within 24-hours after the successful completion of Step 2.
-The system generated unique password for your credit report will be sent to your Equifax mobile App which you can retrieve by logging into the same
Q5. How can I get in touch with Equifax in case I have any queries related to my Equifax Credit Report/Credit Score?
You can get in touch with Equifax between Monday and Friday 10:00 am to 7: 00 pm via any of the following methods:
- You can call the toll-free number 1800-209-3247
- You can email your queries at email@example.com
- You can write to the Equifax at:
Equifax Credit Information Services Private Limited
Unit No. 931, 3rd floor, Building no. 9,
Solitaire Corporate Park, Andheri Ghatkopar Link Road,
Andheri East, Mumbai – 400 093
- You can also send your queries via fax to (+91)22-6112-7950