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Equifax Credit Report – A new credit score in India

by Manish Chauhan · 36 comments

Today we will look at Equifax Credit Report given by Equifax – a worldwide credit bureau. It has started giving credit reports and credit scores in India just like CIBIL (read about CIBIL Credit report). CIBIL was the first credit bureau in India that initiated giving credit scores for individuals. Banks and other lending institutions have started looking at these individual credit reports before approving any sort of loans and hence these credit reports have become the backbone in deciding whether or not you will be given any loan now or in future.

What is Equifax Credit Report

Equifax credit report is a consolidated report given by Equifax Credit Information Services Ltd. This report contains details of your past and current credit behaviour. It also has the details about all the outstanding loans and enquires done in the past. Equifax is the second credit bureau in India to provide such credit reports after CIBIL. Just like CIBIL, Equifax Credit Bureau also provides CIR (credit report) and Credit Score + CIR. If you just want a credit report (without score) it would cost Rs 138, however if you need Credit Score (comes with CIR), it would cost Rs 400.

Equifax Credit Report is said to be more useful as it is represented with graphs, pictorial description and better colour coding as compared to CIBIL reports and hence should be more user-friendly for the individual as well as loan/credit approving authority to understand the minutes. As much as 150+ institutions share the data with Equifax regarding their customers credit behaviour (CIBIL has 500) and it has past 48 months of credit history.

What does Equifax Credit Report Contain ?

Your credit report has many components and gives a full overview of different parts of your credit behaviour . Lets see which are those –

1. Identification and Contact Section: Confirm application information with access to the consumer’s name, date of birth/age, address and ID information

2. Credit Summary: Get a quick overview of consumer’s key credit characteristics.

3. Recent Activity: Helps you quickly access consumer’s recent activity including accounts which have gone delinquent, new accounts that have been opened, etc.

4. Account Details Section: Account-wise details of the consumer’s repayment history.

5. Inquiries Section: Details the Inquiries made on a consumer.

What is Equifax Credit Score ?

Equifax Credit Score is a numerical score ranging from 1 to 999 that is assigned to each person. This credit score will determine how good or bad your score is. Higher the credit score, better your repaying capability is. “The risk score is designed to predict the likelihood of a customer defaulting over the next 12-month period. An account is said to be a default when it crosses the 90 days mark of no payments. The score will help banks monitor their loan portfolios,” says Samir Bhatia, managing director and chief executive officer, Equifax.

Equifax Credit Score

What makes Equifax Credit Score ?

A credit score depends on almost 600 different kind of variables which affect your equifax credit score , but the top most variables are

  • Past credit payment history
  • Current credit usability
  • Number of credit cards you hold
  • Number of secured loans you have
  • Number of unsecured loans
  • Demographic variables such as address
  • Your Income

Who can get credit score ?

Equifax Credit score is available to anyone – whether he has any credit history or not. Unlike CIBIL who scores only for those individuals who have some kind of credit history in the past, Equifax scores individuals with no past credit history as the individual being assessed will have some kind of score based on parameters like address, city and income level.

How much does Equifax Credit Report cost ?

It would cost Rs. 138 to get a credit report and Rs 400 to get your Credit Score (along with Credit report). However those who want to monitor it throughout the year can choose an option to get their Equifax credit report 4 times a year for Rs 1,000. Those who are looking for any kind of loan can choose this option as they can monitor their report every quarter.

How to apply for Equifax Credit Report ?

You can follow these 6 steps by step procedure to apply for Equifax credit Report

1 : Download and fill in this equifax credit report application form

2 : Attach a self-attested copy of Identity Proof (Pan Card, voters ID card, driving license, passport)

3 : Attach an address Proof (electricity bill, Telephone Bill,Credit card or Bank Statement, Gas Utility Bill, Ration Card)

4 : Make a demand draft depending on what you want. ( Credit information report (CIR) will cost Rs 138 , Credit Score (with CIR) will cost Rs 400 and a 1 yr subscription with credit score every quarter will cost Rs 1,000)

5 : 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”

6 : Post receipt and validation of documents, the credit report shall be sent via courier or postal service within 7 working days on a best effort basis.

