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Equifax Credit Report – A New Credit Score In India After CIBIL

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Equifax Credit Report, as name suggest is a Credit Report given by Equifax –  India’s second credit information bureau. After CIBIL, now Equifax has also stated giving credit report and credit scores for individuals in India.

What Is Equifax Credit Report?

Equifax credit report is a consolidated report maintained by Equifax Credit Information Services Ltd. This report contains the complete details of previous and current credit behavior of an individual. This also includes the details of outstanding loans (if any) and enquiries done in the past. Just like CIBIL, Equifax Credit Bureau also provides CIR (credit report) and Credit Score + CIR.

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What Is The Cost Of Getting Credit Report For Equifax In India?

  • Credit Report (without Credit Score) would cost you Rs 138.
  • Credit Score (Credit Score + CIR) would cost you Rs 400.

What Is Equifax Credit Score?

Like CIBIL, Equifax Credit Score is a numerical score ranging from 1 to 999. This credit score will determine how good or bad your score is. Higher the credit score, better your repaying capability is.

Procedure To Apply For Equifax Credit Report In India?

Here is a step by step procedure to apply for Equifax credit Report:-

  • Download the Equifax credit report application form – From Here
  • Fill the application form with your personal details.
  • Attach a self-attested copy of any one Identity Proof
    • Pan Card
    • Passport
    • Voter’s ID
    • Driving License
  • Attach a self attested copy of any one address proof:-
    • Electricity Bill
    • Tel / Mobile Number
    • Credit Card Statement
    • Gas Utility Bill
  • Attach demand draft of Rs 138 for Credit Information Report (CIR), demand draft of Rs 400 for Credit Score (with CIR) and demand draft of Rs 1000 for 1 year subscription with credit score every quarter.
  • Send the above documents through Courier/ Regular Post/ Speed Post to –

“Equifax Credit Information Services Private Limited , Office Number 2 Ground Floor, Lotus Estate, Madhusudan Mills, Near Peninsula Corporate Park, Shankar Rao Naram Path, Lower Parel, Mumbai – 400013 . Maharashtra , India”

 

  • Equifax will validate your documents and send your credit report via courier or postal service within 7 working days.

What To Do In Case Of Dispute Or Wrong Information In  Equifax Credit Report?

In case you find some incorrect details in your credit report, you can raise a Dispute with Equifax by filling this Dispute Resolution Form . Fill this dispute resolution form and attach supported and send that to Equifax. Equifax will take the required steps to resolve your dispute by following up with the banks.

Equifax Credit Score Vs CIBIL Score – Which One Is Better?

Earlier there were one credit bureau in India for proving credit history to individuals i.e CIBIL but now with Equifax has entered into India as second credit bureau. Both the companies provides similar kind of data to the individuals – So how will you choose which one is better? First of all data provided by both the companies is equally important for you as some financial institutions even asking for credit score from both the credit bureaus before granting loan application.

But if you have to choose one out of these two companies then we would say Equifax credit report offers better representation of data as compare to CIBIL. As in Equifax, data is represented using graphs to make it more user friendly for the individuals to understand.

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Secondly Equifax offers this service to everyone. Which means anyone can apply to get his credit score whether he has credit history or not. Unlike CIBIL who scores only for those individuals who have some kind of credit history in the past.

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