Ranging from 1 to 999, Equifax Credit Score is a numerical rating that can be assigned to a person. If the credit score is high, it implies that the person has a good repaying capacity. A good credit score is especially essential if you wish to apply for unsecured loans such as an instant personal loan, small cash loan, business loan, or credit card. The credit score can be accessed by acquiring the credit report. In order to apply for an Equifax credit report, you have to part with just Rs 138. However, if you need your credit score, you must take the credit report in exchange of Rs 400.
Importance of Your Personal Credit Score
Any information pertaining to the possibility of a loan or credit repayment is of paramount importance to both banks and other lenders since it demarcates a profit from a loss in this instance. A lot many people miss or avoid maintaining payment schedules and accumulation of overdue payments tend to throw the banks off gear. Hence banks have become very conservative in the selection of its debtors.
So as to enable a logically fair process, they depend on the credit information reports available with bureaus like CIBIL, Experian, and Equifax etc. Applicants with a relatively high credit score with credit reports pointing towards his trustworthiness with regards to a loan product are generally selected at the beginning of the process for loan approval.
Applying for the Equifax Credit Score
You must take the credit report, if you want to avail funds from financial institutions. The report will help know your current credit score. The no-hits credit score is also made available by using the demographic factors. This validates the repayment capability of a person newly entering the lending scenario.
The procedure is as follows:
- Fill Up the Request Form
- Attach self-attested copies of address proof and ID proof
- Pay Rs 400
- Send the required documents through regular post or speed post or courier to Equifax
ID Proof can be (any one):
- PAN ID Card
- Voter ID Card
- Driving License
- Aadhaar Card
Residence Proof can be (any one):
- Ration Card
- Electricity Bill
- Rent Agreement
- Landline / mobile telephone bill
- Bank Statement
- Credit card Statement
- Driving License
- Gas Utility Bill
Rs 400 can be paid through a demand draft must be marked for Equifax Credit Information Services Pvt. Ltd, Mumbai. The Demand Draft should be crossed and payable in Mumbai. It must have a valid date and mention the account payee. Your name and contact number must be mentioned on the back. Payment is not accepted in any mode other than a DD.
Factors Affecting the Equifax Credit Score:
- Existing Financial Liabilities
- Credit Repayment Background
- Present Credit Usability
- Number of Credit Cards Held
- Number of Secured and Unsecured Loans
- Demographic Variables
What Are the Services and Products of Equifax Credit Bureau?
Equifax grants a diversity of products and services that are specifically for its Indian market. Since there are many other organisations with similar services, it has scaled up the operations to cater the best way to its audience. It aims to give enough information to both the individuals as well as the lenders helping them translate the data into better utilization of resources. Some popular products offered by the Equifax for its users are:
- Enhanced Credit Information Report
The enhanced credit information report by Equifax holds a graphical illustration and visual information about the credit history of an individual. The visual representation gives an enhanced understanding of the customer’s credit behavior. This type of credit report gives a detailed view into a customer’s credit history.
- Equifax Portfolio review
The Equifax Portfolio review is a unique product offered in the market. It uses algorithms and the modernized technology that build revenue generation models. They are albeit predictive in nature. The review is useful to the users helping them do the groundwork for their investment. The portfolio review is so vast that it has a provision for more than 200 traits. Thus, it delivers a wide range of relevant material.
- Equifax Risk Score
Since Equifax has a big credit base about the customers, it has the capacity to determine the risk scores of its members. The latest technology allows them to segregate the customers based on these scores. It collects their past credit history, transactions, etc. letting the lenders know how deep is their risk on lending. Equifax covers a wide range of customers for the same. This functionality is exclusively for India while the technology adheres to the international standards.
- Basic Credit Information Report
The basic credit information report offered by Equifax to its members contains necessary information about a borrower. It helps the users decide whether they are eligible to get the loans. The report has accurate information based on various factors. It ensures that the lending party has an appropriate insight about the credit behavior of the customer letting him make informed decisions.
- Equifax Alerts
There are two types of Equifax alerts for its users – the ‘Activity Alert’ and the ‘Collection Alert.’ They help them stay updated with the latest happenings. It employs specific credit-activated triggers that allow the lenders to get an in-depth insight about the varying financial conditions of a customer. It thus helps them handle their resources consequently.
The Activity alert allows the lender to know that their existing consumers are looking for credit. It further assures that their offerings do match the credit requirements. On the other hand, a collection alert gives a streamline to the collection process. It allows the lenders to change their method to match existing trends. The collection alerts also show how able the borrower is about repaying their current debts. It will enable the lenders to make necessary adjustments.
Equifax is famous for its customer-centric approach. It submits a reliable and accurate credit score of a person or company. You can take the services of this credit bureau as Equifax credit score is universally acceptable. All its products and services match the needs of the customers. It has thus helped build a strong bond with its customers.