Equifax Credit Report Request Form
Why do you need to read your credit report? Is it really necessary to know your credit situation? The answer is a resounding yes! Do you doubt the benefits of having a medical check- up and reading your blood test report? Well, the same applies to your credit health. It is always a good idea to keep updated about your credit profile so that you are alerted to any potential issues that might affect your ability to get a loan or credit card in the future - when you really need the credit.
What does your credit report contain?
Equifax is one of four credit bureaus that are authorized by the RBI to provide credit information-related services in India. It collects data on every credit-related activity of individuals in the formal banking system from its member institutions (like banks and other lenders). Equifax currently has more than 1300 member institutions. This data is then subject to advanced mathematical algorithms to arrive at a three digit credit score between 300 and 900 for each individual. The Credit Information Report (CIR), or credit report as it is popularly known as, is a comprehensive document that is a record of all the individual customer’s credit related activity and transactions including payment record across all loans and credit cards, status of accounts, age and number of credit accounts, total credit limit, loan and credit card applications and corresponding approvals and rejections among other data.
Lenders are required by the RBI to report every single credit-related activity of their customers to the credit bureaus. This raw data is collected by the credit information companies and converted into a readable format in the credit report. For instance, you will find details of every loan that you have been approved for. Your report will have the names of all your lenders, the type of loan (whether a credit card, home loan, auto loan, etc.) the date on which the loan was disbursed, total loan amount, the current outstanding, the interest rate on the loan, the tenure (or repayment period) of the loan, monthly EMI amount, current status of the loan, detailed history of your repayment behaviour for the past 3 years, etc.
Any late payments will be entered as DPD or Days Past Due. All overdue repayments are listed, and the status of the account will also be noted, if negative – e.g. whether the credit account is “Written Off’, or ‘Settled”, or if a legal suit has been filed or whether the loan is considered ‘current’, which means all repayments are being made in a timely manner.
As you can see, your credit report contains extensive and comprehensive information on your past and present credit activity and gives potential lenders a thorough perspective on your borrower behaviour and the kind of credit risk you pose. Based on this data, lenders make a decision on whether to approve of advancing new credit to you or not.
Lastly, the credit report will list the number of times that you have ever applied for a loan or credit card – this is called a credit enquiry. Too many credit enquiries without a corresponding approved loan could have a negative impact on your credit score. This means that you are ‘credit hungry’ and could adversely impact your credit score.
Credit institutions may use credit reports and your credit score to determine the quantum, tenure and interest rate on a loan that you apply for. One can expect to receive a speedier decision, a lower rate or a higher loan amount if you have a clean credit report and a good credit score.
How do you access your Equifax credit report?
It is very simple to access your Equifax Credit Information Report. Log on to the Equifax website and click on the tab ‘Forms’. Then click on ‘Credit Report Request Form’.
1. Download the KYC Request form and fill it in clearly and accurately. You can also request for the KYC form by email or by post.
2. Attach self-attested copies of ID proof and Address proof.
3. If you want a Basic Report, you will need to make a payment of Rs 138. For your Equifax credit score, you need to make a payment of Rs 400.
4. Send the form, the requisite verification documents (ID and Address proof) and the payment (by DD) to the address listed on the website.
Below is the list of valid ID proof documents accepted by Equifax. Only one is required.
- Self-attested Copy of Voters ID card
- Self-attested Copy of Aadhar ID card
- Self-attested Copy of Driving License
- Self-attested Copy of Passport Copy
- Self-attested Copy of PAN ID card
List of Address Proof Documents accepted by Equifax. Only one is required.
- Electricity Bill
- Landline telephone/Mobile Bill
- Credit card / Bank Statement
- Gas Utility bill
- Ration Card
- Driving License
- Registered Rent Agreement along with Electricity/Landline/Mobile copy in the name of landlord
Below are the Equifax guidelines for verification documents that are submitted.
- The photocopies should be self-attested.
- The ID card number should be clear and visible.
- The photo on the ID card should be clear and visible.
- The document should be a recent one and within 3 months from the current date.
- The name and address on the documents should be of the consumer.
- The address should be clear and visible.
Payment Details via DD
- The DD for the requisite amount should be made in favour of "Equifax Credit Information Services Pvt. Ltd, Mumbai"
- DD should be crossed, with a valid date and payable at Mumbai
- Your name and phone number should be written on the back of the DD
Payment terms and conditions
- Only payments by Demand Draft (DD) are accepted. No cash or cheque or credit card payments are entertained.
- If you send a cheque, it will be destroyed by Equifax and you will be informed.
- The fee is non-refundable.