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Get answers to commonly asked questions related to the credit bureau Equifax
Equifax India is registered as Equifax Credit Information Services Private Limited (ECIS). It is a credit information company which collects and collates credit-related data from member banks and NBFCs among other authorized users and provides a broad range of solutions related to credit information, business analytics and risk management for its member institutions across India.
Equifax India is registered under the Reserve Bank of India (RBI) to establish a credit information company under ‘The Credit Information Companies (Regulation) Act' 2005 (CIC Act).
The Credit Information Companies (Regulation) Act of 2005 ("CIC Act") regulates the operation of credit information companies in India and facilitates efficient distribution of credit for matters concerned or incidental to it.
Equifax India is headquartered in Mumbai and has branch offices in Bangalore and Delhi
Credit reporting is very important in today's financial system and is considered a primary factor while evaluating the credit worthiness of customers and monitoring the credit circumstances of consumers and businesses. This information enables lenders to function more efficiently and at a lower cost than is otherwise possible.
The primary members of Equifax India are lending institutions (banks, NBFCs, financial institutions), and other specified users.
The Equifax Consumer Bureau is an information services source for the lending community. It has an array of services that serve this group. It allows lenders to make faster, more informed lending decisions, based on information contained in the Equifax consumer credit databases. This enables the lenders to manage their risk and maximize growth opportunities.
The consumer bureau wing of Equifax India offers the following services / products:
Yes, it is possible for an individual to access his / her credit report. You just need to fill the Credit Report Request Form, attach the requisite documents and DD in favour of Equifax, and courier it to the headquarters in Mumbai.
How much does an Equifax credit report cost?
The credit report provided by Equifax costs Rs 138, but could be changed.
Can I get a credit score along with my credit report?
Yes, you can get your Equifax credit score by paying Rs 400.
How do I correct an Equifax credit report?
You can apply directly to Equifax for the error to be corrected. Sometimes, errors could spell fraud or ID theft by a third party so it is important to report any discrepancies and get them rectified. If you find any errors in your credit report, it is very important to file a dispute immediately. Errors can be committed either by you while giving information, or by your lender while updating your credit behavior and account information, or by the credit bureau when entering the data. These can be easily corrected and updated. You can file a dispute on the Equifax website online by downloading the dispute resolution form, filling it with the requisite details and mailing it along with the mandatory documents to the address mentioned on the Equifax website.
It generally takes up to 30-45 days for the error to be corrected. The credit bureau cannot make any changes on its own and will update the status only after it gets the required authorization from the lender concerned.
Equifax Headquarters can be reached at the following address:
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
Toll Free Number is: 1800 209 3247
Fax Number is: +91 22 6112 7950
They can be reached via email at: ecissupport(at)equifaxindia(dot)com Working hours are Monday to Friday 10:00 am to 19:00 pm.
Equifax offers a variety of services to its member banks and other lenders who wish to gain efficiencies in time and productivity for the loan approval process. Following are some of the products and services offered:
-Credit Information Report (CIR), and Enhanced Credit Information Report along with credit score.
-A dedicated consumer bureau which offers a host of solutions designed to address the lending and regulatory needs of banks and other financial institutions.
- Access to Equifax ePORT which is a custom portal that enables member institutions to view all the required information, including other services offered by Equifax.
-ID verification services, which is an automated tool for verification of consumer IDs.
-Multi-bureau solution, which allows a merging of data from multiple credit bureau and information sources.
-A dedicated microfinance bureau offering dedicated tools, and allied services aimed at regulating and helping the Indian microfinance segment.
- Value added services to support better decisions thereby driving profitable business.
What is Equifax ID Verification services?
The Identity verification tool is fully automated and designed to have an easy user interface. This tool verifies multiple data points like PAN Numbers and Aadhaar Numbers, and is linked to government databases like the UIDAI and NSDL for Aadhaar and PAN validation.
What is Equifax Eport?
Equifax ePORT is a business-to-business online portal that gives member finance institutions access to information that they need to make an informed decision on lending and to manage risk. It is an online gateway designed to provide end-to-end, user-friendly, flexible access to tools and credit-related solutions that helps banks, NBFC’s and other authorized users increase their productivity.
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