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 Equifax India credit scores and credit reports 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.
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Steps to Check and Download Equifax Credit Report
Here you can get your Equifax Indian free credit report and score with monthly updates with monthly updates. All you need to do is following these steps:
Step 1: Click here to check and download free Equifax Credit Report
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: On Equifax tab, click on ‘Download Report’ to further 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 firstname.lastname@example.org
Suggested Read: Why you Should Review your Credit Report regularly?
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Factors that affect your Credit Score
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 (80%-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.
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Q. How much time does Equifax take to generate a Credit Report?
Ans. When applying for a credit report and all the relevant documents submitted offline, Equifax dispatches your Credit Report and Credit Score within 7-10 working days upon the successful verification and authentication of all the provided documents.
Q. What is the cost of getting a credit score from Equifax?
Ans. As per RBI, Equifax is eligible to offer one free credit report in an year. However, for more than one credit report, you need to pay Rs. 400 (excluding GST) per month. However, you can check your Equifax credit score for free through Paisabazaar and receive monthly updates.
Q. Why is there a difference between my Equifax Score and my CIBIL Score?
Ans. 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?
Ans. 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?
Ans. You can get in touch with Equifax between Monday and Friday 10:00 am to 7: 00 pm via any of the following methods:
- Toll Free Number: 1800-209-3247
- Email your queries at email@example.com
- Write it to Equifax India at:
Equifax Credit Information Services Private Limited
Unit No. 932, 3rd floor, Building no. 9,
Solitaire Corporate Park, Andheri Ghatkopar Link Road,
Andheri East, Mumbai – 400 093
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