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Equifax Credit Score Vs CIBIL Credit Score

Equifax Credit Score Vs CIBIL Credit Score

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Equifax Credit Score Vs CIBIL Credit Score
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Equifax and CIBIL are credit bureaus that receive financial data from different financial

institutions across the nation. Based on the data received on the consumers and businesses,

they provide a rating that helps to gauge their creditworthiness.

Equifax and CIBIL are two of the four credit information businesses authorised to operate in

India. Experian and High Mark are the other two credit information businesses. Credit related

activities of consumers are collected and recorded by these organisations. The data collected is

then analysed to produce consumer credit scores and credit information reports.

You know how important your credit score and history are if you have ever inquired for a loan

or a credit card. Are there any variances in the credit scores supplied by the different bureaus?

What should you do if your scores from two separate credit bureaus differ?

Let us dig deeper to find out some more details about Equifax and CIBIL credit score services.

Equifax Credit Score Vs CIBIL Credit Score

Equifax and CIBIL amass the whole financial history of a consumer, including current and

previous borrowings, repayments, and credits, into a single report that comprises all of the

information. Here’s how these two credit information bureaus differ:

Parameters

Equifax India

CIBIL

Established

2010

2000

Credit Score Range

300-900

300-900

Products and Services (For

Consumers)

 Credit Information

Report

 Credit Score

 Dispute Resolution

 Credit Information

Report

 Credit Score

 Dispute Resolution

Products and Services (For

Members)

 Equifax Risk Score

 Portfolio Review

 Alerts

 Customer Acquisition

 Portfolio

Management

 Consulting and

Analytics

Cost of Retrieving the Credit

Report

Rs. 118

Rs. 164

Number of Credit Reports

you can Retrieve

4 per year

Unlimited

Cost of Retrieving Credit

Report with Credit Score

Rs. 472

Rs. 550

Time Taken to Receive the

Credit Report

 1 day via email

 7-10 days via

post/courier

7 days via post/courier

Accepted Payment Mode

Demand Draft

Net Banking, Debit Cards,

and Credit Cards

Dispute Resolution Process

Download the Dispute

Resolution Form available

on the website. Fill out the

form and attach the relevant

documents before mailing it

to the bureau's address

through mail, courier, or

speed post.

Resolution Form available

on the website. Fill out the

form and attach the relevant

documents before mailing it

to the bureau's address

through mail, courier, or

speed post.

You can download the

dispute resolution form

on CIBIL website, fill it

and submit. Or, you can

raise a dispute about

your credit report offline

by writing to CIBIL along

with supporting

documents.

Equifax and CIBIL credit scores are in the same ballpark range. However, discrepancies in exact

scores between the two bureaus for the same consumer may occur, albeit they are unlikely to

be substantial. Equifax and CIBIL gather information about you to create your credit report,

which is then used to calculate your credit score, that indicates your odds of getting approved

for financial products. Due to a bad credit score, you may have been denied a loan, credit card,

or mortgage application.

There are steps you can take to repair your credit report if you are having trouble borrowing

money because of it. Keep in mind that it takes time to establish a track record of sound

financial decisions and, hopefully, boost your credit score.

1. Pay your bills on time, ideally with an amount more than the minimum that is due.

2. Close any unused credit accounts, as some lenders may consider them adversely.

3. If you have no credit history, use a credit builder card to help you improve your credit

score over time.

4. Examine your credit report for any mistakes. An error could result in your credit

application being denied due to a poor credit score.

A credit score is a numerical rating that might increase or decrease based on your personal and

financial circumstances. There is no such thing as a universal credit score, despite the fact that

some people believe there is. In actuality, different credit rating agencies and lenders will issue

you a credit score based on the information they have and their own scoring system and scale.

This can make comparing different scores difficult because they will vary based on how they

were calculated.

The end purpose of any tool a lender uses to assess your creditworthiness, whether it's a credit

rating or various forms of credit scores, is to anticipate how likely you are to repay your loans.

Making on-time payments and appropriately using credit in the past can help indicate that you

can repay loans in the future.

Your credit report can influence things like receiving car financing, in addition to influencing

your eligibility to get financial products like loans and credit cards. Lenders may also consider

information in your application, such as your salary, as well as data from previous transactions

with you, such as if you have used their products and services before.

Hence, rather than wondering about the scoring models of the different credit information

bureaus, work on improving your credit score.