Checking your credit score at regular intervals is a good way to keep a check on your financial behavior. If you are searching for Equifax check credit score, read ahead to know more about it.
The credit score is a 3-digit score that is representation of the creditworthiness of a borrower. It ranges from 300 to 900 and a higher score is considered better.
Credit information bureaus collect information about repayment patterns and credit behavior of customers and collate it into a credit report. Lenders can refer to these credit scores and reports to help them understand the risk involved in approving credit.
Equifax is one of the top four credit information bureaus in India. It is recognized by the Reserve Bank of India and the Securities and Exchange Board of India. The score generated by Equifax is known as the Equifax credit score.
If you are searching for an ‘Equifax check credit score’, you are at the right place. You can easily check your Equifax credit score and report online for free. To do so, follow the steps given below -
STEP-1: Go to the official Equifax website. Click on ‘Get Started’ → ‘Get Your Free Equifax Credit Report’.
STEP-2: Fill in your name and Email ID in the form that opens up. Click on ‘Send OTP’ and enter the OTP that you receive in your email.
STEP-3: Enter your mobile number and click on the ‘Send OTP’ button. Enter the OTP you get on your number.
STEP-4: Click on the ‘Next’ button. On the next page, enter a password according to the guidelines provided and confirm it.
STEP-5: Fill in your date of birth, gender, address, city, state, and PIN code. Select an ID and enter the ID number. Click on the checkbox beside the terms and conditions and the captcha.
STEP-6: Click on ‘Finish’ when done. A message with ‘Congratulations! Your registration is completed’ will flash on the screen. Click on the ‘Login’ button below the message.
STEP-7: Enter your email ID and password, and click on ‘Log in’ to enter the Equifax website and fetch your credit report.
STEP-8: Once logged in, you will be directed to the dashboard. Click on the ‘Run a Free Report’ under the Consumer Credit Report section.
STEP-9: The ‘My Credit Reports’ page will open up. Click on the ‘Run Your First Free Credit Report’ → ‘Continue’.
STEP-10: You will see a pop-up message saying ‘Your report is generated successfully. You can download it from the below list.’ Click on ‘Close’.
STEP-11: You will see that your report has been generated. You can download or view the report by clicking the arrow button below the ‘Download/View’ option. You can easily view the report that is downloaded into your system.
The Equifax credit score, like other credit scores in India, ranges from 300 to 900. A higher score is always considered better, but any score about 700 or 750 is enough for most credit products. The ideal credit score, however, depends on the type of credit you are applying for.
Here is a detailed breakdown of the various ranges of the Equifax credit score and what they mean -
| Equifax Credit Score Range | Meaning |
|---|---|
|
800-900 |
Exceptional |
|
740-799 |
Very good |
|
630-739 |
Good |
|
580-669 |
Fair |
|
300-579 |
Poor |
Now that you know how to check your Equifax credit score online, let’s look into the factors that affect your credit score.
Making timely payments of your EMIs and credit card bills has a positive impact on your credit score. If you delay payments or end up missing payments, it can affect your credit score negatively.
So if you are facing financial difficulty on a certain month, consider paying the minimum amount by the due date to maintain your credit score.
This refers to the length of your credit history, or how long you have been actively taking and repaying loans. A longer credit history means more transactions to gauge your financial behavior, which makes you appear less risky to the lender.
The CUR refers to the ratio between the amount of credit availed to the total amount of credit available to you. Ideally, you should maintain a CUR of under 30%. Having a higher CUR may make you look hungry for credit.
Having various types of loans proves to the lender that you can maintain a variety of payments. Build a good credit mix by taking secured loans, unsecured loans, as well as credit cards.
If you make too many credit inquiries, it again makes you look credit-hungry. Every time you apply for a loan and the lender checks your credit report, it is known as a hard pull, and it gets recorded in your credit report.
Thus, it is a good idea to check your credit score in advance, and not apply if you don’t have a satisfactory score.
Equifax is headquartered in Atlanta and it started its operations in India in 2010. It is a well-recognized credit information bureau used by various banks, NBFCs, and lending institutions.
Please note that even though a good credit score is a huge factor in procuring a loan, it is not the only one. Other factors like your income, job stability, relationship with the lender, debt-to-income ratio, etc. all play a role in getting a loan.
You can easily build a better Equifax credit score by making timely payments, monitoring your score regularly, and planning your loans in advance. In case you are new to credit and don’t have a high credit score, you can still get instant personal loans from moneyview. To know more, check out our website or download the moneyview app.
You can fetch one report for free from the Equifax website. But if you want constant updates, you will need to pay a nominal subscription fee of Rs.250.
Yes, Equifax has been operational in India since 2010.
Both CIBIL and Equifax are recognized by RBI and SEBI and are equally accurate. They have separate algorithms to generate credit scores, and CIBIL is more commonly used in India.
In India, the range of the Equifax score is 300-900. In general, the range of Equifax is 300-850.
Any bank, NBFC, or other lending institutions that give out loans use Equifax. But, it is not that commonly used in India.
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