FREE
Credit Counselling

022 4012 4545

Bootcamp center

10,000 people are
CreditVidya certified. Are you?
Visit Bootcamp Center

Equifax

cb107n7Equifax Credit Information Services Private Limited is a joint venture between Equifax a global player in information solutions and six leading financial institutions - Bank of Baroda, Bank of India, Kotak Mahindra Prime, Religare Finvest, Sundaram Finance and Union Bank of India. The company is headquartered in Mumbai and has branches in Bangalore and Gurgaon. Equifax received license from the Reserve Bank of India (RBI) to operate as Credit Information Company in March 2010. It started its operations in India in September 2010 and is the third credit bureau to be established in India.

Equifax consumer credit database is a leading information services source for the credit granting community. It allows lenders to make faster, more informed credit granting decisions; enabling them to manage their risk and maximize growth opportunities. Equifax leverages on the information provided by more than 150 member banks. It offers analytics and data management services to its members.

The company recently launched its intelligent alert services for its member banks. It informs member banks if their clients are opening new accounts or buying new credit lines. If a borrower defaults on a loan, the company informs all banks offering credit to such a customer, which in turn helps banks to be cautious in risk management. The company's expertise in analytical solutions can improve robustness and timeliness of decisions and processes across the marketing and credit lifecycle.

Through its data management services the company helps institutions to convert customer data into critical business insights. It offers basic consumer credit information report to individuals. One can procure Equifax Credit Information Report without an Equifax Risk score by paying through a demand draft of Rs 138. For credit information report with Equifax Risk Score one has to pay Rs 400. Equifax also offers Credit information report and Risk score for one year for Rs 1000. A borrower receives four credit information reports a year. This facilitates the borrower in keeping a track of their credit report round the year.

Equifax has worked with Microfinance Institutions Network and has enabled Swift set-up of a microfinance Bureau in June 2011. In India, micro finance remains a key opportunity since a substantial portion of the population does not have access to commercial banking services. Equifax's solutions help commercial banks to manage their risks in micro finance business.

Equifax Inc is a global player in information solutions headquartered in Atlanta, USA. The company uses consumers' databases with advanced analytics and proprietary technology to provide customised solutions. It employs 7000 people in 15 countries in North America, Europe and Latin America. The company is listed on New York Stock Exchange and it is a part of Standard & Poor's 500 Index. Recently Equifax Inc was named in 'Top 50 Service Provider' by Mortgage Technology Magazine.

About Credit Vidya

We, at Credit Vidya, believe in empowering you. Because we believe that knowledge is not only power but also gives you a sense of belonging. We believe in supporting the consumers by not being their crutch but as catalysts and enablers.

Get FREE Updates

Filled with news, money-saving tips and financial how-tos to live your richest life.

Credit Tips

Make sure that all deals and offers agreed upon are supported by relevant papers. You should always ask for a letter in a banks letter-head mentioning the likes of, exact rate of interests, processing fees, pre-payment charges along with interest-schedule.

Read more tips

Success Stories

Dr. K. S. Sobhana

Dr. Sobhana, a Senior Scientist with Central Marine Fisheries Research Institute, was having trouble with her auto loan because of her CIBIL report. She spoke to one of our Credit Experts and ...

More Success stories