EquiFax Credit Report
Equifax Credit Information Services Private Limited(ECIS) is a credit bureau founded in 1989 in the United States of America. In India, it was given the license in March 2010 by RBI and has partnered with seven different corporations including Bank of Baroda, State Bank of India, Kotak Mahindra Bank, Sundaram Financial Services and Union Bank of India.
Parameter |
Equifax |
Year of establishment |
2010
|
Cost of credit report and credit score |
₹400 plus (Credit report + Credit score)
|
Scoring system |
1-999 where 1 is the lowest and 999 being the highest
|
Time taken to generate the report |
10 days
|
Types of Equifax Credit Report
Equifax India offers two types of credit reports:
- Basic Credit Information Report
- Enhanced Credit Information Report
The basic credit information report shows details like credit summary, personal information whereas the enhanced credit information report shows a detailed credit report in a visual manner. It features credit mix, graphs, delinquency trends, and so on. This is a detailed version to understand the customer’s credit behavior.
Categories of Equifax Credit Report
In an Equifax credit report, there are five sections, namely:
- Details about the consumer
- An overview of the credit traits
- Recent financial transactions
- Repayment history
- Credit Inquiries
More About Basic Information Equifax Credit Report
A basic credit information report displays an individual’s credit profile in a basic way. This is easily readable and lets the borrower or the client know more about his/her creditworthiness. The credit report has mainly five sections:
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Consumer Details
The consumer details mainly include name, age, address, date of birth, and identification information.
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Credit Summary
The credit summary section shows the information of the individual’s credit profile in a concise manner. This includes all information such as the credit type and the amount of credit taken. This can help the consumer or any lender understand the financial standing of the borrower.
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Account Details
The Account Details section gives an elaborate description of all the credit accounts an individual has. This provides account-wise detail of the credit history, whether or not he/she made repayments on time. Please note this section not only shows your active credit accounts but also details of delinquent accounts, settled accounts, and others.
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Recent Activity
The recent activity section provides information on the customer’s recent activities. Recent activities include activation of a new credit account, any recently delinquent account, etc.
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Inquiries Section
Inquiries section shows the credit inquiries made by you to the different financial institutions. Every time you apply at a lender, a hard inquiry is generated and is reflected in your report. Having too many credit inquiries is not good for a customer as it shows his/her credit hunger behavior.
More About Enhanced Credit Information Report
The enhanced Equifax credit information report is an advanced version of the basic credit report where all the information is shown in visual representations such as graphs and illustrations. Even the enhanced report has 5 main sections:
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Identification section
The identification and contact section provides the name and age of the borrower, his/her date of birth, address, application number, and identification.
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Credit Summary
This section presents a graphical illustration of the credit profile of the customer.
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Recent Activities
In this section, the recent activities of the customer can be reviewed which includes the new credit accounts, delinquent accounts if any, etc.
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Account Details
The account details show the comprehensive details of all the accounts. This includes the repayment history of the account, the amount outstanding, the types of accounts, and more.
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Credit Inquiries
The credit inquiry section shows the credit inquiries made by the customer.
How to check your Equifax Credit Report?
In order to check your Equifax Credit Report, you must fulfill the following formalities:
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Step-1: KYC Process
The KYC process is mandatory to check your credit report online at the Equifax portal. A prospective consumer can get the KYC form either on the website or simply writing an application, requesting the same.
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Step-2: Documents
To get the report online, you must submit the documents that can verify the information provided by you. This needs to be self-attested ID or address proof.
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Step-3: Payments
Every customer is eligible to get one free credit report from Equifax. The cost to access the basic report is ₹138 while the cost is ₹400 to receive the credit score. The payment needs to be paid via a DD in favor of Equifax.
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Step-4: Submission
The money along with all the relevant documents need to be then sent to the Equifax office through courier or post.
