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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), and is headquartered in Mumbai. It is a joint venture between Equifax Inc., USA and seven leading financial institutions in India. It is one of the four credit bureaus that are authorized by RBI to operate in India and issue credit information reports, credit scores, and other allied services and tools in India. Equifax is registered under the Credit Information Companies Act of 2005, and started operations in India in 2010. Equifax also caters to the microfinance segment in India and has a host of services tailor-made to cater to that industry. A separate Microfinance Bureau was set up in 2011 to address the lending and regulatory requirements of this sector.
Equifax currently has more than 1300 registered members and with new members and data being continually added. It counts banks, NBFCs and other financial institutions as its members. Member institutions are required by the Reserve Bank of India to provide data regarding every customer’s credit-related activity on a periodic, usually monthly, basis to the bureaus. This information could include repayment record across all loans and credit cards, number and age of credit accounts, total credit limit, status of credit accounts – whether open, settled, or written off, credit utilization, all loan and credit card applications and the corresponding approvals and rejections and other such credit-related data. It collates this extensive raw data on individual consumers and businesses and presents it in a readable format that can be used by both borrowers and lenders to promote greater transparency and efficiency in the credit system.
This extensive and comprehensive compilation of an individual’s credit activity is called the Credit Information Report (CIR). The Equifax Credit information Report is a consolidated report which contains details of an individual’s past and current credit behavior. It also includes details on all outstanding loans, available limit, debt-to-credit ratio, number of enquires done in the past etc.
It is also possible for individual borrowers to buy their credit report from Equifax to check their credit health or learn their credit score. Contrary to popular belief, an enquiry by a borrower on their credit report is only seen as a “soft” enquiry as opposed to a hard enquiry by potential lenders.
The Equifax Enhanced Credit Information Report contains graphs, pictorial descriptions and charts, which is useful for the lenders as it gives a bird’s eye view of a consumer’s credit health and history. It provides illustrations detailing the available credit, utilization trend, distribution of credit, number of accounts, type of accounts, recent loan acquisitions, repayment behavior and overall credit performance of the customer. This kind of enhanced report especially helps those who are involved in manual underwriting. The graphic format helps the lender understand the borrower’s credit record very quickly, thereby optimizing time and contributing to decisioning efforts of the organization.
As part of its large array of services, Equifax provides a one stop solution for lenders looking for Identity Verification. Equifax’s Identity Verification tool provides reliable, vigorous and instant customer verification and authentication. It is easier for lenders and allied consumers to make real-time decisions regarding potentially profitable business. Using the identity verification tool makes it faster and easier to increase the number of customers that lenders can do business with.
The ID verification tool is a fully automated tool designed with an easy user interface. This tool verifies multiple data points like PAN Numbers and Aadhar Numbers amongst others. It is currently linked to government databases like the UIDAI and NSDL for Aadhaar and PAN validation. Equifax Identity Verification includes tools and sophisticated functionality, and leverages latest technology in its services.
Some of the unique features of Equifax ID verification tool are as follows:
The verification tool offered by Equifax helps mitigate fraud by detecting mismatch in information. Identity verification process is done in two stages:
-Stage one helps confirming that the given ID exists.
-Stage two enables the authentication and verification match of the ID with the customer who is presenting it.
Equifax’s Identity Verification tool also helps lenders and other financial institution take control of their ID verification strategy. It also forms a major part of monitoring compliance. It also offers users a competitive edge through the delivery of superior customer service as enabled by ID verification tool.
Equifax Identity Verification tool overcomes issues with data points that have little or no information. In such cases, it automatically pulls out current and previous address data present in its records, relevant to that person. This enables higher pass rates. The verification tool is designed such as to deter potential fraudsters, and help provide businesses with reliable and instant customer verification and authentication. The Equifax Identity Verification tool can be seamlessly integrated into an online application process.
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