Equifax Credit Score Information

Equifax Credit Score Information

Learn about the Equifax Credit Score in this article, along with tips for maintaining a high Equifax Credit Score. Equifax is one of the four credit reporting agencies in India. It compiles and maintains data on borrowers' credit histories. Equifax's credit reports and ratings are available to both borrowers and lenders.

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Borrowers have access to the Equifax score, which they may collect, examine, and manage to put them in a good position when making a loan or credit card application. Lenders may request an applicant's Equifax score from the credit bureau in order to evaluate their creditworthiness. Continue reading to find out more about Equifax's credit report and score.

The Equifax credit report's features  

It helps lenders assess a potential borrower's creditworthiness or the risk of giving them money.

Knowing your own score may make it easier for you to monitor and assess the health of your credit.

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Your credit report includes details about your credit history, including its duration, credit utilization ratio, number of accounts, newly opened credit accounts, and repayment history.

How do I obtain a free credit report from Equifax?

How to obtain a free Equifax report Register an account: You must enter your email address after downloading the Equifax app on your smartphone in order to get a temporary pin. Either an iPhone or an Android device can be used for this. You must first log onto the app with your email address and the temporary pin in order to get a 6-digit Equifax login.

Authenticate yourself/KYC: You must provide all of your personal information & your Aadhaar number in order to establish your identity. If your authentication is successful, a one-time password will be sent to the cell phone number associated with your Aadhaar.

Once you've been given the one-time password, open the Equifax App. Credit report: Be sure to give your address, gender, and birthdate when requesting your credit report. You will also need to present identification (ID), such as a passport, PAN, or voter identification. You must wait 24 hours after successfully completing the first step before using the Equifax App to confirm your identification. Your answers to an accountbased questionnaire are required, and your credit history will be used for authentication.

You will have four opportunities to reply to three questions based on your credit history in order to verify your identification. The email address you have on file will receive your credit report once your identify has been correctly validated. You will need a password to access your credit report. Equifax will send a unique password for your report via email to the mobile app on your phone. You must first complete the equifax log in to the app in order to acquire the password and view your Equifax credit report.

Equifax's credit score calculation Utilized credit type: The type of credit you use has an impact on your credit score (secured or unsecured). It is advantageous to have a good credit mix, or a balance between secured and unsecured credit. When lenders realize that you have previously handled multiple sources of credit flawlessly, they feel more confident. Your chances of obtaining a loan or credit card in the future are increased.

Newly submitted credit application: The quantity of recent credit applications you submitted can also have an effect on your credit score. The fact that you have applied for numerous new credit cards or loans suggests that you are credit-hungry, which could damage your credit score.

Payback history: Your history of timely credit repayment has a big impact on your credit score. Your credit score increases if you have a history of making on-time payments on your credit card bills & loan EMIs. Credit utilization ratio: This measures how much of all loans, credit cards, and overdraft accounts' total credit limits have actually been used. It indicates a greater reliance on credit and an increased burden of repayment when a credit card has a high credit usage ratio (between 90 and 100 percent). This can have an impact on your credit score. 30 percent or less credit utilization implies more creditworthiness and may improve your credit score.

Duration of credit history: The length of your credit history, or the period that credit accounts have been open, has an effect on your credit score. A long history of responsible credit behaviour typically has a positive effect on your credit score.

How to keep a high Equifax score Establish a payment schedule: It's crucial to pay all of your invoices and EMIs on time because your repayment behaviour has a big impact on your credit score.

Pay the entire amount due: It is not recommended to pay your credit card balance down to the minimum. As a result, your credit score declines and you are perceived as being credit-hungry.

Refrain from cancelling outdated accounts: Keep accounts open because closing them could reduce your credit history. Another crucial element of your credit score is your credit history.

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