In India, CIBIL is the first company to enter for providing the credit score and credit history for the bank’s customers. All the banks in India check with CIBIL for the details of the customer after receiving the application. Last week I have published an article about the online application to get the CIBIL report. This CIBIL report tells the details like your existing loan amount, what is the EMI and if you have missed any repayment schedule that too would be provided to the banks. Customers can request for this report and correct it if there is any mistakes in the data. In this article we will know about the new company Equifax to get the risk score. Please subscribe to our future articles here.
What is Equifax Risk Score?
Equifax is the new entrant to provide the risk score for the bank’s customers. It is an US based company, entering to India for their support. Unlike the CIBIL report, Equifax promising to provide the risk level of the customers who are applying for the loan. That means, based on your financial status and loans, they would predict the possible default in your payment for the next 24 months. Banks can take this an additional details to approve the loan applications. Their site says:
It is especially important to validate the repayment abilities of new entrants to the consumer lending market, particularly for those where credit information / history available is limited.
How to apply for Equifax Risk Score?
At present, there is no online payment facility to get the risk score. They are accepting the payment only through the DD, otherwise they would not accept it. The following are the process:
- Look in to this page
- Fill this form completely.
- Take the DD for Equifax Credit Information Services Pvt. Ltd., Mumbai, Rs. 138 or Rs. 400. The report is of two types. (Equifax Credit Information Report without your Equifax Risk Score or with risk score).
- Take the identity proof as mentioned in their website.
- Proof of address
- Send to their address and keep the following points in your mind:
- All photo copies should be self-attested
- Please ensure that ID card numbers and photographs are clear and visible.
- All bills should be within 3 months from the current date.
- All ID proof documents with validity dates should be valid at the time of sending the request.
- The name and address on the documents should be of the request
- The address should be clear and visible
Since they are new to the industry, there are not many feedback in the market. Soon I would come up with the detailed review on their risk score and whether it could be useful for the banks. As of now all the banks are happy to use the CIBIL report because they are providing more details about the customers.
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