Whoever said wishes don’t come true hasn’t explored our offers!
  • Loading your search...
  • Equifax

    What is Equifax/Equifax Credit Information Services Private Limited (ECIS)?

    Equifax Credit Information Services Private Limited (ECIS), a credit bureau/consumer credit company (CIC) licensed by the Reserve Bank of India (Certificate of Registration, under the Credit Information Companies Regulation Act 2005, was obtained in March 2010) is the Indian arm of Equifax Incorporated, a consumer credit reporting agency, founded in 1899 in the US with its operations currently spread across 15 countries. ECIS is a joint venture between Equifax Inc and seven Indian financial institutions namely, Bank of Baroda, State Bank of India, Kotak Mahindra Prime Ltd, Bank of India, Sundaram Finance Limited, Union Bank of India and Religare Finvest Limited. With around 1300 registered members, Equifax is currently headquartered in Mumbai with branch offices located in Delhi and Bengaluru.

    What does Equifax do?

    Equifax collates information provided by its registered members for conversion into a usable format to produce Credit Information Reports (CIR) and credit scores on customers under the Credit Information Companies Regulation Act 2005. The information provided by registered members is used to determine the credit behaviour of customers and thereby, help lenders gauge the creditworthiness and repayment capacity of borrowers.Equifax uses proprietary tools which are customised to cater to specific requirements to help lenders make informed credit decisions. The credit information available in the Equifax database can be accessed by both lenders and borrowers. The lenders can, therefore, improve their asset quality while the borrowers can review their credit reports. Equifax uses specific matching algorithms and advanced techniques (search) for achieving greater accuracy.

    Get Free Credit Score

    Equifax product portfolio

    Apart from offering traditional credit information services courtesy its consumer credit bureau which was launched in 2010, Equifax is often credited with taking leadership in providing risk scores and portfolio reviews of various microfinance institutions across the country by launching its microfinance bureau in May 2011. Equifax also offers multi bureau solutions in that data from various credit bureaus is consolidated into a single point of inquiry for simplifying procedures. Equifax offers various value added services which can be utilized through the credit lifecycle. Equifax also offers a single window interface for both data entry and credit enquiry.

    Equifax Products and Services

    The list of products and services offered by Equifax are listed below:

    1. Consumer credit bureau
    2. Microfinance bureau
    3. Multi bureau
    4. Verification services
    5. Value added services
    1. Consumer credit bureau

      Consumer credit bureau performs one of the primary functions of Equifax India - provide credit information scores (numerical score between 1 and 999) and reports. Consumer bureau helps lenders zero in on the right asset product for the right consumer by timely review of the credit information. Borrowers should ensure that data related to them is reported sans errors and is up-to-date without any outdated information. Equifax’s consumer bureau has a large information base vis-a-vis credit activities of customers across India. Equifax uses latest technology and operations platform for updating and maintaining its credit information. As a result, lenders can have a holistic view of the creditworthiness of their borrowers and thereby, minimise risk. What’s more, Equifax also facilitates simpler and faster verification of the identity of customers and portfolio analysis on a regular basis. Consumer bureau performs various additional functions such as providing fraud detection triggers and Equifax Alerts as well.

      The various services offered by the consumer bureau are listed below:

      1. Credit Information Reports (CIR)

        An Equifax Credit Information Report (CIR) is a basic consumer credit report which is created by Equifax with the use of its in-house specific algorithms and advanced search analytics for assessing a borrower's creditworthiness. In other words, a credit information report reflects the financial health of a borrower which determines whether the latter is eligible to avail of a loan. With a large consumer credit database and the use of global industry-specific technologies, Equifax is in a position to make a comprehensive assessment of borrowers’ credit profiles. Equifax charges Rs.400 for providing both a Credit Information Report and score (Charges: Rs.100, Rs.231 and Rs.69 for a report, score and delivery respectively)A Credit Information Report comprises five sections as listed below:

        • Identification Section: Consists of contact details of a customer including his or her name, age, date of birth and address proof among other details
        • Credit Summary: Consists of an analysis of essential credit characteristics of a customer
        • Recent Activity: Consists of details of any new accounts which have been opened and any delinquent accounts
        • Account Details Section: Consists of an account-wise break-up of the repayment history of a customer
        • Inquiries Section: Consists of details of the number of inquiries on a consumer
      2. Equifax Alerts activity alerts and collection alerts. Activity alerts is an effective tool which identifies customers who are seeking credit. Collection alerts, on the other hand, indicate the right timing to either initiate or suspend collection activities.
      3. Equifax Portfolio Review

        Equifax India portfolio review is run on specific accounts after Equifax alerts are triggered. Equifax portfolio review entails the use of predictive insight, as it were, aimed at cutting losses and generate revenue. As part of the Equifax portfolio review, over 200 different attributes may be delivered, including secured and unsecured instalment review, credit card review and score review among others.

