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Equifax India Toggle navigation Business PersonalWell-nighUs HomeVisitorProfile Corporate Governance Careers Investor Relations Media Contacts Press Releases RBI Notifications Forms Credit Report Request Form Dispute Resolution Form Argentina Australia Canada Chile Costa Rica Ecuador El Salvador Honduras India Mexico New Zealand Paraguay Peru Portugal Russia Spain United Kingdom United States Uruguay Search Search Search Home FAQs Login >> Partners >> FAQs Generic Queries 1. What is a Credit Information Company? A Credit InformationVisitor(CIC) is an self-sustaining organizationlicensed by the Reserve Bank of India (RBI) that signs up banks, NBFCs and financial institutions as its members and aggregates data and identity information for individual consumers and businesses from its members. Credit reporting is very important in today's financial system and is considered a primary factor while evaluating the credit worthiness of customers and monitoring the credit circumstances of consumers and businesses. This information enables lenders to function increasingly efficiently and at a lower forfeit than is otherwise possible. 2. What is the difference between a Credit InformationVisitorand a credit bureau? They are the same and are used interchangeably by most people. 3. Why is a credit information visitor important? Credit information companies seem plane increasingly importance without credit default created havoc in the Western world, leading to the global financial crisis. Credit information companies inform banks whether a prospective borrower is creditworthy or not based on his past payment track record. The quality of information defines the worthiness of lenders to evaluate risk and of consumers to obtain credit at competitive rates. Credit reporting is a vital part of a country's financial infrastructure and is an worriedness of public interest. 4. Who are a credit information company's customers? Credit information companies service individuals (wanting to wangle their own credit reports), lenders who wangle credit reports of their existing customers and prospective customers who are applying for new loans or credit cards and businesses who are borrowing from banks and financial institutions to alimony a trammels on their reported credit history. 5. What information does a credit information visitor provide? A credit information visitor provides: To the Lender: - A consolidated view of a consumer to a lender wideness all reported loans held - The repayment history as reported by the subscribing lenders - The identification information, write and other demographic information as reported by member institutions - Topline indicators (derived attributes) based on the information provided by the data contributing members To the individual/business/consumer: - An worthiness for the consumer to wangle his credit record as seen by the lender to ensure that the information reported is accurate. - Keeping a tab on one's credit worthiness and repayment track record. 6. Who should buy a credit report? Every individual who is looking to infringe should ideally go in for a credit report. One should scrutinize the same for errors and alimony checking his report from time to time. Ideally, one should pull out a credit report every quarter. The forfeit of each report will be Rs. 138 (including taxes/handling charges). This is a small price to pay for the warranty that your credit record is reflected correctly. To get yours today, click on Forms Credit Report Request DataWangle1. Where does a credit agency collect information from? Members of the credit agency submit data of its borrowers on a regular understructure which is aggregated by the agency and presented to its members. The information contained in the credit report is derived from various members/sources which are not controlled by a credit bureau. A credit agency only reproduces information that is submitted by its members. 2. Does a credit agency requite a visualization on whether to lend or not? No, a credit report is only a statement of fact as reported by the credit bureau's members. Lending decisions are taken by member institutions that wangle these reports and may differ from member to member. 3. If I am applying in various places for a loan will it reflect in my credit report? Yes, if the loan enquiry is made on a credit agency by its member, the same will reflect in the credit report. 4. Can I wangle Equifax's data if I am not a member of Equifax but am a member of flipside bureau? No, only Equifax members are unliable to wangle the Equifax credit bureau. Individuals have full wangle to their reports. To get yours today, click on Forms Credit Report Request Accessing your report and correcting disputes 1. How do I correct my credit report? In specimen an individual finds that his credit report is not updated, he can tideway the respective financial institution or credit agency to update the credit reports. The financial institution or credit agency should take towardly steps to update the credit information within 30 days without stuff requested to do so. The credit agency can make changes in the individual's credit information only without such changes have been authorized by the concerned financial institution. If the latest report reflects the changes that the individual has disputed, the credit agency will inform the individual, mentioning that the changes are made as needed. If the changes are not made as per the individual's request, then the individual will be informed to directly contact the respective financial institution for remoter resolution of the query. In specimen it is an error by the bureau, the same will be rectified at their end. In such scenarios, the individual will be asked fill up the dispute resolution form withal with supporting documents. Post