It is the first thing lenders look at when you apply for a loan or a credit card. Your creditworthiness is determined by your credit score. How to Maintain a High Equifax Credit Score? Alternatively, you may sign up for Equifax Core Credit using your myEquifax account credentials and get a free Equifax credit report.You can also get 6 (six) free Equifax credit reports each year to check your credit score by creating a myEquifax account.To get a free copy of your Equifax credit score reports every 12 months visit.However, there are other ways as well to get a free Equifax credit score report that are listed below: How to Apply for Equifax Credit Score Report for Free?Īs per the mandate by the Reserve Bank of India, every credit bureau has to provide a free credit report in a year to the consumers when demanded. Basis the information gathered from your Equifax credit report, they make their decision on your loan or credit card application. So, whenever a lender or financial institution assesses your Equifax credit report, they can see all your repayment history along with the credit score you have been assigned by Equifax. The credit score is then updated on the consumer’s credit report by Equifax. All these factors are taken into consideration and using their own scoring model, Equifax credit score is calculated. How is the Equifax Credit Score Calculated?Įvery customer's credit activity, including payments on loans and credit cards, assigned vs used credit limit, the age and number of credit accounts they have, and the status of those accounts, is reported to Equifax by member banks and non-banking financial institutions (NBFCs). Here’s a snapshot of the Equifax credit score range: If you have a low Equifax credit score, lenders may not agree to lend money to you or you may not get a loan or credit card on your desired terms. Higher your Equifax credit score is, more responsible you are as a borrower. They can use it to decide on interest rates, the size of the loan, the credit limit, etc.Įquifax credit score is a three-digit number that ranges from 300 to 850. Before extending credit to you, lenders, banks and financial institutions might use these records to assess your creditworthiness. The credit bureau also keeps track of all credit-related activities of people and businesses, including loan and credit card transactions.Īll of a customer's credit related activities are collected and recorded by Equifax. The credit bureau compiles and organises the data they receive from various reliable sources into an accessible form, generates credit information reports, and calculates Equifax credit scores. It primarily offers credit information about consumers and businesses. The registered name of Equifax in India is Equifax Credit Information Services Private Limited (ECIS). Learn how to generate Equifax credit score report for free in this article. Based on their repayment history, a credit score is generated by Equifax that is generally used as a parameter by lenders and financial institutions in the nation to assess your creditworthiness. Equifax is one of the credit bureaus of India that has the record of all the consumers and their repayment history.
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