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Table of Contents
Equifax is functions in India as well as few other countries. The bureau is registered as Equifax Credit Information Services Private Limited (ECIS) and Equifax Analytics Pvt Ltd. in India. It is a joint venture between Equifax Inc., USA and seven other Indian financial institutions such as Religare Finvest Limited, State Bank of India, Bank of Baroda, Kotak Mahindra Prime Limited, Sundaram Finance Limit, Bank of India, and Union Bank of India.
Since January 2017, it has become mandatory for all credit bureaus in the country to offer one free credit report to consumers in a financial year. The process of getting a free credit report has become easier over time. In order to get a free Equifax credit report, you have to download the Equifax mobile application. It is available on Android and iPhone. Here is the process to acquire the free Equifax Credit report via the Equifax app:
Note: Individuals who don’t have a smartphone or Aadhaar can get receive their credit report by sending scanned copies of KYC documents to the Equifax credit bureau in an email along with a form.
You can avail 1 free credit report from Equifax in a financial year. In order to get more than one credit report, you will have to pay Rs.400 (excluding GST). This credit report will also have your credit score.
Generally, members such as banks and financial organizations provide credit information to the credit bureau on a monthly basis. Your Equifax credit report will be updated as soon as data is updated in the database.
Equifax Credit Score is a numerical representation of an individual’s creditworthiness. It is a three-digit number that ranges from 300-900. The Equifax credit bureau generates the score based on the information provided by the financial institutions.
Equifax Credit Report is a summary of an individual’s credit history and repayment behaviour. It contains information regarding an individual’s history of credit payment across various loans and also institutions over a period of time.
No. Only you and authorised members of the Equifax credit bureau have access to your credit report. These authorised members are defined by the Credit Information Companies (Regulation) Act, 2005. Also, only those people whom you have granted consent to check your report when you apply for a loan or a credit card have access to your credit report.
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