Equifax FAQs

Yes, Equifax is registered under the Credit Information Companies (Regulation) Act of 2005, with the Reserve Bank of India licensing its functioning.

Yes, Equifax is ISO(International Organization for Standardization) compliant, having an ISO/IEC 27001:2013 certification in Information Security Management System.

The primary users of Equifax reports are lending institutions such as banks, financial organisations and NBFCs (Non-Banking Financial Institutions), existing borrowers and potential borrowers who are keen on getting credit.

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.

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.

The credit report provided by Equifax is relatively inexpensive and can be purchased for a sum of Rs.400 only.

An Equifax credit score can be purchased by paying Rs.400 only.

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.

Information collected by Equifax can be accessed only by members, i.e., financial institutions and 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.

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.

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.

After a grievance has been reported, the credit report should be corrected within 30 to 45 days, subject to such corrections being possible. An intimation will be given to the consumer about such changes.

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.

Individuals can reach Equifax through their toll-free number, 18883784329 or can email them at ecissupport@equifaxindia.com. Individuals can also directly approach their office in Mumbai or fax them on +91 22 6112 7950.