Equifax India offers consolidated reports that contains the complete information about the customers current and previous credit behaviour. CIBIL also offers credit reports that contain the credit behaviour of the customer and how much credit they have utilised and how they have repaid it and if they have missed or defaulted in any accounts.
- CIBIL is the first credit bureau company of India whereas Equifax is the second.
- The cost of acquiring the credit report from Equifax is Rs.138 and if you require credit score plus the credit information report then it will cost you Rs.400. CIBIL on the other hand offers only one Credit report that contains the credit score as well and it costs you Rs.500.
- CIBIL allows you to make the payment through net banking, credit or debit card but Equifax only accepts demand draft.
- CIBIL reports can be taken as and when you wish. Equifax gives you an option to get their credit report 4 times in a year so that you can keep a constant vigil over your financial health. For the annual subscription of Equifax credit report, you will have to make a payment of Rs.1,000. You can access your credit score once in every quarter.
- To avail CIBIL score, you have to log on to the CIBIL website and complete the online application form. You will be asked 3 to 5 questions regarding your loans to authenticate your transaction. On authentication, you will instantly receive your credit score and the report will be emailed to you. In case the authentication fails, you will be asked to send hard copy of the application form along with documents that validate your identification and address. On verifying this, you will then get a hard copy of the CIBIL report.
- To access your Equifax report, you have to fill up the KYC form and self-attest the identity and address proof. For identity proof you can submit either your voter ID card, passport, PAN card, driving license or Aadhar card. For address proof, you can submit telephone bill, electricity bill, gas utility bill or credit card statement or ration card or rent agreement. The documents will have to be posted along with the demand draft to Equifax and you will receive the credit report and the credit score the post or courier within 7 working days.
- If you find any discrepancy in the credit report that you obtained from CIBIL or Equifax, then you have to notify them and get it resolved. The dispute will be resolved within a maximum of 30 working days.
- CIBIL offers a detailed credit report. Equifax also offers a detailed report but it also provides a pictorial representation of the credit report which is easier to understand.
- CIBIL has a larger network of clients and partner banks and financial institutions when compared to Equifax.
You must access both your CIBIL credit report as well as the Equifax Credit report to understand your credit standing. The lenders now don't just rely on one report, they try to understand the credibility of a person by accessing the various reports and then take a call.
FAQs On Equifax Credit Score Vs CIBIL Credit Score
- Are the CIBIL and Equifax scores the same?
Equifax and CIBIL scores have the same score range. However, there might be minor variations in the actual score between the two bureaus for the same consumer.
- How do I report an inaccuracy in my Equifax or CIBIL score?
If you discover a discrepancy or anomaly in your credit reports, you must immediately visit the bureaus' websites and submit your concerns in the way specified there.
- Why does the credit score provided by multiple credit bureaus differ for the same person?
Every bureau uses a unique formula for calculating an individual's credit score, and the exact breakdown of these components is undetermined. As a result, the credit score of an individual differs from one credit bureau to the next.
- Who can access the credit report?
Credit reports are available in India to consumers (individuals and business entities), insurance providers, banks and financial institutions, employers, collection agencies, telecom service providers, and government agencies.
- How frequently do creditors report credit data to credit bureaus?
A majority of banks and financial institutions report new credit data to credit bureaus every month. This data is updated on the credit report of an individual by the credit bureau.
- Do CIBIL and Equifax use similar scoring techniques?
Borrowers receive a score between 300 and 900 from CIBIL and Equifax. However, the parameters used by the two bureaus to calculate a customer's credit health may differ. This can cause minor variations in the credit scores.
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
- How does Equifax verify your ID?
- Product and Services Offered by Equifax Consumer Bureau
FAQs
CIBIL allows you to make the payment through net banking, credit or debit card but Equifax only accepts demand draft. CIBIL reports can be taken as and when you wish. Equifax gives you an option to get their credit report 4 times in a year so that you can keep a constant vigil over your financial health.
