Equifax Credit Score

When you are seeking a loan of any kind, your borrowing history and repayment records become vital information for the lender. This is where the Equifax credit report comes in handy. It tells the lender what kind of a borrower you are and whether or not you are eligible for the loan. So get your Equifax credit score right to get that loan you want!


Equifax India Credit Report & Credit Score

The Equifax credit score is a three-digit number that represents your responsibility as a borrower. The credit score ranges from 300 to 900. It depends on your credit history. Your past borrowed amounts, the way you repaid them, your responsibility as a borrower are all taken into account when your credit score is calculated.

Equifax Is a reputed American multinational credit reporting agency that is renowned for giving unbiased credit scores to individuals across the globe.

With a decent credit history, your credit score will be on the higher side. It will be extremely beneficial for you in the future.

A credit score that comes out to be around 800 or 900 is considered to be the most competent credit score while applying for loans and credit cards.

When you apply for a loan, your lender examines your Equifax credit report, i.e. credit score, to analyse your competence as a responsible borrower. They check whether you made all your repayments efficiently in the past, your open credit account details, the duration of your past loans, and some other personal details.

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What is Equifax Credit Score?

Equifax is one of the three major credit reporting agencies in the India, along with Experian and TransUnion. Founded in 1899, it collects and aggregates information on over 800 million individual consumers and more than 88 million businesses worldwide. Its primary purpose is to record and report credit histories, which lenders use to make decisions about granting credit and setting interest rates.

A credit score can be explained as a three-digit number that indicates a person's creditworthiness. It determines whether or not you will be able to pay your credit bills after taking a loan. Equifax credit score will range from 300 to 900. If you have a credit score closer to 900, chances are your loan requests will be approved sooner than those who have lower credit scores.

Equifax credit report is calculated using several metrics and factors. The amounts you borrowed in the past, whether you made your repayments on time or not, your personal details, the duration of your past loans are taken into consideration in this procedure.

Although the credit report does not tell you directly whether or not you are eligible to apply for loans and credit cards, it makes it obvious through the credit score. Your lender will understand by looking at your credit score if you are a responsible borrower that they can trust.

If your credit score remains around 750, it is still considered to be a decent score. However, if it is less than 600, work on improving your credit score before you apply for loans and credit cards from lenders. Pay your monthly bills, EMIs, and debts on time and make sure you never make late payments. These are the major factors that affect your credit score immensely.

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How to Check Equifax Credit Score Free?

To check your Equifax credit score for free, follow these steps:

  • Visit the Official Equifax India Website: Navigate to the official website of Equifax in India.
  • Locate the Free Annual Credit Report Option: Equifax, like other credit bureaus in India, offers one free credit report annually as per RBI guidelines.
  • Register or Sign In: If you're a new user, you'll need to register by providing personal details such as your name, email address, and mobile number. If you're a returning user, simply sign in.
  • Complete the Identity Verification: Equifax may ask for personal identification information to verify your identity. This can include details from your PAN card, Aadhar card, or other official documents.
  • Fill in the Request Form: Provide all necessary financial and personal details required to generate the credit report. This can include details about credit cards, loans, and other financial products you've accessed.
  • Submit and Wait: Once you've filled out all the details and submitted the request, it might take a few minutes for Equifax to process the information and generate your report.
  • Access and Review: Once generated, you can view your Equifax credit score and the detailed report online. It's also usually possible to download it as a PDF for your records.

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How is the Credit Score Calculated by Equifax?

Your payment history, personal details, number of credit accounts, length of credit history, and other details are examined for preparing your Equifax credit report.

Whether or not you made late payments has an immense impact on your credit score. Even one single late payment can affect your credit score.

Several factors and metrics are involved in the procedure. This score determines your eligibility to apply for loans and credit cards.

However, you have to remember that you do not have a single credit score. Credit scores can vary for several reasons. One individual, therefore, can have multiple credit scores. For instance, you are buying a car. Your payment history will be more emphasised in that case.

The company that provides you with the credit score has a big role. The method of calculating your score varies from one company to another. This is one of the reasons why your credit scores may vary from time to time. Usually, it is a paid service that you can opt for by visiting the official page of Equifax online. They charge 138/- for giving credit reports to the customers. If you get a full customised loan plan prepared by them, you will have to pay around 400/- for the entire deal. However, to get a free Equifax credit score, you can make a 'My Equifax' account online without any hassle.

