Equifax Free Credit Score/Report
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Equifax Credit Information Services Private Limited is a Credit Information Company (CIC) or a credit bureau. Similar to other credit bureaus in the country, Equifax is licensed by the Reserve Bank of India (Certificate of Registration, under the Credit Information Companies Regulation Act 2005).
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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.
How Can I Get My Free Equifax Credit Report?
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:
- Login to the Equifax App on Android or iPhone: After downloading the app on your smartphone, you will have to provide your email address in order to receive a temporary pin. You will need to login to the app using your email address and the temporary pin in order to create a 6-digit login.
- Authenticate yourself/KYC: You will have to provide all your personal information along with Aadhaar number to verify your identity. Once your authentication is successful, you will receive a one-time password on your Aadhaar registered mobile number. After you receive the one-time password, enter in the Equifax App.
- Receiving your Credit Report: Provide personal details including your gender, date of birth, and address. You will also need to give identification (ID) like Passport, PAN or, Voter ID Card. You will have to wait for 24 hours after you successfully complete the first step and then login to the Equifax App to authenticate your identity. The authentication will be based on your credit history and you will need to answer the account based questionnaire. You will have four attempts to answer three questions based on your credit history to authenticate yourself. After you successfully verifying your identity, you will receive your credit report on your registered email address. It must be noted that your credit report will be password protected. Equifax will generate a unique password for your report, which will be sent to the mobile app in your phone. You will have to login to the Equifax app in order to retrieve the password following which you can access your Equifax credit report.
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.
How do I Maintain a Good Equifax Score?
- Fix your payments: One of the biggest factors that affect your credit score is repayment behaviour, hence, it is important to pay all your bills and EMIs on time.
- Pay amount in full: It is advised to pay your credit amount in full and avoid paying minimum balance due. This hampers your credit score and also projects you as credit hungry.
- Don?t close old accounts: When you delete your old credit accounts, it cuts your credit history. This will negatively affect your credit score. The age of your credit is the another biggest factor that comprises credit score.
- Avoid multiple credit enquiries: You should avoid making multiple credit enquiries as this will trigger hard checks. The bank will carry out a hard check to determine your creditworthiness, however, each hard check reduces your credit score.
- Monitor credit report: It is a good habit to monitor your credit report from time to time as an error in your credit report can bring down your credit score. If you come across any errors in your credit report, you should dispute them at the earliest.
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Read More on Equifax
- Equifax Vs CIBIL Vs Experian Vs Highmark
- Enhanced Credit Information Report
- Basic Equifax Credit Information Report
- How to Apply for Credit Score
- How to Maintain Healthy Credit History
- Equifax ePort
- Register with Equifax ePort
- Equifax Credit Score Vs CIBIL Credit Score
- How does Equifax verify your ID?
- Product and Services Offered by Equifax Consumer Bureau
FAQs on Equifax Free Credit Score/Report
- How much does an Equifax report costs?
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.
- Does credit information in my Equifax credit report get updated every month?
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.
- What is an Equifax Credit Score?
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.
- What is an Equifax Credit Report?
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.
- Is my Equifax credit report accessible to anyone?
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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