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 score or the Equifax credit report comes in handy. It tells the lender what kind of a borrower you are and whether or notyou are eligible for the loan. So get your Equifax CIBIL score right to get that loan you want!

About Equifax 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?

An Equifax 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 CIBIL score free?

When you try to get your Equifax CIBIL score, it takes you to a page that asks you to pay a certain amount to offer their services. However, there are other options that you can try in order to get an Equifax free credit report.

If you have 'my Equifax account, you will be able to check your CIBIL score for free. Visit the 'my Equifax Report' option, and they will give you your current CIBIL score. There are other websites that can help you check your score for free as well.

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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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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 get your 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 CIBIL 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 organisations, 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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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 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.