      4. Equifax Risk Score

        The Equifax risk score is based on various parameters including demographic attributes to predict the likelihood of a default. Equifax risk score covers consumers with recorded credit payment history and no-hits as well.

    2. Microfinance bureau

      Equifax set up a microfinance exchange in India in 2011 to rein in over-leveraging in the microfinance industry by joining hands with Microfinance Institutions Network (MFIN). India is one of the largest microfinance markets in the world. Equifax uses its customized platforms to deliver specific functions as listed below:

      1. Microfinance Credit Information Report (CIR)

        An Equifax microfinance CIR encompasses the same parameters as that of a basic consumer information report such as contact details, credit summary, recent activities, account details and an inquiries' section.

      2. Microfinance Portfolio Review

        Portfolio review includes three specific parameters - benchmarking, early warning indicators and entry strategy. Benchmarking entails comparison of various microfinance institutions in a specific region/area/dimension. Early warning indicators track receding sourcing trends in the microfinance industry while entry strategy is aimed at exploring a potential market which can be tapped by a microfinance institution.

      3. Microfinance Score

        At the time of its launch in 2011, Equifax microfinance score was reportedly considered the first-of-its-kind in India. It is aimed at predicting the possibility of a default in six months. Also, Equifax risk score facilitates better decision making (automated) sans long drawn-out procedures.

    3. Multi Bureau Solutions

      Equifax India offers a single point of inquiry for data consolidation from various credit bureaus.

    4. Verification services

      Equifax offers an ID verification service (automated) to verify essential data such as Aadhaar Numbers and PAN numbers.

    5. Value added services

      Equifax offers five kinds of value added services for customer retention and loyalty as listed below:

      1. Credit Risk and Fraud Management Products and Solutions: For effective fraud and risk management strategies
      2. Product and Pricing Design: For choosing the right consumer for the right product.
      3. Collection Products and Solutions: For optimising collection strategies in line with customer responses
      4. Portfolio Management: For loyalty offerings and customer retention
      5. Governance and Monitoring Frameworks: For segment level profitability
      6. Process Redesign: For achieving a balance between credit effectiveness and customer experience
      7. Industry diagnostics: For analysis of macroeconomic trends vis-a-vis a product and geography

    News About Equifax

    • Equifax Launches Equifax Dimensions

      Equifax India launched a new platform called Equifax Dimensions that provides a comprehensive view of a customer’s credit profile. Featuring a set of 460 bureau variables that incorporate past 24 months data about the loans taken by the customer, approved loan amount, credit balance, outstanding, credit limit, credit utilisation, due amounts, etc., the platform enables strong credit decisions across the customer lifecycle.

      The factors considered by Equifax Dimensions are said to differ from the regular credit report data thus increase the accuracy of score and model. Besides the regular bureau variables, the company also considers alternative data from Equifax that helps it to take real time decisions. The platform was first adopted by EarlySalary, a salary advance mobile app that provides short term instant loans to salaried individuals.

      4 April 2018

    • Free Credit stoppage has been extended till June 30 by Equifax

      Equifax extended the deadline to 30 June 2018 for freezing the credit reports of customers at no cost. The earlier deadline was 31 January 2018. The move ensures fractional security against identity larceny and it has nothing to do safeguard the credit reports of customers at TransUnion and Experian, the two prime credit rating agencies.

      Mike Litt said “Freezing credit reports is the best option whether or not your personal details were whipped in the breach of this credit rating agency. You could save time and pressure of handing deceitful obligation on credit reports.”

      Equifax commences this service on the closing day of January. The service enables customers to latch or unravel their reports at no cost. This service is as good as a freeze and is applicable only to the credit reports generated by Equifax. The prime benefit of freezing credit reports is that the financiers shall be unable to track your credit score or credit history.

      1 February 2018

    • Document Verifier Solution released by Equifax

      Equifax has released the Document Verifier solution which utilizes facial recognition technology in order to provide quicker authentication of identity for all financial product applications. This solution authenticates the applicant’s identity within a few seconds by comparing a live image of the customer along with a photo of his/her driving license or passport, both of which are captured by a webcam enabled device.

