Equifax Credit Information Services Private Limited, a credit information bureau, established with the regulations laid down by the RBI, provides a wide range of solutions on credit information, business analytics and risk management for clients across India. Clients of Equifax India can, therefore, make better lending decisions with the help of the credit reports and scores offered by Equifax.
Credit information reports offered by Equifax India
Equifax India offers two types of credit information report. They are:
- Basic Credit Information Report
- Enhanced Credit Information Report
Basic Credit Information Report (CIR)
A Basic Credit Information Report is a highly readable and usable consumer credit report. Backed by advanced search algorithms, clients get a complete view of the borrowers’ credit profiles. Equifax has an extensive credit database due to the information provided by its members across India. It also has a higher data acceptance rate.
Features of Basic Credit Information Report
The Basic Credit Information Report has 5 sections. They are as follows:
- Identification and contact section:
In this section the report contains the following:
- Confirm application information.
- You get access to the consumer’s name
- You will also get access to the consumer’s date of birth and age.
- Consumer’s address
Consumer’s identification information.
- Credit summary:
In this section the client will get a quick review about the customer’s key credit characteristics. It will show how much credit the customer has taken and what type of credit he has chosen and how he has dealt with it and managed it.
- Recent activity:
In this section, client will get information on the recent activity of the consumer. The latest credit that he has acquired. If the consumer has opened a new account and if there have been any delinquencies, etc., the information will be easily available in this part of the credit information report.
- Account details:
In this section the client can access the information on all the accounts that the consumer has had. Client will get account-wise details of the consumer’s repayment history of the accounts that he has held. This is an important parameter while offering credit as the lender must know how seriously the consumer has taken his credit and how he has made the repayments, if he has made the repayment on time or not and if the consumer has settled any accounts or if the consumer has missed any payment. The lender will not want to lend money to someone who has settled accounts or missed the repayments as it is a huge risk.
- Inquiries section:
This section will give the details of the inquiries made on the consumer. If the number of inquiries are more, then the lender will know that the consumer is going around asking for credit from every place possible. If the consumer has still not managed to get credit, it simply means the consumer is a defaulter or does not deal with his credit too well.