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  • How to apply for credit score

    Equifax credit score is a numerical score that ranges from 1 to 999 which is assigned to each person. If your credit score is higher, it is simply means that you have a better repaying capacity.

    You can access the credit score by availing the credit report along with the credit score. If you are applying for a credit report, then it will cost you Rs.138. But if you require your credit score, you will have to take the credit report as well and it will cost you Rs.400.

    How to apply for Equifax Credit score?

    As mentioned earlier, in order to access your credit score, you will be required to take the credit report as well. The credit score of no-hits is also generated using the demographic attributes. This is to validate the repayment capacity of the new entrant to the lending market. The process to apply for credit score is as follows:

    • Fill the Know Your Customer request form.
    • Then attach the self-attested copy of identity proof and address proof.
    • Make the payment of Rs.400.
    • Send the documents through courier or regular or speed post to Equifax.

    You can submit any one of the following documents:

    Self-attested identity proof copies of the following:

    • Voter’s ID card
    • Aadhar ID card
    • Driving license
    • Passport copy
    • PAN ID card

    Address proof (any one):

    • Electricity bill
    • Landline or mobile phone bill
    • Credit card statement or bank statement
    • Gas utility bill
    • Ration card
    • Driving license
    • Rent agreement

    The payment of Rs.400 can be made via Demand Draft and it must be issued in favour of “Equifax Credit Information Services Pvt. Ltd., Mumbai.” The demand draft must be crossed and it must mention the account payee, a valid date and payable in Mumbai. It is required that you mention your name and phone number on the back of the demand draft. The payment will not be accepted in any other mode.

    What affects Equifax Credit Score?

    There are 600 different variables that affect the Equifax credit score. The top variables are:

    • Past credit repayment history
    • Credit usability of present
    • Number of credit cards that one holds
    • Number of secured loans one has
    • Number of unsecured loans one has
    • Demographic variables
    • Income of the person
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