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Equifax in India is registered as Equifax Credit Information Services Private Limited (ECIS), headquartered in Mumbai. It is a joint venture between Equifax Inc., USA and seven leading Indian financial institutions and provides credit information services amongst other services. Member institutions report to the credit bureau on a periodic basis about individuals’ credit behaviour. The credit bureau then collates and processes this information into a readable and usable form and provides credit information reports and a credit score amongst other related products.
Equifax maintains records of all credit-related activity of individuals and companies including all transactions on loans and credit cards. This extensive data enables lenders to make informed decisions on evaluating applications for loans in India.
An Equifax score is calculated on the basis of several factors, with your repayment history being one of the most important factors.
Member banks and non-banking financial companies (NBFCs) provide Equifax with information on every customer’s credit activity including payments on their loans and credit cards, their credit limit, the age and number of their credit accounts and status of these accounts, among other data. The bureau then uses sophisticated mathematical algorithms to calculate the individual’s credit score.
Your credit score is an extensive analysis of your credit worthiness. Lenders rely on this number to give them an accurate idea of your credit past and current behaviour. A
good credit score reflects financial maturity and experience in handling different loan accounts which is an important factor in the evaluation of your loan or credit card application.
It is crucial that you periodically check your Equifax report and carefully read it to make sure that the information contained in your credit report is one hundred per cent correct. Checking your credit report helps weed out wrong information and misrepresentation which might be negatively affecting your credit score. It will also help in detecting fraud and ID theft.
If you notice any reporting errors - like your name, address, or contact details or wrong account status or credit limit, immediately file a dispute and get it corrected.
Following are a few advantages of having a good credit score:
It hastens the loan-approval process
It enables you to negotiate better terms and conditions, for instance, a lower rate of interest. An interest rate that is reduced by just 0.5% can translate into savings of thousands of rupees.
It reduces the possibility of loan or credit card rejection
There are several ways by which you can improve and maintain your Equifax score.
Pay your dues in full every month. This will aid in two ways—avoid accumulated interest and allow your credit score rise.
Pay all your bills on time, every time consistently. Set up auto debit so that your bank has standing instruction to debit your account to pay your monthly bills. This ensures that you do not miss a payment due to carelessness or oversight. Ensure you take steps so that you do not miss a payment and receive the requisite reminders and updates from your lender via SMS, Email and post. Keep in mind that a missed payment, no matter why and how it happened, has a considerable impact on your credit score.
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A CIBIL™ score is a three digit number between 300 and 900 that gives potential lenders a quick idea of your loan
Credit repair involves rebuilding your credit health to a level where you become eligible for loans.
A credit report is a history of your credit behaviour and contains detailed information on all your loan and credit
A credit rating - also known as a credit score - is a 3 digit number between 300-900 that gives potential lenders
A bad credit score is generally one that is less than 650. A credit score is a three digit number in the range of 300-900
Yes. In fact, a credit score of 850 is very good! Most lenders look for a minimum credit score of 750 to approve loans
There are several ways in which you can improve your credit score. Depending on how good or bad your score is,
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Is it possible to obtain a free credit check or credit report? The answer is yes and no!
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Sourav and Ankit are watching the New York Marathon on TV and decide that they want to run a marathon.
In India, the best credit score to have is one that is 750 or above. The three credit rating agencies that operate in India
Is a credit score of 700 good? While it is not a very bad score, it is not good enough to automatically qualify
It is difficult to get a loan with a credit score of 650. Most banks look for a minimum score of 750 when deciding
It is not likely that you will get a loan with a credit score of 600. Most banks look for a minimum score of 750
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A poor CIBIL™ score can increase your financial problems and make it difficult to access credit, whether as a loan or credit.
One common worry that runs through your mind after you have made a credit card settlement is,