Other Points to remember

  • All photo copies should be self-attested
  • Please ensure that ID card numbers and photographs are clear and visible.
  • All bills should be within 3 months from the current date.
  • All ID proof documents with validity dates should be valid at the time of sending the request.
  • The name and address on the documents should be of the requestor
  • The address should be clear and visible

Wrong information in your Equifax Credit Report

Incase you find some mistakes in your credit report or any kind of mistakes , you can raise a Dispute resolution with Equifax by filling this Dispute Resolution Form . All you need to do is fill up the form , attach the required documents mentioned in their website and send it to them. Equifax will followup with the banks and try to resolve the dispute.

Equifax Credit Score vs CIBIL score – What it means for you

Now there are two credit bureaus in India, CIBIL and Equifax – So the obvious question is, “Which one is better?” and Does it make sense to have credit score from both the companies? You will be surprised to know that in India many banks are already looking at more than one credit report and are expected to look at multiple sources of information before lending to anyone. So having a credit report and credit score from two credit bureaus will help a lot. So if you have good credit score with both CIBIL and Equifax, it really works in your favour as it’s a double confirmation for the banks that you are a good customer.

Whereas if you have a bad score – “god save you”… It would be extremely tough to get a loan in that case. Also incase there is any discrepancies in the scores then banks can give more weightage to one score and less to other or just choose one score which it feels right. So incase you want to check your Equifax credit report go ahead and apply for it.

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{ 36 comments… read them below or add one }

1 Harsha January 23, 2012 at 11:51 am

Very informative, thank you.
Harsha.

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2 Manish Chauhan January 24, 2012 at 12:43 pm

Thanks Harsha :) .. did you check your reports from CIBIL or Equifax ?

Manish

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3 amit January 23, 2012 at 12:58 pm

I have question on mind related to this…

What if both have conflicting summary…..
As far as i know about CIBIL.
I found some information errors in CIBIL procedure…..
CIBIL take information about person form Institution.
But some of institution who completely rely on their Marketing person does not provide details which is right. Just because they (marketing person) want to complete sales targets, they dont really look at the information and verify. These marketing people just simply fill up wrong info like putting office address as resident address and all and give it to institution like HDFC and all for product like Credit cards…. (I feel that, generally it happen with this product only…other product has better way to generate information and that wont be having any error like this)
Now Institution forward same form to CIBIL to update and enquire of Credit info. CIBIL update data whatever comes to them and give thm our credit rating. But for Person whose data they are updating is not correct. When we generate dispute, they will not rectify those data unless institution update thm correct data.

This is what happened with me…I told them information is wrong. they replied we wont change unless institution update correct address. But I m sure Institution dont have any address proof of address they gave as my resident address. that adress is my office address.

So is this information from CIBIL and Equifax is reliable ? based on their process…
i found it has loopholes..

you can find these marketing ppl standing near billing counter of malls to just give u free credit card….they will say they will fill up form and they will also send person to your home to collect documents….

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4 Manish Chauhan January 23, 2012 at 4:51 pm

Amit

Yes you are correct , there are loopholes .. but as of now CIBIL takes data only form institutions .. we can also check from our side after taking a credit card that our detials are correct or not . Did you talk to customer care of credit card ? Whats the problem you are facing to change the address ?

Manish

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5 amit January 24, 2012 at 7:49 am

I have chked with them … but i guess i was denied that time for credit card….so they(institution ) was not ready to take that pain….now twist is – the same institution offlately gave me card with limit higher than earlier offered. They have kept my communication address as my resident address. which is correct. now when i got my CINBIL report last week. My address mentioned is same as earlier(earlier i got my report befor i join new firm). Here since i got the card from that institution as part of salary account opened with them after joining new employer. My all details they have should be correct bcoz all form are filled by HR and Accounts dept. CIBIL has detail of my new Credit card…..but still they are using same old address of my old office….now question is when institution would have filled my new details with CIBIL, did they filled with my old employer address? So i feel we are handicap to do rectify any thing with CIBIL from our end….if luck favour us and Institution correct our info with them, then ok…..else we cant do any thing…..

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6 Manish Chauhan January 24, 2012 at 12:04 pm

Amit

Note that all the institutions from which you have the loans/cc will update the CIBIL about it , so if you have credit card from BANK A and BANK B , both A and B will update the CIBIL . so seems like you still hold a card with someone who had that old address ? NO ?

