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Basic Equifax Credit Information Report

Equifax Credit Information Services Private Limited, a credit information bureau , It offers an array of solutions related to credit information and risk management across the country. The credit information bureau was established with regulations laid down by the Reserve Bank of India (RBI).

Credit information reports offered by Equifax India

Equifax India offers two types of credit information report.

Basic Credit Information Report (CIR)

A Basic Credit Information Report is created from advanced search algorithms. It offers clients a complete view of the borrower’s credit profile. The credit report is easily readable and is useful for consumers. As a large number of members across India use Equifax, the database of the credit bureau is extensive. The data acceptance rate is also quite high.

Features of Basic Credit Information Report

The Basic Credit Information Report has 5 sections. Each section offers detailed personal as well credit information. The 5 sections are as follows:

  • Identification and Contact Section:

    This section contains:

    • Consumer’s Name
    • Date of birth and age
    • Address
    • Identification information.
  • Credit Summary:

    This section will feature all the important credit characteristic of the consumer. It will mention the consumer’s credit type and the amount of credit taken. The section will also show how the consumer managed his/her credit.

  • Recent Activity:

    As the name suggests, the client will get the information on the consumer’s recent activity. It will show the credit that has been secured by the consumer. In addition, the report will also mention if the consumer has applied for a new account. If an account has gone delinquent, this section of the report will feature it.

  • Account Details:

    This section will show the client information about all the accounts a consumer possess. It offers an account-wise detail of the consumer’s repayment history to the client. The account details will show the lender how a consumer has handled his credit and whether he/she has made the repayments on time. Furthermore, this section will also highlight if the consumer has missed any payments and whether he has settled any accounts. The lender will avoid lending money to someone who has settled accounts or missed the repayments as it is a huge risk.

  • Inquiries Section:
    • This section offers details of the number of inquiries that are made on the consumer. A higher number of inquiries suggests that the consumer is asking for credit
    • If the number of inquiries is more, the lender will know that the consumer is going around asking for credit. Even after several inquiries, the consumer is still unable to receive a credit, it suggests that the consumer is not able to manage his credit efficiently.
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