4,80,000 people visited this section in last 30 daysApply Online

Get Cashback of Upto ₹ 1,000* on Loans Apply Online

MyLoanCare Customer Ratings - 4.5/5.0 Apply Online

Equifax Credit Score

Equifax Credit Report

Last Updated 25th Jul 2021
  • Equifax is one of the four leading Credit Information Bureaus in India that observe the financial activities of people and generates their credibility.
  • Based on the available information, Equifax assigns a numerical score on the scale of 300 to 900 that can be accessed by both borrowers and lenders.
  • A score of 750 and above is called a ‘good credit score’ and can help you avail credit easily.
  • You can have access to the free Equifax credit score once a year.
What are you Looking for? Looking for a Loan? Looking for an Investment?

Meaning of Equifax Credit Score

Equifax is one amongst the four leading Credit Information Bureaus in India. It is registered in India as Equifax Credit Information Services Private Limited (ECIS). The credit bureau maintains and observes the financial activities of the borrowers and other members of the financial markets. Based on the credit behaviour and summary of the participants based on one’s involvement in borrowing and repaying loans and using credit cards, the bureau assigns a numeric score on the scale of 300 to 900 that can be accessed by both borrowers and lenders. On this scale, a score of 750 and above is called a ‘good credit score’. Since this score is based on the financial stability and activities, it showcases the credibility and financial withstanding of an individual. Thus, the Equifax credit score is an important aspect considered by all loan and credit card providers.

Features of Credit Score by Equifax

Some of the features of Equifax credit score farmed by the Equifax Credit Information Bureaus are listed as follows:

  • Equifax credit score is a three-digit numeric figure based on your credit history and activities.
  • Equifax score ranges on a scale of 300 to 900.
  • The Equifax cibil score is used by the lenders to assess the creditworthiness of the borrower by analyzing the risk involved in lending money to an applicant.
  • You can check the free Equifax credit score once a year.
  • Equifax credit score is a mirror of your credit health.
  • A high Equifax credit score that is more than 700 is indicative of responsible credit behaviour and higher credibility.
  • A good Equifax credit score ensures a greater chance of securing a loan in times of need.
  • Determination of the Equifax score undertakes several factors into accounts such as the track record of repayment of liabilities, number of bank accounts, credit applications, borrowed loan, the credit utilization ratio and the quantum of the credit history.

How to Check Equifax Credit Report and Score on the company website?

Equifax Credit Information Services Private Limited (ECIS) allows one to check their Equifax free credit report once each year. However, checking the Equifax credit score may be required multiple times. Thereby, to check the Equifax score, one needs to avail a paid subscription on the Equifax portal. To check the Equifax credit report, follow the below-mentioned steps:

  • Go to the official online portal of Equifax.
  • On the website, look out for option, ‘Forms’ and under it select the option, ‘Credit Report Request Form’.
  • Further, choose the option ‘Download the Credit Report Request Form’ and download the form.
  • After downloading the form, fill the required details and attach a self-attested copy of the address and identity proofs.
  • If you wish to get the Equifax credit report by making a payment, attach a demand draft. However, in the case of an Equifax free credit report do not send the demand draft. The demand draft has to be addressed in favour of “Equifax Credit Information Services Pvt. Ltd” amounting to ₹ 118 for availing only the credit report and ₹ 472 to avail Equifax report and Equifax credit score.
  • Lastly, you can also send the scanned copies of the documents mentioned above by sending an email at ecissupport@equifax.com.
  • For the offline procedure, the filled out Equifax check credit score application form can be sent via a regular or speed post to the below-mentioned address:
  • Customer Service Team
    Equifax Credit Information Services Ltd.
    931, 3rd Floor, Building 9, Solitaire Corporate Park
    Andheri Ghatkopar Link Road, Opposite Mirador Hotel
    Andheri East, Mumbai – 400093.
  • As and when the Equifax credit Information Services Ltd. receives the documents and the application form, the applicant gets the Equifax credits score and credit report within 7 to 10 working days.

How does Equifax calculate credit Score?

Equifax calculates the credit score on the grounds of financial transactions that an individual indulges in with any financial institution like a bank or NBFC. Whenever an individual performs a financial task, the concerned banks and NBFCs submit the data related to activities such as loan and credit card to all the credit agencies in India, including Equifax.

Based on these activities, Equifax credit bureau generates the Equifax report and ultimately prepares the Equifax credit score that ranges on the scale of 300 and 600. Factors taken into consideration for the preparation of the Equifax credit score are listed as follows:

  • Repayment history: Repayment history plays a major role in the calculation of the credit score. It consists of timely or late payments of credit card bills and loans EMI. While timely payments may increase your credit score, late payments may do the opposite.
  • Length of the credit history: Apart from the repayments schedule, what matters is the quantum of these repayments. Thereby the length of the credit history is important. This is because a long length of the credit history indicates that you are financially active. However, one must ensure that the length is more indicative of timely payments instead of multiple loan applications as that may make you seem credit hungry.
  • Credit utilization ratio: Credit utilization ratio is the ratio of the amount of credit used to the eligible credit limit across all credit card, loan and overdraft accounts. A high credit utilization ratio is mostly indicative of higher dependence on the credit and a higher repayment responsibility. A low credit utilization ratio that is 30% or lower is indicative of your creditworthiness.

Services Offered by Equifax

Equifax offers many services to the consumers and the members, as listed follows:

  • You can have access to your credit report and credit score.
  • In case of disputes in the credit score or report, you can get it rectified through the Dispute Resolution platform.
  • You can have access to the Credit Reports of individuals and entities in case you are an Equifax Member.
  • Equifax website offers the E-KYC service.
  • Equifax Alerts- both Activity Alerts and Collection Alerts.
  • Equifax Portfolio Review.
  • Prescreening of a credit report.

FAQs

What is a good credit score for Equifax?

A good Equifax credit score is a score closer to 900 such as 750 and above. Such a score may help you avail credit from Banks or NBFCs, easily.

How often does Equifax update your credit score?

Equifax credit score updates the credit score once in every 30 to 45 days, based on the recent financial activities.

Why is my Equifax score so much lower than TransUnion?

At the time, Equifax credit score may be different than other credit bureaus like TransUnion. This is because Equifax considers a different method or formula of credit score calculation.

What is the key information included in Equifax Credit Report?

Equifax credit report consists of various factors related to individuals financial activities. These include the repayment history related to loans and credit card EMIs, loan and credit card applications, borrowing, income and the credit utilization ratio.


Notification ×
  • Home Loan

    Home Loan at all-time low rates starting at 6.65%. Cashback of up to ₹ 1,000.

    Apply Now
  • Personal Loan

    Instant Personal Loan starting at 10.25% with Cashback of up to ₹ 1,000 .

    Check Offers
  • Gold Loan

    Instant Gold Loan starting at 9.50% with Cashback of up to ₹ 500

    Apply Now
  • Loan Against Property

    Best Loan Against Property Offers starting @ 7.20%. Cashback of up to ₹ 1,000*.

    Apply Now
  • Business Loan

    Collateral Free Business Loan Rates starting at 14.00% with Overdraft facility.

    Apply Now
  • Fixed Deposit

    AAA rated FDs with returns as high as 6.95%.

    Invest Now
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
Loader
Please wait while your information is being processed...