Manish

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7 amit January 24, 2012 at 12:32 pm

No i dont hold as i was denied fst….
that time during enquiry they updated my wrong address.
after 5 months when i changed my company same institution gave card just because now i was holding thr salry account of same bank…..and form which would have sent to thm for opening my salry account, wont be having my old office address which is obvious….
in Jan 2012 report of CIBIL i found it has same address which was wrong…

there were 4 address in report….
Address 4. was this wrong adress (updated on march 2011)
3. again same ((updated on feb 2011)
2. Actual and right address ((updated on Dec 2010)
1. Previous of previous office address ((updated on sept 2010)

now from this i understood that whenver this marketing ppl ask for Business card we should never give them… coz to cutshort time they will update that address as resident address. That was my mistake which i have realise…..but many of us will be doing that…and may be this will be example for thm to beaware of those marketing personnals…..But CIBIL should have chked adress proof for address updated by Insitutions….when request for CIR report…they ask address proof and all….Ultimately…information provided by CIBIL can hurt me when i will be going and opting for Big loans….

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8 Manish Chauhan January 24, 2012 at 12:40 pm

Amit

What i am not able to understand is that now when you ask your Bank to update your NEW address, what is the problem ? They can update your new address and then in next 45-60 days .. your new address will get updated in CIBIL also

Manish

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9 amit January 24, 2012 at 1:22 pm

that disput i have raised for second time asking thm to get address proof from institution…and i am awaiting reply form CIBIL….
once they will reply …based on reply i will take my action…
my point was here to share the loophole which i found in CIBIL process….

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10 SrinivasanTS January 23, 2012 at 7:32 pm

Manish,
You & Your team Member(s) are doing a Great Job of “Jagofying ” the investors at large and my heartiest compliments for the same.
With the advent of EQUIFAX services available now and many likely to come in in the future, it will augur well for both the Investors and Institutions which is mutually beneficial. The report to the Investors /Individuals should focus more on the Graphics/Pictures & make it user friendly and easily comprehensible . Currently the online submission of the forms including an attachment for the docs/Payment is not available on Equifax and if they can implement it will add more convenience to more People. This holds good for CIBIL which has online payment but no online submission.
Moreover these people should provide soft copies -have they done that? I am not sure .

Guys go head and continue to do a great Job!!

Best Wishes,

TSSr

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11 Manish Chauhan January 24, 2012 at 12:23 pm

Thanks Srinivasan

Good to hear your views on this . Keep commenting

Manish

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12 Prabhat January 23, 2012 at 8:07 pm

I applied on 28th Dec and still waiting for my CIBIL report.Their customer care responce is also very poor.

Prabhat

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13 sunil January 23, 2012 at 8:22 pm

This is a good information, but then as mentioned in comments by amit there are many loop holes to these credit reports and it makes miserable for common man to prove his innocence on many false information, so decision of banks to lend or not only on these reports should be rechecked .

sunil.

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14 Manish Chauhan January 24, 2012 at 12:22 pm

Sunil

Yea .. but as per CIBIL , most of the issue happens because of wrong records on bank side , because CIBIL only collects the data from banks

Manish

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15 Milind January 23, 2012 at 8:49 pm

Hi,Manish,
Equifax in India will compel CIBIL to look in to their customer service areas
& shall review their analysis procedure. Equifax has their own source of network connecting
the customers as well as Institution. They put all the necessary info in their data bank, which
can access by both lenders & customers. Equifax world’s largest credit rating companies among
the three. Other two are ‘Experian’ & ‘Trans Union’. Equifax has well supported by latest technology
to analyze & update the data periodically.
I think it’s good for the customers like us who wants the quick response from the Banker or lender.
So that they can look for other sources.

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16 Manish Chauhan January 23, 2012 at 8:57 pm

Milind

Yea .. CIBIL has so much to work on data descripency and because of the other two credit bureau like Equifax and Experian , they will atleast work on their improvements

Manish

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17 Puneet January 24, 2012 at 11:49 am

Good Job Manish

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18 Manish Chauhan January 24, 2012 at 12:53 pm

Thanks Puneet

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19 Amrut January 25, 2012 at 12:14 am

Hi Manish,

There will issue with credit score reported by institutions like equifax unless it is associated with one of the bank loans / credit cards. Since in india we don’t have anything unique id assigned to each person ( UID is still under implementation) it is hard to find a person as well as it is easy to do some manipulations.
On the positive side, this is going to very useful. On an avg around the world each country has 3-4 credit score companies maintaining credit scores. I will not be surprised if we see experian also come with credit score.
Any monitoring going forward I think should be provided on all credit scores rather than one. It is hard to manage go behind each and every credit score company for monitoring.

