Equifax is a global Credit Bureau having presence in the North America, South America, Europe and Asia-Pacific region. It is one of the 4 Reserve Bank of India approved credit bureau companies which accumulates credit data from all banks and NBFC’s to generate a report to indicate the credit worthiness of a customer. It is a joint venture between 7 Indian banks and Equifax Inc. The banks include large nationalized banks like State Bank of India, Bank of India and Bank of Baroda.
Equifax India got its ‘Certificate of Registration’ granted on 26th March, 2010 from Reserve Bank of India to operate as a credit bureau company in India under the Credit Information Companies (Regulation) Act (CICRA) 2005.
It has credit bureaus registered in 24 countries across the globe.
Equifax Credit Scores Meanings
An Equifax score is divided into multiple ranges:
300–500: This score indicates that the customer is very risky, and the lenders will probably not be lending to such customers.
500–650: This indicate that the customer may have some payment delays and defaults. Lenders are expected to consider customers in this range as risky and some lenders may not extend their loans to such customers.
650–750: Customers with a score in this range are considered to be good customers. They are considered to have reasonable credit history and good repayment behaviour demonstrated. Lenders consider this category as less risky.
750–850: Customers with a score in this range are considered to have very good repayment behaviour. In addition, they are expected to have multiple loan types and have exhibited good behaviour across multiple loan accounts. Lenders consider these customers as safe customers.
850+: Customers having this score are considered to be excellent and they need to have an impeccable record to get scores like these. All type of loans and all types of banks should extend loans to such customers.
How can I access my Equifax Credit Score?
Follow the steps below to access your Equifax credit score:
- Fill the KYC form.
- Get the ID and address proof self-attested.
- Send the documents to the provided Equifax address.
The address to which you need to send across the info is:
Equifax Credit Information Services Private Limited,
Unit No.- 931, 3rd floor, Building no. 9,
Solitaire Corporate Park,
Andheri Ghatkopar Link Road,
Andheri East,
Mumbai — 400093,
India.
Phone : +91 22 6112 7980
Additional details available here — https://www.equifax.co.in/consumer/forms/credit_report/en_in.