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Credit Score Features by Equifax

Some of the most important features of Equifax credit report are:

  • The major factors that are taken into consideration while preparing your credit report are your repayment history, your credit accounts, your personal details, your utilisation of credit, and the duration of previous debts. 
  • The range remains between 300 to 900. 300 is considered to be the lowest credit score that one can have. On the other hand, 900 is considered to be an excellent credit score to have.
  • If yours is a high credit score, i.e. 800 and above, it will be extremely beneficial for you in the long run. You will receive multiple rewards and financial benefits from your lender in the future.
  • Your credit limit also increases when you have a higher credit score which is closer to 900.
  • Make sure you work on improving your credit score if you have a credit score of 650 or less. You will not get loans or credit cards with a score less than 650. It will only make you look like a borrower who fails to manage their expenses well.

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Range of Equifax Credit Score and What Does it Signify

Range of Equifax Credit Score and Its Significance in India:

  • 300-579: Poor

This range is considered as having poor creditworthiness. Individuals falling in this category might face difficulties in getting credit approval from mainstream lenders. If approved, they are likely to be charged much higher interest rates due to the perceived risk of default.

  • 580-669: Fair

Scores in this bracket are seen as below average. While obtaining credit may be possible, terms are less favorable. Individuals in this range may face higher interest rates and may be required to provide additional documentation or collateral.

  • 670-739: Good

Falling in the 'good' category means that the individual has a relatively healthy credit history, though there might be a few negative factors. Lenders view these individuals as moderate-risk borrowers. They are likely to get credit approval at competitive rates.

  • 740-799: Very Good

This score range reflects strong creditworthiness, with a history of consistent repayments and responsible credit management. Individuals in this bracket get favorable terms, including lower interest rates and higher credit limits.

  • 800-900: Excellent

This is the optimal range and showcases exemplary credit behavior. Individuals with scores in this bracket are viewed as the least risky by lenders. They can enjoy the best possible interest rates, quick approvals, and other benefits such as premium credit card offers.

Factors That Affect Equifax Credit Score

Whenever you take out a loan or use credit, the lending institution reports your financial behavior to credit bureaus. These bureaus generate a comprehensive credit report that outlines your credit management. This report not only encapsulates your past and present borrowing activities and repayment habits but also includes a consolidated summary of all your credit cards, loans, and their corresponding histories. It further encompasses personal identification details sourced from various financial entities you've interacted with.

Using the data from this report, credit bureaus like Equifax then compute a credit score. This score, a three-digit figure, is a distilled representation of your entire credit history and trustworthiness. It's influenced by factors such as your past credit behavior, the amount of debt you currently hold, the duration of your credit history, the diversity of your credit sources, and recent attempts to obtain new credit. Various credit information agencies have unique scoring models, but generally, scores range between 300 and 900. A score closer to 900 is optimal, indicating excellent creditworthiness.

Difference Between Equifax Score and CIBIL Score

CIBIL company and Equifax India are both credit information bureaus that provide individuals with credit reports.

Here are the major differences between these two companies:

  1. CIBIL company is the older one for it was launched before. Equifax is the second company that came up to measure credit scores for individuals.
  2. CIBIL is a bit more expensive than Equifax. CIBIL offers credit reports to people while they charge around 500/- for each report. On the other hand, an Equifax credit report is available only at 138/-. They also offer an entire customised loan plan to their customers. This entire package costs around 400/-, which is way cheaper than CIBIL agency's services.
  3. Equifax allows its customers to make payments through demand drafts. CIBIL, on the other hand, accepts credit/debit payments and net banking payments as well.
  4. In order to Check Free CIBIL Score, you will simply have to log on to their official website and fill out an application form. He will be asked five financial questions. After that, your credit score will be sent to you via email. On the other hand, in order to get your Equifax report, you have to fill up an entire KYC form. You will also be asked to self attest your address and identity proof. Your PAN card, Aadhar card, voter ID card, and passports are allowed by Equifax. Getting an Equifax credit score is a bit more complicated in comparison to CIBIL's services.
  5. Equifax offers a detailed credit report to the customers that includes a picture representation as well. It is easier to understand compared to the shorter credit report offered by CIBIL.
  6. When it comes to networking with other banks and financial organizations, CIBIL has a bigger connection in the industry compared to Equifax.

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How to Contact Equifax

Dial 1800 209 3247 in order to reach Equifax's customer care services. It is a bot-controlled system that will fulfil your requirements.

If you want to talk to a real person to discuss your enquiries, dial 1866 640 2273

You can also reach out to them via email. Drop a mail at ecissupport@equifaxindia.com to reach their customer services.

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What is an Equifax Credit Report

An Equifax Credit Report is a comprehensive document provided by Equifax, one of the major credit information companies operating in several countries, including India. This report serves as a reflection of an individual's financial history and creditworthiness. It consolidates data from various lenders, banks, and financial institutions to provide a snapshot of an individual's credit behavior over a period of time. Key elements of the report include personal identification details, credit accounts (like loans and credit cards) with their status, payment history, loan inquiries made by potential lenders, and any defaults or delinquencies. Additionally, the report may contain information on settled accounts, high credit limits, and outstanding balances.

