How to Apply for Credit Score

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Equifax is one of the popular credit information bureaus in India that offer a credit score. An Equifax credit score is a 3-digit number between 300 to 900 which is associated to each person. It represents credit worthiness of an individual. A higher credit score suggests an individual has a good repayment capacity. Lenders find it easier to make an informed decision by taking a look at an individual?s credit score.

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Cost of Equifax Credit Score/ Credit Report

To get an Equifax credit report an individual will have to pay a sum of Rs.138. However, in order to receive a credit score, he/she will also have to take the credit report. The cost of a credit score and credit report together is Rs. 400. At present, the payment has to be made through a Demand Draft (DD), which must be issued in favour of ?Equifax Credit Information Services Pvt. Ltd., Mumbai.? The DD must be crossed and have the account payee, a valid date, and payable in Mumbai. It is required that you mention your name and phone number on the back of the demand draft. Currently, payment for credit report and credit score cannot be made in any other mode.

Check your Credit Score for Free

How to apply for Equifax Credit score?

An individual will have to take the credit report if he/she wants to receive the credit score as well. In order to get the credit score, a person has to:

Step 1: Fill the Know your Customer (KYC) request form

Step 2: Attach self-attested copy of identity proof and address proof

Step 3: Pay the sum of Rs.400

Step 4: Send the KYC form and documents to Equifax via courier, post or speed post

You can submit any one of the following documents:

Self-attested identity proof copies (Any One):

Address proof (anyone):

Electricity bill
Landline or mobile phone bill
Credit card statement or bank statement
Gas utility bill
Ration card
Driving license
Rent agreement

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Free Equifax Credit Report/ Credit Report

Individuals who are not looking forward to spending money on their Equifax Credit score can choose to contact online platforms. These platforms have joined hands with Equifax to offer free Credit Scores. This will help a large number of people to check their credit worthiness and apply for a loan or a credit card thereby saving some money.

What affects Equifax Credit Score?

There are a total of 600 different variables that affect the Equifax credit score. Here are some of the top variables:

Past credit repayment history
Credit usability of present
Number of credit cards that one holds
Number of secured loans one has
Number of unsecured loans one has
Demographic variables
Income of the person

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