Why my CIBIL and Experian credit score are different? ›
CIBIL collects data from its member institutions, which are majorly banks and financial institutions. CIBIL's score is narrower than Experian's, so there could be gaps in the client's information, which then impacts the credit score.
Is Equifax or FICO more accurate? ›
No credit score is necessarily better or more accurate than the other. However, your credit score can make a difference when you're trying to get a mortgage, auto loan or personal loan. Lenders typically use your FICO® Score to gauge your creditworthiness.
What is the difference between credit score and CIBIL score? ›
The credit score calculated by CIBIL is known as the CIBIL score. So, the only difference between CIBIL and credit score is that credit score can be provided by any of the 4 credit bureaus in India. But only CIBIL provides CIBIL score. A credit score from any of the 4 credit bureaus is equally valid.
Which CIBIL score is accurate? ›
TransUnion CIBIL is among the oldest and most reputable Credit Information Companies in India. Nearly all leading organisations are members of the bureau.
Why is Equifax and CIBIL score different? ›
CIBIL offers a detailed credit report. Equifax also offers a detailed report but it also provides a pictorial representation of the credit report which is easier to understand. CIBIL has a larger network of clients and partner banks and financial institutions when compared to Equifax.
Which is the most accurate credit score? ›
Simply put, there is no “more accurate” score when it comes down to receiving your score from the major credit bureaus.
Why is Equifax the lowest score? ›
Why is My Equifax Score Lower Than TransUnion? The lower Equifax number is a common concern for many people. The reason that this score is lower than your TransUnion score is based on the fact that TransUnion adds personal information and employment data that is weighted into their model.
Why is my FICO and CreditWise score different? ›
Both FICO and CreditWise use one of the three nationwide consumer credit reporting companies: Equifax, Experian, TransUnion. FICO uses Equifax, whereas CreditWise uses TransUnion. Checking your score on different platforms can result in differing scores.
Why is my FICO Score so much higher than my Equifax score? ›
When the scores are significantly different across bureaus, it is likely the underlying data in the credit bureaus is different and thus driving that observed score difference.
The CIBIL, Experian, CRIF High Mark, or Equifax credit scores are all used by Indian banks to gauge the creditworthiness of borrowers. All of them are authorized by the Reserve Bank of India and regulated by the Securities and Exchange Board of India (SEBI).
What is a good CIBIL score? ›
Why my CIBIL score is different? ›
Why does the score differ? It's vital to note that there are different versions of credit scores used by various bureaus and lenders. Each bureau may use its own scoring model or variation of a scoring model, which can lead to small discrepancy in the score range.
Can CIBIL be wrong? ›
Mistakes may occur in your credit report owing to several reasons like a misprint, incorrect information conveyed by the lender to CIBIL, duplicate entries, or mistakes pertaining to your basic details. In order to rectify the mistakes, it is important for you to know the process behind a CIBIL report correction.
Is CIBIL or Experian better? ›
Experian is a global credit bureau, while CIBIL is India's first credit bureau and operates solely in India. Another difference is that Experian has a credit score range of 300-900, while CIBIL has the same credit score range but is referred to as the CIBIL score.
Is Equifax credit score accurate? ›
TransUnion vs. Equifax: Which is most accurate? No credit score from any one of the credit bureaus is more valuable or more accurate than another. It's possible that a lender may gravitate toward one score over another, but that doesn't necessarily mean that score is better.
Why does Experian show a different credit score? ›
Lenders don't always report information to all three bureaus, however, which means there are often differences among your credit reports (and the scores based upon them). Because your credit reports can differ, your scores are unlikely to be the same.
Are Experian credit scores accurate? ›
Credit scores from the three main bureaus (Experian, Equifax, and TransUnion) are considered accurate. The accuracy of the scores depends on the accuracy of the information provided to them by lenders and creditors. You can check your credit report to ensure the information is accurate.
Why is my credit score better on Experian? ›
Many lenders furnish information to all three major credit bureaus, but some may furnish information to just one or two of them. This difference in data results in distinct credit reports with each bureau and can lead to differing credit scores across the bureaus.
