Equifax brings with it a century of expertise, offering unique products and services designed specifically for the Indian market. With a number of similar organisations providing credit scores, Equifax has scaled up its operations, ensuring that it caters to what is required in the market. Equifax aims to provide sufficient information to benefit both borrowers and lending agencies - helping them save valuable time and effort - translating into better financial utilisation of resources. Some of the popular products and services offered by Equifax are mentioned below.
- Basic Credit Information Report
- Enhanced Credit Information Report
- Equifax Portfolio Review
- Equifax Alerts
- Equifax Risk Score
A brief insight into these products and services can be found below.
Basic Credit Information Report
Equifax provides a basic credit information report to its members. This report contains basic information about a borrower which can be determine whether he or she eligible to avail of loans. This report encompasses a wide range of information, ensuring that a lender has better insight into the credit behaviour of the customer and thereby, make an informed decision.
Enhanced Credit Information Report
Equifax also provides an enhanced credit information report which contains visual information and graphical illustrations based on the credit history of a customer. The visual representation of the available data on a customer offers an enhanced understanding of his credit behaviour.
Equifax Portfolio review
A unique product on offer is the Equifax portfolio review, which uses algorithms and the latest technology to suggest revenue generation models. Albeit predictive in nature, this can be an extremely useful tool to the uninitiated, helping them form the basis for their investment. This feature has a provision for over 200 traits which can be delivered to those who need it, encompassing a wide array of information.
Equifax offers two different types of alerts to its users - ‘Activity Alert’ and ‘Collection Alert’ which helps them stay abreast of latest happenings. This service uses certain unique credit-activated triggers that help a lender get deeper insight about the changing financial conditions of a consumer, thereby, helping them manage their resources accordingly.
An Activity alert tells a lender that an existing consumer could be looking for credit, ensuring that they can match those credit requirements. A collection alert aims to streamline the collection process, allowing a lender time to change the process to match current trends. These alerts also showcase the ability of a borrower to repay a current debt, so a lender can make the necessary adjustments.
Equifax Risk Score
Equifax has an extensive consumer credit database which it uses to build an Equifax risk score for members. This risk score uses the latest technology to predict the chances of default by a consumer, providing scores for both, individuals with past credit history and those with no previous credit history, covering a wider range of potential customers. This information has been developed exclusively for India, using advanced technology while adhering to international standards.
Equifax is known to adopt a consumer-centric approach, ensuring that the products and services on offer, match the requirements of its customers, thereby, helping it build a strong bond with its users.