Equifax India and CIBIL are credit information bureaus. Both the credit information bureaus offer credit reports and credit scores of customers to their clients.
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.
CIBIL is the first credit bureau company of India whereas Equifax is the second.
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.
CIBIL allows you to make the payment through net banking, credit or debit card but Equifax only accepts demand draft.
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.
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.
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.
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.
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.