Understanding Equifax India Credit Report and Credit Score

Equifax is one of the four major RBI-licensed Credit Information Companies (CICs) that generate credit reports and credit scores to help lending institutions assess your creditworthiness.

By checking your Equifax India credit report, you can understand what lenders may see when you apply for loans or credit cards. This knowledge helps you make informed financial decisions. Let’s dive a little deeper into what your Equifax credit score is, how you can check it, and the factors affecting your Equifax credit score.

Features of Credit Score by Equifax India

• Equifax collaborates with lenders to offer detailed insights into a borrower's risk profile and creditworthiness.

• The Equifax credit score reflects your borrowing behaviour and plays a key role in determining loan approvals.

• Equifax credit scores range from 300 to 850. Within this range, scores can usually be placed into one of five categories: poor, fair, good, very good, and excellent.

• Equifax India credit reports provide a detailed overview of your credit history, including outstanding debts, repayment patterns, credit utilisation ratio, and more – offering a comprehensive view of your financial health.

Steps to Check Your Equifax Credit Report

• Visit the official Equifax website and create an account if you don’t already have one.

• After logging in, look for the option such as “Run your Free Report” or a similar prompt on your dashboard.

• Click on this option to access your report. Generally, you can access one free report per year, with paid plans allowing more frequent checks.

• Alternatively, several third-party financial platforms also provide free access to your credit report and score.

Factors That Affect Your Equifax Credit Score

1. Loan Repayment History: Missed or delayed payments on loans or credit cards can lower your credit score, while timely payments help boost the score.

2. Credit Utilisation Ratio: This is the percentage of your available credit that you are currently using. Ideally, this should be below 30% to maintain a healthy credit score.

3. Multiple Credit Applications: Each loan or credit card application triggers a hard enquiry. Multiple enquiries within a short period can negatively affect your Equifax credit score.

4. Length of Credit History: The duration for which your credit accounts have been active also matters. A longer and well-managed credit history usually contributes positively to your credit score.

Conclusion

Lenders often use Equifax credit checks to assess the likelihood of timely repayments. Since credit scores significantly influence your ability to access loans and favourable terms, it’s important to understand the behaviours that impact your credit profile.

At SMFG India Credit, eligible applicants with a credit score of 750 and above can access personal loans of up to INR 30 lakhs* at competitive interest rates. Estimate your EMI obligations and apply online today with minimal documentation!