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20 Manish Chauhan January 26, 2012 at 5:11 pm

Amrut

Experian is already in india and providing scores to individuals for a fee , most of the people are not aware about it yet . What you are saying makes sense, but actually it depends which all banks have tie-ups with which credit bureau

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21 Maulik January 31, 2012 at 10:56 pm

Thanks Manish,very informative article,most banks are going to try it,they have already notified it internally..its on a trail basis initially to be applied to some branches

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22 Manish Chauhan February 2, 2012 at 3:53 pm

Maulik

Good to hear that .. are you in some bank ?

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23 Maulik February 3, 2012 at 9:12 am

Hi manish, no i m nt in a bank,one of my friends and i hav a chat on this n he told me..nice article btw

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24 Prabhat February 1, 2012 at 8:40 pm

I got the report from Equifax and there is no loan or Credit in my name.As earlier intimated I have not taken any loan in my life and I donot know why CIBIL has not send my report so far and whether is problem.

Please advice whether Banks/lending institutions are taking Equifax credit report or they are believeing on CIBIL report .

CIBIL is totally fraud and still I donot know from whether they have collected my name and the report which i recieved from HDFC shows 7-8 credit cards,4 housing loans,3 car loans,4 personal loans . These type of loans even I have not heard earlier.Can I suite a case against CIBIL?

Thanks for your blog on Equifax.

Regards,
Prabhat

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25 amit February 2, 2012 at 2:22 pm

Logically u should file case…..as they are giving incorrect information about you and making bad name for you…….. but i guess u need to go through T&C.
One more thing….I am not sure about this…but u can get the information about source of information about such scrap info from CIBIL once you raise dispute ….and you can actually take case of those institution rather than CIBIL….as CIBIL as usual will reply that “CIBIL rely on information from Institution….so they will stick to that…..”.

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26 Prabhat February 2, 2012 at 10:08 pm

Today I approached HDFC and IDBI bank but they are not taking consideration of Equifax report.Banks are telling that they will rely on CIBIL Report as it is India report based whereas Equifax report is for international credit transaction only,I didnot satisfy with their opinion.Please advice

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27 Murugesh February 5, 2012 at 8:09 pm

Hi Manish,

Useful information to all, thanks. i request you to provide one information, one of my friend bought personal loan and not paid properly due to some personal reason. His name came under defaulters list. after few month he settled full amount.

Later he tried to get two wheeler loan, but they refused to give the loan as expected by me.

How to come out of the defaulters list? this information will help many.

-Murugesh

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28 Manish Chauhan February 6, 2012 at 10:49 am

Murugesh

He will have to folloow up with his bank and CIBIL to get his name and info updated in CIBIL

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29 Anand February 15, 2012 at 12:34 pm

I am suprised the Equifax does not allow you to order a credit report online, while CIBIL does (as long as you are able to verify identification, which can be a problem sometime..:))

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30 Manish Chauhan February 15, 2012 at 1:09 pm

Anand

whats to get surprised in that .. they are new right now and slowly setting up processed , it will happen slowly !

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31 Pankaj January 11, 2013 at 3:22 pm

Like Equifax, Experian is also new in India but they have provided option of NEFT payment in their bank account. However, till date Equifax is yet to start these user friendly payment options.

Hope soon they enable NEFT payment option as going to bank and getting a DD is cumbersome. . .

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32 Manish Chauhan January 11, 2013 at 6:34 pm

Yup .. i am aware about it ! .. MOstly they should start the NEFT facility pretty fast !

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33 Lakshminarayanan February 8, 2013 at 7:23 pm

Manish,
I am a newbie in such credit ratings
I understand the ratings are based on the loan taken, spending activities of a consumer.
The data is going to be pretty much the same since its per consumer basis.
In that case, why are there more than 1 agency (CIBIL is foremost) for such ratings?
thanks,
Lakshminarayanan

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34 Manish Chauhan February 11, 2013 at 7:51 pm

They all differ in their algorthims and the detailing level and the way of representation. So banks might want to check with 2-3 agencies. Its like we have so many banks !

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35 Dinakar October 17, 2013 at 1:07 pm

Hello Manish,

Wow so much of information :D thanks so much :)

My equifax credit score is 887 is it supposed to be good??

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36 Manish Chauhan October 18, 2013 at 8:49 pm

Given that the maximum score is 999 , 887 is a very good score !

Reply

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