How to Get Equifax Credit Report for Free

As per RBI guidelines, every individual is entitled to one free credit report in a year from each CIC, including Equifax. To get your free Equifax credit report, you can visit the official Equifax India website and follow their process for obtaining a free annual credit report.

Information Required To Generate Equifax Credit Report

To obtain your Equifax credit report in India, you'd typically need:

  • Full name.
  • PAN (Permanent Account Number) card details.
  • Date of birth.
  • Current and previous addresses.
  • Mobile number and email ID.

Importance of Good Equifax Credit Score

  • Easier Loan and Credit Card Approval: A good Equifax credit score is a sign of financial discipline and timely repayment of debts. Lenders and credit card companies use this score as a primary yardstick when evaluating an application. A high score significantly improves the chances of your loan or credit card application being approved.
  • Favorable Interest Rates: Interest rates offered by banks and financial institutions are often linked to the creditworthiness of the applicant. Those with higher Equifax credit scores are considered low-risk borrowers, so they are often offered loans at lower interest rates. This can lead to significant savings over the tenure of a loan.
  • Negotiation Leverage: A strong credit score puts you in a better position to negotiate terms with lenders. Whether it's a reduced interest rate, higher loan amount, or waiving off processing fees, a good score gives you an advantage.

Factors Influencing the Equifax Credit Score in India

  • Payment History (35% of the score): This is the most significant factor. It evaluates whether you've been paying off your debts, like credit cards or loans, on time. Late payments, defaults, or settlements negatively impact your score, while a consistent history of on-time payments boosts it.
  • Credit Utilization (30% of the score): This ratio compares the total outstanding credit you owe to the total available credit limit across all your accounts. If you consistently max out your credit cards or get close to your credit limits, it can indicate potential financial distress, lowering your score. Ideally, maintaining a utilization ratio of 30% or less is seen positively.
  • Length of Credit History (15% of the score): The longer you've been a credit user, the better it is for your credit profile. This factor takes into account how long your oldest and newest accounts have been active and the average age of all your accounts.
  • Credit Mix (10% of the score): Lenders prefer to see a mix of credit types. This includes revolving credit like credit cards and installment credit like personal loans, car loans, or mortgages. A diverse mix indicates you can handle different types of credit responsibly.
  • New Credit Inquiries (10% of the score): Every time you apply for a new credit line, a 'hard inquiry' is made on your report. Multiple such inquiries in a short time can indicate desperation or financial distress, potentially lowering your score. However, 'soft inquiries', like checking your own score or pre-approvals by lenders, don't impact the score.

Equifax Credit ScorFAQs

How much time does it take to generate an Equifax credit score report?


When you apply for a credit score and submit all the necessary documents offline, it will take around 7 to 10 days for the credit reports to reach you. It can get postponed if you do not submit the documents properly.

How much does it cost to get your Equifax credit score?


It will cost around 138/- to get your Equifax credit score. 

If you want to get a customised to learn plan along with it, it will cost you 400/- to get the entire package.

What is the difference between TransUnion Equifax and Experian?


These are three credit reporting agencies that operate in different ways. The amount of details shown in your credit score also differs from one agency to the other. Experian and Equifax will only take your employer's name. On the other hand. TransUnion CIBIL requires more details in order to calculate your credit report.

How do I get my full credit report from Equifax?


Visit their official website online and provide them with all the necessary information required for the procedure. Once you submit these details offline, wait for 7-10 days to get the results.

You will receive a detailed report of your current credit score. You can also get customised loan plans. You will be charged more for this service.

How do I update my information with Equifax?


Go to your My Equifax account to edit any of your personal details. 

If you find an error in your credit score, reach out to their customer care at 18002093247.

How long does it take Equifax to update information?


If you find inaccurate information in your Equifax credit report, let them know that as soon as possible. It will take around 30 days for them to update the information. If it does not get updated, reach out to their customer care for further assistance.

How To Download My Equifax Credit Score Report for Free?


You can obtain your Equifax credit score free once a year by visiting the official Equifax website and following their specified process.

How to Maintain a Good Equifax Credit Score?


To maintain a good Equifax credit score, ensure timely repayments of loans and credit card bills, keep a low credit utilization ratio, avoid multiple loan inquiries in a short time, and regularly check your Equifax credit report for discrepancies.

What is the Cost of an Equifax Credit Report?


As per RBI, Equifax is eligible to offer one free credit report in an year. However, for more than one credit report, you need to pay Rs. 400 (excluding GST) per month.