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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.
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.
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.
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.
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.
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.
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.
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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