internal investigation, the agency will need to inform the consumer well-nigh the status of their dispute. Please moreover refer to the disputes and disclosure section on these FAQs. If a dispute needs to be reported, please refer to Forms Dispute Resolution Form 2. How will I know that I have been denied credit due to my repayment history on my credit report? Financial institutions which have denied credit to a borrower or consumer on the understructure of their credit information report need to intimate the consumer within thirty days of making such a decision. Once the consumer receives the intimation from the credit granting institution, he can ask for a reprinting of the credit information report which has been relied upon for the said decision. Once he has wangle to the credit report, he needs to trammels it for verism and in specimen of errors please refer to Q No. 11. 3. Some of my loans do not reflect on the credit report. Why? This could be considering either the lender from which the loan was availed is not a member of the agency or the lender is a member however is not sharing that information well-nigh the loan with the bureau. 4. Who can wangle an Equifax credit report? Equifax Members/specified users, which include leading banks and financial Institutions, can wangle information from our credit bureau. Membership is granted as per the CIC Act. Only those members who have provided all their data to Equifax are permitted to wangle credit reports. Disclosure to any other person or entity is prohibited. In the specimen of individuals, only the individual can wangle his own credit report and usually in the using form where he is applying for credit with a lender, he would have granted permission to the lender to pull out a credit report on him. If you are a credit granting institution within the definition of the same in the CICRA and would like to be a member, please refer to the Contact Us section of this website and we will get when to you. Individuals can moreover request wangle to their Credit Reports directly from Equifax. Please refer to the Forms Credit Report Request for the process of access. 5. How do I contact Equifax ? Contact us 6. What is the elapsing for which records are displayed by bureaus? All repayment, identification and write information gets updated on a credit agency and gets maintained for a period of 36 to 48 months. Managing my Credit 1. How can I maintain a good credit history? You need to be vigilant on maintaining a wipe repayment history on your loans and credit cards. Some simple steps that you can take to ensure you do not miss a payment and receive the requisite reminders and updates from your lender via SMS, Email and post: • Set up uncontrived debit instructions, • Issuing postdated cheques for the monthly installment • Updating your write and contact details with your lender If for any reason, you have missed payments on your loans and credit cards, restarting repayment to ensure that the lender detects your worthiness to correct your repayment policies is very important. This will requite you a largest endangerment to wangle credit then plane though it may come at a higher cost. With the passage of time, corrected credit policies may help you regain your "clean" credit status. 2. What impacts my credit history? Inaccurate reporting of data by the institution - Your credit report should virtuously reflect your credit history. There will be many instances where discrepancies can occur. Closed or reissued cards may still be reflected as ongoing for some individuals.Flipsidemay see previous loans which were settled in full, still reflecting as current loans. Every wait in monitoring and correcting one's credit history can have an wrongheaded impact on your credit record. Needless to say, this would have a huge impact on your worthiness to borrow. It is very important for borrowers to ensure that financial institutions provide well-judged and updated data or information to a credit bureau. In specimen a financial institution does not update a borrower's credit information plane without the request for the same, the borrowers may tideway competent authorities like Banking Ombudsman or Consumer Forum for remoter relief. Financial institutions which have denied credit to a borrower or consumer on the understructure of their credit information report needs to intimate them within thirty days of such a decision. They moreover need to forward a reprinting of the credit information report which has been relied upon for the said decision. There is moreover an onus on the credit bureau, which, without furnishing information to a financial institution or borrower, discovers that there is an error or discrepancy on its own. The credit agency has to intimate the financial institution or individual latest by the seventh day of finding the inaccuracy, error or discrepancy and take firsthand steps to correct the same. Such corrected information should be forwarded to the concerned financial institution or individual within 30 days. If it is not possible to replenish the correct information, the reason for the same and steps taken for correcting the information need to be informed to the financial institution or individual.   Suit-Filed Cases | Summary of Suit filed cases | Credit Information Companies Act | FAQs | ISO Certification  Well-nighUsWell-nighEquifax Partners Contact News Press Releases RBI Notifications Media Contacts Forms Credit Report Request Form Dispute Resolution Form Suit-Filed Suit-Filed Cases Summary Suit-filed Cases Credit Information Companies Act FAQs ISO Certification Sitemap Privacy Policy Terms of Use Copyright 2018 Equifax, Inc. All rights reserved Equifax and the Equifax marks used herein are trademarks of Equifax Inc. Other product and visitor names mentioned herein are the property of their respective owners. x