A credit score is a crucial tool used by banks and lending agencies while processing loan or credit applications from borrowers. The approval or rejection of a loan/credit could come down to details in the credit report, with lending institutions not keen on taking chances with their money. An Equifax credit score is one of the instruments used by banks to gauge the repayment capacity and past financial history of an applicant, making it important for a borrower to know his/her score before approaching a lending agency.
Traditional cost of Equifax Credit Score/Report
Equifax performs a number of tasks in order to collect and compile the credit score of an individual, spending money and resources to do justice to its mission. Information from banks, governments, credit card agencies, etc. goes into determining the credit score of an applicant. Typically, an individual who wishes to get his/her credit report from Equifax would have to pay a nominal amount of Rs.400 for the credit score, which, given the importance of the score is inexpensive. Members of Equifax who wish to avail a basic report have to pay only Rs.138 towards it, negligible considering the value of information contained in the report. It takes around 10 days for an individual to receive the Equifax score after the application is processed.
A CIBIL Credit score is costlier than an Equifax one with individuals expected to pay Rs.500 to get the report plus the score.
Free Equifax Credit Score/Report
Individuals who are keen on saving money on their Equifax credit score can do so by contacting online companies/platforms. The virtual entities have partnered with Equifax to offer free Credit Scores, thereby, helping a large population check their loan eligibility without having to spend a rupee.
Note: The free Equifax score offered by certain agencies is dependent on their policies, with the company/entity having the power to revoke this promotion at any time, without any prior intimation.