Equifax India, registered as Equifax Credit Information Services Private Limited (ECIS), is a RBI licensed credit bureau that is registered under Credit Information Companies Act, 2005 to offer credit information services to consumers. Equifax India is a Credit Information Company (CIC) that collects and maintains consumer information, as provided by the financial institutions on monthly basis. The Credit reports and credit scores from Equifax India can be accessed by both borrowers and lenders. Let us know more about credit score and credit report from Equifax India in detail.
Features of Credit Score by Equifax India
The credit score from Equifax is calculated by using its proprietary algorithm. Some key features of Equifax credit score include the following:
- 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 credit score can help you assess and monitor your personal credit health
- Your repayment track record, number of accounts, new credit accounts opened, credit utilization ratio and the length of your credit history are mentioned in your credit report.