      Additionally, this technology also detects potential anomalies or tampering on official documents from more than 200 countries. An enhanced ‘liveness’ detection solution detects even the smallest of movements when the applicant takes a selfie thereby ensuring that fraudsters will not be able to generate a match using a copy of the applicant’s photo.

      29 March 2017

    Equifax - Sitemap

    Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.

    Credit Report Reviews

    • Experian Credit Report
      "nice"
      0.5 5.0/5 "Blown Away!"
      Good place to take personal loans and credit cards, fastrack applicationds but simply rejecting applications what the purpose my crdit score is 816 i did not got at least single prpproved they are continl distrub us for uploading but no use
      Was this review helpful? 27
      ,
      Reviewed on Aug 21, 2019
    • Experian
      Experian Credit Report
      "Good place to take personal loans and credit card"
      0.5 2.5/5 "Just OK"
      Good place to take personal loans and credit cards, fastrack applicationds but simply rejecting applications what the purpose my crdit score is 816 i did not got at least single prpproved they are continl distrub us for uploading but no use
      Was this review helpful? 28
      ,
      Reviewed on Aug 14, 2019
    • Experian Credit Report
      "CT"
      0.5 5.0/5 "Blown Away!"
      I am using KOTAK MAHINDRA bank urban credit card for more than 4 years. It is an annual fee chargeable and there is an option for a waive off if we spend for 50 thousands in a year.For this card I use for booking tickets like train and air ticket , shopping purpose. So based on the usage I have not get reward points and cash back yet.
      Was this review helpful? 67
      ,
      Reviewed on Jul 11, 2019
    • Experian Credit Report
      "Test Review For CT"
      0.5 4.5/5 "Excellent!"
      OEJHPNETVIWEVVHZFYBHEFWQZAUGPYNLVKXOHPEMZTXMAFHKVUFHMPSEKUFQRIWHKEUVYPFMHCKHQGOSJXJXQPVGYOJRCCKRRSNWLGVLRJBSRLIJLJVZTOWCGGFLBBXJWDUDWATLCKBNABXLPGDZGSTTIXIUVWUTPZQBMWFMPUQPQRGZQGLBDJHYEGQHACNJEJKHQNRGQBGEKYPQQC
      Was this review helpful? 77
      ,
      Reviewed on Jul 04, 2019
    • Experian Credit Report
      "Need to provide reward points and cash back"
      0.5 5.0/5 "Blown Away!"
      I am using KOTAK MAHINDRA bank urban credit card for more than 4 years. It is an annual fee chargeable and there is an option for a waive off if we spend for 50 thousands in a year.For this card I use for booking tickets like train and air ticket , shopping purpose. So based on the usage I have not get reward points and cash back yet.
      Was this review helpful? 89
      ,
      Reviewed on Jun 26, 2019
    • Experian Credit Report
      "Good card"
      0.5 5.0/5 "Blown Away!"
      In Axis bank, i don't get any offers. 2 years ago, i have started using the card and my credit limit very good which is Rs. 90000 after the usage, they have reduced upto Rs. 42000 and every six month they are enhancing the limit. They are not sending the offers hence i'm planning to close the card by next month since lots of cards are not required.
      Was this review helpful? 81
      ,
      Reviewed on Jun 24, 2019
    • Experian Credit Report
      "SBI bank Credit card"
      0.5 4.5/5 "Excellent!"
      I came SBI card through bank bazar online, I want a best credit cards for me , in bank bazar website I found a SBI card based on my credit score & this card are give me best rewards points , I'm using this card from 2 year & I give best thankful to bank bazar because his customers service is superb.
      Was this review helpful? 100
      ,
      Reviewed on Jun 11, 2019
    • Experian Credit Report
      "CREDIT REPAIR "
      0.5 5.0/5 "Blown Away!"
      I need to share my experience how I evicted all collection on my report. I paid off my hospital bills from the collection agency that the hospital sent me to and the collection refuse to remove from credit. I am trying to get a house. I have called the collection agency and they didn't remove it, so what do i do. It paid off and i want this collection remove. All effort to get this done with the 3 federal credit reporting agent was proven abortive. I did some research and found this credit repairer Global Technologies. I sent a mail to his G mail (globaltechnologies46 at G mail com) how he could get me out of these mess!! He replied and explain in details how he will evict all collection on my report. He did a wonderful job for me.
      Was this review helpful? 106
      ,
      Reviewed on May 10, 2019
    • Experian Credit Report
      "Credit Report"
      0.5 4.5/5 "Excellent!"
      Credit Report is providing a ease way to understand my cibil score and it is providing me an opportunity to apply for n number of banks. It is super good and i find it very cool and comfortable. Having perfect design, user friendly and accurate with more information..
      Was this review helpful? 136
