Q. Is Equifax India registered under any Act and is it monitored by any agency?
A. Yes, Equifax is registered under the Credit Information Companies (Regulation) Act of 2005, with the Reserve Bank of India licensing its functioning.
Q. Is Equifax ISO compliant?
A. Yes, Equifax is ISO compliant, having an ISO/IEC 27001:2013 certification in Information Security Management System.
Q. Who are the primary users of Equifax in India?
A. The primary users of Equifax reports are lending institutions (banks, financial organisations and NBFCs), existing borrowers and potential borrowers who are keen on getting credit.
Q. Where does Equifax gets its information from?
A. Equifax gets its information from its members, i.e., from financial institutions registered with it. Equifax uses only this information to generate its reports, with no external information going into making scores.
Q. What sort of information can be availed through Equifax?
A. Equifax provides information for both lenders and borrowers, encompassing multiple parameters. Some of the key points include consolidated loan information, repayment history, personal information, creditworthiness and derived traits.
Q. How much does an Equifax credit report cost?
A. The credit report provided by Equifax is relatively inexpensive and can be purchased for a sum of Rs 138/- only.
Q. What is the cost of Equifax credit score?
A. An Equifax credit score can be purchased by paying Rs 400/- only.
Q. How can one make payments to Equifax to receive a credit report or score?
A. Members can access their scores or reports by paying the requisite amount by means of a demand draft made out to Equifax Credit Information Services Private Limited, Mumbai. One should ensure that the DD is crossed and contains the name and phone number of the person who is making the payment. At present no other form of payment (cheques/cash) is accepted.
Q. Who has access to the information collected by Equifax?
A. Information collected by Equifax can be accessed only by members, i.e., financial institutions/banks who have registered themselves with Equifax and consumers who have provided their information. A consumer has access only to his/her information and will not be able to access reports of others.
Q. Does the Equifax report contain information which categorically approves or rejects a credit application of a member?
A. No, an Equifax report does not recommend or dissuade lenders from sanctioning or denying credit to a customer, with this decision solely resting on the shoulders of a lending agency.
Q. What happens if there are discrepancies in the credit report of an individual?
A. Individuals who find discrepancies in their credit reports need to intimate Equifax immediately, providing details about the error and the required changes. One can use the Dispute resolution form to do the same.
Q. How long will it take for the report to be corrected?
A. After a grievance has been reported, the credit report should be corrected within 30 days, subject to such corrections being possible. An intimation will be given to the consumer about such changes.
Q. Will the credit report of a consumer be impacted if he/she takes a loan from a non-member?
A. Yes, there is a possibility for the credit report to miss out details of credit taken from non-members of Equifax, thereby having an impact on the overall report.
Q. How can one contact Equifax for any clarification/information?
A. Individuals can reach Equifax through their toll free number, 1800 209 3247 or can email them at [email protected]. Individuals can also directly approach their office in Mumbai or fax them on +91 22 6112 7950.