- HOW IT WORKS?
- Credit Score & Report
- Credit Bureaus
Necessary financial assistance if not received at the needed time becomes futile to a consumer. Equifax apart from its wide array of financial services also offers its clients- Credit Information Report service. A credit information report is a credit report that contains comprehensive data analysis of key financial details of a borrower.
This report helps lenders make all assessments so as to judge the credit worthiness of the borrower- probability of repaying the loans timely. Thus, a credit information report affects one’s financial future greatly.
A credit information report contains the following information:
- Personal details like name, age, DOB, address etc.
- Identification details like Aadhaar card number, PAN, Driver’s License number etc.
- Credit summary details like amount of different credits taken till date, instalments or amount overdue, repayment schedule etc.
- Different account wise information for every bank account and the loans or credit outstanding with them.
- Inquiries the consumer’s credit account has received.
Necessary formalities to be obliged for receiving Equifax Credit Report
It is rather easy to check a credit report, however; this simplistic process requires a consumer to complete few necessary formalities (detailed below) before the receipt of the report:
1. KYC (Know Your Customer) formalities: A KYC request form must be filled in correctly by the consumer to make him/her eligible for receiving a credit report. A KYC form can be either obtained from the Equifax website or by dropping a KYC form request email to Equifax’s customer care.
2. Relevant Documents: Documentation that authorizes identification of the consumer such as address proofs, ID proofs, self-attested versions of something equivalent are imperative for obtaining a credit report. Example: Self-attested PAN/Aadhaar copy, Electricity bill, Water bill etc.
3. Service Fee: An Equifax Credit Report can be purchased after payment of a basic service fee of Rs. 400. However, mere access to the report can be availed by at Rs. 138 paid through a demand draft in favor of Equifax.
4. Submission: All necessary documents and the service fee along with the credit report application form should be delivered to Equifax office either through post or by courier.
Eligibility requirements for receiving an Equifax Credit Report
1. Self-attested or copy of self-attested ID proof of the consumer such as Voter’s ID card, Aadhaar, PAN, Passport or Driving License.
2. A Copy of address proof such as ration card, electricity bill, telephone bill, bank statements etc that vouchers for address identification of the consumer.
3. Documents shared should not be more than 3 months old. They must have a clear picture of the consumer and his current address.
4. Cash payments or cheque deposits shall be detrimental in obtaining an Equifax credit report. Only through a demand draft can a consumer pay the service fee of obtaining a credit report. Furthermore, the DD must be crossed and must contain consumer’s name and contact number. It should be addressed to Equifax only.
How can a consumer access their Equifax Credit Report
Since, a credit report contains strictly confidential information; utmost privacy of it is maintained. Thus, it is not open for public viewing and can be accessed by registered consumers only and never by any other third person. However, there is an exception for financial institutions that are associated with Equifax to access the credit report of a consumer.
This exception is awarded to them because these associations help consumers by not just providing finance borrowings only, but also offer assistance in improving a consumer’s credit report. A credit score of 750 is considered minimal for obtaining credit. Anything below 750 calls for further financial assistance that Equifax along with its allies provides to their users.