      ,
      Reviewed on May 08, 2019
    • Experian Credit Report
      "Review of Credit Report"
      0.5 5.0/5 "Blown Away!"
      The credit report gives an excellent indication of my credit situation. The reports are updated with a lag. So, the exact credit situation is only reflected after a couple of months. Nevertheless, experience is good. The graphical representations are also good.
      Was this review helpful? 132
      ,
      Reviewed on May 04, 2019
    • Experian Credit Report
      "Ease of use, quick access and detailed report"
      0.5 3.5/5 "Pretty good"
      Recently I was about to apply for a loan and found bankbazaar through a search engine. Wanted to check my eligibility and credit score before i wanted to proceed further, Bankbazaar made it easy as they have all solutions in one platform. Im extremely satisfied with the services.
      Was this review helpful? 138
      ,
      Reviewed on Apr 30, 2019
    • Experian Credit Report
      "Credit Report"
      0.5 5.0/5 "Blown Away!"
      Awesome Service on credit report which is updated all the time. Very accurate and perfect. I could check and apply for various financial products. Keep it Up Bank Bazaar Team........................................................
      Was this review helpful? 126
      ,
      Reviewed on Apr 30, 2019
    • Experian Credit Report
      "Credit Report"
      0.5 4.5/5 "Excellent!"
      It was a great experience to fetch credit report through you guys . now i receive my monthly report which helps me track my credit status. This report helped me to apply for different financial products through bank bazaar. I happy with you guys.
      Was this review helpful? 118
      ,
      Reviewed on Apr 30, 2019
    • Experian Credit Report
      " My credit card is not show my security is very good"
      0.5 5.0/5 "Blown Away!"
      Credit card is not show my credit card is very good please help my credit card I have interest credit card please give me credit card I have happy it card miss you me please credit card me I have not credit card please give me credit card thanks give me card
      Was this review helpful? 116
      ,
      Reviewed on Apr 29, 2019
    • Experian Credit Report
      "credit report"
      0.5 5.0/5 "Blown Away!"
      It was a great experience to fetch credit report through you guys . now i receive my monthly report which helps me track my credit status. This report helped me to apply for different financial products through bank bazaar. I happy with you guys.
      Was this review helpful? 126
      ,
      Reviewed on Apr 25, 2019
    • Experian Credit Report
      "Excellent Service by Bank Bazaar"
      0.5 5.0/5 "Blown Away!"
      I could find bank bazaar to be very convenient in checking my credit score for applying any loan or an application for credit cards. Also after keying all the details the bank bazaar people wont disturb. Whenever there is an offer you will get a text regarding the information. Thanks for getting my accurate Credit score
      Was this review helpful? 125
      ,
      Reviewed on Apr 23, 2019
    • Experian Credit Report
      "Experian credit report"
      0.5 5.0/5 "Blown Away!"
      I checked my credit score in bankbazaar web site ,it has given score with in span of seconds. I wondered ,it is free of cost for checking. It is really a wonder. Congrats to bankbazaar team members . Thanks a lot once again to all bankbazaar team members
      Was this review helpful? 150
      ,
      Reviewed on Apr 05, 2019
    • Experian Credit Report
      "Realiable credit score"
      0.5 4.5/5 "Excellent!"
      I checked my credit score in bank bazar website. It gave instantly with all my banking past history. It was very much useful. It helped me know my credit status report at no cost . It only required few hassle free clicks and that over.Really appreciable!
      Was this review helpful? 157
      ,
      Reviewed on Mar 24, 2019
    • Experian Credit Report
      "Credit Score Tracking"
      0.5 4.5/5 "Excellent!"
      I am using bank bazaar features from last few years. Service provided by bankbazaar is good when compared to others in the market . Customer service is good and their response is good. One step solution for all you banking needs . A periodic tracking of your credit score is maintained well and kept updated in email as and when new scores arrive .
      Was this review helpful? 169
      ,
      Reviewed on Mar 08, 2019
    • Experian Credit Report
      "Very nice"
      0.5 5.0/5 "Blown Away!"
      Thanks I visited a number of sites on regards in the above matter, but what ever the response I got through bank bazar was marvellous and extra ordinary.... Thanq for providing such easy platform for getting in touch to obtain the debit cards so easily.
      Was this review helpful? 160
      ,
      Reviewed on Mar 02, 2019
    Common Loader Icon
    reTH65gcmBgCJ7k
    This Page is BLOCKED as it is using Iframes.