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  • Equifax Credit Score Vs CIBIL Credit Score

    Equifax India and CIBIL are credit information bureaus. Both the credit information bureaus offer credit reports and credit scores of customers to their clients.

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    Equifax India offers consolidated reports that contains the complete information about the customers current and previous credit behaviour. CIBIL also offers credit reports that contain the credit behaviour of the customer and how much credit they have utilised and how they have repaid it and if they have missed or defaulted in any accounts.

    1. CIBIL is the first credit bureau company of India whereas Equifax is the second.
    2. The cost of acquiring the credit report from Equifax is Rs.138 and if you require credit score plus the credit information report then it will cost you Rs.400. CIBIL on the other hand offers only one Credit report that contains the credit score as well and it costs you Rs.500.
    3. CIBIL allows you to make the payment through net banking, credit or debit card but Equifax only accepts demand draft.
    4. CIBIL reports can be taken as and when you wish. Equifax gives you an option to get their credit report 4 times in a year so that you can keep a constant vigil over your financial health. For the annual subscription of Equifax credit report, you will have to make a payment of Rs.1,000. You can access your credit score once in every quarter.
    5. To avail CIBIL score, you have to log on to the CIBIL website and complete the online application form. You will be asked 3 to 5 questions regarding your loans to authenticate your transaction. On authentication, you will instantly receive your credit score and the report will be emailed to you. In case the authentication fails, you will be asked to send hard copy of the application form along with documents that validate your identification and address. On verifying this, you will then get a hard copy of the CIBIL report.
      • To access your Equifax report, you have to fill up the KYC form and self-attest the identity and address proof. For identity proof you can submit either your voter ID card, passport, PAN card, driving license or Aadhar card. For address proof, you can submit telephone bill, electricity bill, gas utility bill or credit card statement or ration card or rent agreement. The documents will have to be posted along with the demand draft to Equifax and you will receive the credit report and the credit score the post or courier within 7 working days.
    6. If you find any discrepancy in the credit report that you obtained from CIBIL or Equifax, then you have to notify them and get it resolved. The dispute will be resolved within a maximum of 30 working days.
    7. CIBIL offers a detailed credit report. Equifax also offers a detailed report but it also provides a pictorial representation of the credit report which is easier to understand.
    8. CIBIL has a larger network of clients and partner banks and financial institutions when compared to Equifax.

    You must access both your CIBIL credit report as well as the Equifax Credit report to understand your credit standing. The lenders now don’t just rely on one report, they try to understand the credibility of a person by accessing the various reports and then take a call.

    FAQs On Equifax Credit Score Vs CIBIL Credit Score

    1. Are the CIBIL and Equifax scores the same?
    2. Equifax and CIBIL scores have the same score range. However, there might be minor variations in the actual score between the two bureaus for the same consumer.

    3. How do I report an inaccuracy in my Equifax or CIBIL score?
    4. If you discover a discrepancy or anomaly in your credit reports, you must immediately visit the bureaus' websites and submit your concerns in the way specified there.

    5. Why does the credit score provided by multiple credit bureaus differ for the same person?
    6. Every bureau uses a unique formula for calculating an individual's credit score, and the exact breakdown of these components is undetermined. As a result, the credit score of an individual differs from one credit bureau to the next.

    7. Who can access the credit report?
    8. Credit reports are available in India to consumers (individuals and business entities), insurance providers, banks and financial institutions, employers, collection agencies, telecom service providers, and government agencies.

    9. How frequently do creditors report credit data to credit bureaus?
    10. A majority of banks and financial institutions report new credit data to credit bureaus every month. This data is updated on the credit report of an individual by the credit bureau.

    11. Do CIBIL and Equifax use similar scoring techniques?
    12. Borrowers receive a score between 300 and 900 from CIBIL and Equifax. However, the parameters used by the two bureaus to calculate a customer's credit health may differ. This can cause minor variations in the credit scores.

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