Enhanced Credit Information Report(E-CIR)

Equifax India which is registered as Equifax Credit Information Services Private Limited (ECIS), forayed in India in 2010. The ECIS has been given a licence by the Reserve Bank of India (RBI) to operate as a consumer credit company. A joint venture between Equifax Inc. and seven Indian financial institutions, ECIS offers a broad range of solutions relevant to credit information, risk management and business analytics to its clients across India. It produces Credit Information Report (CIR) and credit score for its registered members.

Equifax India offers two types of credit information reports:

• Basic Credit Information Report
• Enhanced Credit Information Report

Enhanced Credit Information Report

The Basic Credit Information Report has all the necessary details like credit summary, personal information and so on. On the other hand, the Enhanced Credit Information Report depicts the basic credit report in a more visually detailed format. It features credit mix, at-a-glance graphs, charts for credit utilization and delinquency trends. The report aims to make it easier for the lenders to understand a customer’s credit behaviour. Enhanced Credit Information Report is a visually detailed format of the basic credit report.

Features of Enhanced Credit Information Report

It is divided into 5 sections that are similar to the Basic Credit Information Report. They are as follows:

Identification and contact section:

The following information is presented in a graphical illustration to the client:

1. Confirm application information
2. Consumer's name
3. Consumer's date of birth and age
4. Consumer's address
5. Consumer's identification information

Credit summary:

Graphical illustration of a customer’s key credit characteristics is provided in this section

Recent activity:

In this section, a client can access information on the recent activity of a consumer - latest credit that he has acquired - in a graphical format. If a consumer has opened a new account and if there have been any delinquencies, etc., the information is mentioned in this section. All your latest activities along with your credit behaviour will be available for lender in form of graphics.

Account details:

This section has comprehensive details for a customer’s account in a graphically illustrated manner. A client gets account-wise details of a consumer’s repayment history. It depicts credit management behaviour for your accounts and also shows the types of accounts.

Inquiries section

This section gives the client a quick snapshot of the details of the inquiries made on a consumer

Equifax Risk Score:

In addition to the Enhanced Credit Information Report, Equifax India also offers Equifax Risk Score that is designed to predict whether a customer will default in a year. The market-level risk score is based on parameters such as demographic attributes. Consumers with recorded credit payment history as well as no-hits are eligible for the Equifax Risk Scores. No-hits are individuals who have limited or no credit history and they are also included in the Risk Score from Equifax.

Features of Equifax Risk Score:

• The Equifax Risk Score incorporates local market knowledge by using Indian data. It is developed specifically for the Indian market by taking into consideration the aforementioned factors.

• It evaluates consumers market level risk using data from big players in the market to create a score.

• The Risk Score is designed to work with any standard product type and is considered as a standard for members.