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.

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.

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.

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.

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.

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.

How many times can I get a free credit report?

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

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Equifax Credit Score Vs CIBIL Credit Score

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Equifax India and CIBIL are credit information bureaus. Both the credit information bureaus offer credit reports and credit scores of customers to their clients.

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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 that reflects your credit history and financial behavior. It is created by Equifax, a global consumer credit reporting agency based in the United States. 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.

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. Maintaining timely repayments and responsible credit usage can help you keep a strong credit score, which is essential when applying for loans such as home loans or business financing.

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	Offers a single Credit Report (includes score) for ₹500 (as per your data, costs may vary by package/time).	Separate options: Credit Report for ₹138 or Report + Score for ₹400 (as per your data, costs may vary).
Subscription/Access Limit	Reports can be accessed as and when you wish (unlimited access via paid subscriptions).	Offers an annual subscription (e.g., ₹1,000) for access to reports 4 times a year (score once per quarter).
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 \approx 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

Step 1: Visit the Website: Go to the official CIBIL website (cibil.com).

Step 2: Choose "Get Your Free CIBIL Score & Report" or a paid subscription plan.

Step 3: Provide your personal information, including Name, PAN, Date of Birth, and registered Mobile Number.

Step 4: Complete the OTP (One-Time Password) verification on your mobile number.

Step 5: Successfully answer 3-5 security questions based on your existing loans/credit cards for instant identity verification.

Step 6: Your CIBIL Score and Credit Report are delivered instantly to your registered email address.

Equifax Report

Step 1: Visit the Platform: Go to the official Equifax India website or download the Equifax mobile app.

Step 2: Create an account using your email, mobile number, and set a password.

Step 3: Identity Verification: Submit KYC details (like PAN/Aadhaar) and verify your identity, often through an OTP sent to your Aadhaar-registered mobile number.

Step 4: Complete the process by correctly answering a few questions about your credit history.

Step 5: Your Equifax Score and Credit Report will be available on your dashboard or sent to your registered email (sometimes within 24 hours of successful verification).

You must access both your CIBIL credit report as well as the Equifax Credit report to understand your credit standing. The lenders now don't just rely on one report, they try to understand the credibility of a person by accessing the various reports and then take a call.

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FAQs on Equifax Credit Score Vs CIBIL Credit Score

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.
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.
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.
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.
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.
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.
How many times can I get a free credit report?
As mandated by the Reserve Bank of India, you are eligible for one free credit report per year from each credit bureau in India.