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Equifax Credit Score Vs CIBIL Credit Score

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Credit score plays a crucial role in securing loans and credit in India. CIBIL and Equifax are leading bureaus that evaluate creditworthiness. Each bureau comes with distinct scoring models, calculation methods, and impact on your borrowing potential.

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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.

What is an Equifax Credit Score?

An Equifax Credit Score is a three-digit number generated by Equifax Credit Information Services Private Limited, a global consumer credit reporting agency based in the United States. It reflects your credit history and financial behavior. The score is calculated using the data in your credit report and typically ranges from 300 to 900, helping lenders assess how reliable you are in repaying borrowed money.

The weightage allocated to the credit factors by Equifax are mentioned below:

Payment history: 35%
Types of credit: 10%
Credit length: 15%
Number of new credit applications: 10%
Credit Utilisation: 30%

What is a CIBIL Credit Score?

A CIBIL Credit Score is also a three-digit score ranging from 300 to 900, representing your creditworthiness. This score is issued by TransUnion CIBIL Ltd, India’s leading credit information company. Along with the score, CIBIL provides a detailed report showing your repayment history, loan accounts, credit utilization, and outstanding dues.

The weightage allocated to the credit factors by TransUnion CIBIL Ltd are mentioned below:

Credit Exposure: 25%
Credit type and duration: 25%
Payment history: 30%
Other factors: 20%

Types of Credit Scores

Equifax and CIBIL (Credit Information Bureau (India) Limited) are two of the major credit information companies, also known as credit bureaus, licensed in India. They collect credit data from various lenders, analyze it using proprietary algorithms, and generate the credit reports and corresponding credit scores.

Equifax Credit Score Vs CIBIL Credit Score

While both Equifax and CIBIL (TransUnion CIBIL) are licensed credit bureaus in India that provide a credit score, there are a few key differences:

Feature	CIBIL (TransUnion CIBIL)	Equifax India
Establishment & Status	India's first credit bureau (Established 2000).	India's second credit bureau (Established 2010).
Market Share/Acceptance	Has a larger network of clients and is generally the most widely used/preferred by major Indian lenders.	Has a substantial presence, and lenders now check multiple reports.
Credit Report Cost	It is expensive, which comes at a cost of Rs.164	It is cheaper and charges Rs.118 along with an additional fee of Rs.472.
Mode of Payment	Allows payment through Net Banking, Credit Card, or Debit Card.	Traditionally accepted Demand Draft only (though online payment options may have been introduced since your data).
Online Access/Process	Quick online process: Log on, complete form, answer 3-5 security questions for instant email delivery of score/report.	Process historically involved filling out a KYC form, self-attesting documents, and posting them, with delivery in approximately 7 working days.
Credit Report Format	Offers a detailed credit report.	Offers a detailed report that also includes a pictorial representation for easier understanding.
Scoring Algorithm	Uses its own proprietary algorithm developed by TransUnion.	Uses its own proprietary algorithm.
Data Recency Used	Typically focuses on credit data from the last 24 months for score calculation. (Missing Difference)	Can use credit information going back up to 7 years. (Missing Difference)
Dispute Resolution	Must be notified for discrepancies. The dispute will be resolved within a maximum of 30 working days.	Must be notified for discrepancies. The dispute will be resolved within a maximum of 30 working days.
Lender Reliance	Historically the primary source, but lenders now check multiple reports to understand overall credibility.	Checked alongside CIBIL; lenders rely on various reports before making a final decision.

Note: The pricing and specific payment/delivery methods for both CIBIL and Equifax are subject to change and may vary depending on the package or subscription chosen. Both bureaus are also mandated to provide one free full credit report every 12 months (or more frequently, as per current RBI guidelines).

How to get your Equifax or CIBIL Report?

You can access your Equifax or CIBIL report through their official websites by following the steps given below.

CIBIL Report

Visit the official website of CIBIL
Click on ‘Get Free CIBIL score and Report’.
Enter the required details.
Click on ‘Accept and Continue’.
OTP will be sent of the registered mobile number to complete the identity verification.
Check the report and download it from the website.

Equifax Report

Visit the official website of the Equifax India.
Click on ‘Get Started’
Create an account using your name, mobile number, and email address.
Complete the identity verification using OTP.
Review and verify the KFC details.
Click on ‘Run your Free Report’ on the account dashboard.

How to Improve Credit Score?

The steps to improve low credit score on your CIBIL or Equifax credit report are listed below:

To ensure the information is correct in the report, review your report periodically.
Try to ensure a healthy mix of credit types.
If credit utilisation is high, then make sure to bring it under 30%.
Make future repayments on time.
Avoid making multiple credit facilities at the same time.
To have good repayment behaviour, keep older credit card accounts open.

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FAQs on Equifax Credit Score Vs CIBIL Credit Score

1.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.

2.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.

3.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.

4.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.

5.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.

6.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.

7.How many times can I get a free credit report?

As mandated by the Reserve Bank of India in 2017, you are eligible for one free credit report per year from each credit bureau in India.