About Equifax Microfinance Bureau
Microfinance, in the Indian context, is relevant with a sizeable chunk of the population depending on this sector to meet their financial goals. The Indian Microfinance Sector has, in the past, witnessed turmoil, primarily on account of non-payment of dues by borrowers. However, that has changed considerably since the arrival of credit information companies. Equifax established its microfinance bureau in the country in June 2011, offering a number of unique products and services to this crucial sector.
Equifax uses latest technology to provide customised solutions to the Microfinance sector in the country, ensuring that the right data is available to help make the right decision.
What is a Microfinance Credit Information Report?
Equifax offers a credit information report to microfinance institutions, helping them make informed decisions. Equifax uses its extensive member base to collate accurate information about users, ensuring that microfinance organisations get a comprehensive picture. A mix of advanced search and match algorithms help MFIs assess the risk involved at multiple steps, which combined with the ease of using this information, makes it a win-win scenario for them. The credit information report offered by Equifax is based on a wide customer base across the country.
Components of Equifax Microfinance Consumer Information Report
A Microfinance Consumer Information report provided by Equifax has the following components:
Consumer ID – Given that accurate information on a consumer is the key for all future transactions, the MFI Consumer Information report provides MFIs an insight about their potential consumer, including his/her name, age, address and other relevant identification details.
Credit information – The report contains the credit summary of an individual, providing an insight into his/her credit behaviour over the years
Account information – The repayment history of a consumer can be a critical factor when it comes to MFIs granting or rejecting an application. The Equifax Microfinance Consumer Information report contains details about the past repayment history of a consumer. This information highlights the payments made from multiple accounts.
Activities – The recent activities of a consumer are highlighted in this section, helping MFIs figure out his current standing. Information about new accounts, applications, delinquent accounts, etc. can be found under the activities section.
Inquiries – The inquiries section in this report provides details about any inquiries made on a potential consumer, including those for loans or credit from other MFIs.