Equifax India is one of the 4 Credit Information Companies in India. It collects and maintains data of borrowers’ credit history. Credit reports and credit scores from Equifax can be accessed by both borrowers and lenders. Borrowers can fetch their Equifax score to analyse and manage it so that they are in a good position at the time of availing loan or credit card. Lenders can request the Equifax score from the credit bureau to analyse the creditworthiness of an applicant. Let us know more about credit score and credit report from Equifax in detail.
A good credit score helps you in getting lower interest rates on loans. Click to Know
Table of Contents
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 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
- 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.
A good credit score helps you in getting lower interest rates on loans. Click to Know
How to Check Equifax Credit Score and Credit Report through Paisabazaar
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: Click here to get free credit score
Step 2: Enter your details as mentioned in the credit score form and verify using OTP authentication
Step 3: Click on the ‘Get Your Credit Score’ button to know your score
Step 4: Choose the language and month and click on the ‘Download’ button to download your credit report
Step 5:Your Date of Birth (DDMMYYYY format) is the password of your Equifax report
Note: In case you find any discrepancy in your credit report, you can easily raise a dispute with Equifax. However, for any other query, you can contact creditreport@paisabazaar.com
Suggested Read: Why you Should Review your Credit Report regularly?
Do you know most of the banks check your CIBIL Score? Check Now
How is Credit Score Calculated by Equifax?
Like other Credit Information Companies, Equifax also has its own unique proprietary algorithm which it uses to calculate the credit score. Let us look at some key factors involved in calculating the Credit Score are discussed below:
- Repayment History: Your credit repayment history has a significant impact on your credit score. Having a proven track record regarding timely payment of credit card bills and loan EMIs shows responsible credit behaviour and helps in increasing your credit 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 (90-100%) or maxing out the credit card on a regular basis indicates a higher dependence on credit and an increase in the repayment burden. This may impact your credit score. However, a low credit utilization ratio (30% or lower) indicates higher creditworthiness and may help increase your credit score.
- Type of Credit Utilized: The type of credit (secured or unsecured) that you use also has an impact on your credit score. It is good to have a healthy credit mix i.e. a balance of secured and unsecured credit. Lenders gain confidence when they see that you have handled various types of credit with perfection in the past. It increases your chances of credit card and loan approval in future.
- 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 multiple new credit cards or loans shows that you are credit hungry which may affect your credit score.
- 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. A longer track record of responsible credit behaviour tends to positively affect your credit score.
Frequently Asked Questions
Q.How much time does Equifax take to generate a Credit Report?
When you apply for an Equifax credit score through Paisabazaar, it is generated instantly. When applying for a credit report and all the relevant documents submitted offline, Equifax dispatches your Credit Report and Credit Score within 7-10 days upon the successful verification and authentication of all the provided documents.
Q.What is the cost of getting a credit score from Equifax?
You can avail one free credit score from Equifax in a year. However, for more than one credit report, you need to pay Rs. 400 (excluding GST). You can also check your Equifax credit score for free through Paisabazaar every month.
Q.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.
Q.I am not a member of Equifax but am a member of another credit bureau. Can I still access Equifax’s data?
No, only Equifax members are allowed to access the Equifax credit bureau.
Q.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 ecissupport@equifaxindia.com
- You can also send your queries via fax to (+91)22-6112-7950
- 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