CIBIL VS. Equifax Credit Report – All the differences you need to know

Be it an Equifax credit report or a CIBIL credit report, all lenders check your credit history and score while reviewing your application for any type of credit. These details give them insights about your financial standing and creditworthiness. 

However, you don’t get the same score from all bureaus, nor do all lenders access your credit report from the same bureau. Some may use the report generated by TransUnion CIBIL, while some rely on Equifax or other credit bureaus. 

Since these reports have an impact on your eligibility, understanding the difference between them is crucial in choosing a lender with whom you have the best chances of approval. 

So, read on to know what CIBIL and Equifax scores are, their differences, steps to check them and more. 

What is the CIBIL Score?

Generated by TransUnion CIBIL, your CIBIL score is a three-digit numeric representation of your creditworthiness. It ranges between 300 and 900 and a higher score represents a good credit history and behaviour. The bureau calculates this score based on the information present in your CIBIL report. 

Your CIBIL report includes all your account details, such as repayment history, types of credit taken, number of accounts, account duration and more. TransUnion CIBIL assigns a fixed weightage to the four main credit factors in the following manner: 

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

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What is the Equifax Credit Score?

This is also a three-digit score ranging between 300 and 900 generated by Equifax Credit Information Services Private Limited. Given this, the scoring method differs, and therefore, your score does too.  

To calculate your score, the bureau allocates the following weightage to these credit factors:

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

Differences Between CIBIL and Equifax 

Here are the key differences between the two credit bureaus:

Particulars	CIBIL	Equifax India
Date Established	2000	2010
Credit Report	CIBIL credit report gives detailed information under different categories	Equifax credit report has in-depth data along with a pictorial representation
Credit Score Range	300-900	300-900
Factors considered	Repayment history, credit exposure, type, and duration	Repayment history, credit utilisation, credit length and type
Dispute resolution	Can raise a dispute online and offline	Can file a dispute through the website or by emailing nodal officers
Subscription	₹550 onwards	₹250 onwards

How to Check Your CIBIL and Equifax Scores for Free

You can get one free CIBIL and Equifax credit report with a credit score annually, which you can generate on the respective bureau’s official website. 

Here are the steps to get a free credit report and score from the CIBIL website. 

• Step 1: Go to the CIBIL website 
• Step 2: Click on ‘Get Free CIBIL Score & Report’
• Step 3: Enter the required details and click on ‘Accept and Continue’ 
• Step 4: Verify your identity with an OTP on your registered mobile number 
• Step 5: Check and download your CIBIL report

To generate a free Equifax credit report with your credit score, follow these steps:

• Step 1: Visit the Equifax India website and click on ‘Get Started’ 
• Step 2: Create an account with your name, email address and mobile number
• Step 3: Verify with OTP
• Step 4: Review and verify your KYC details 
• Step 5: Go to your account dashboard and click on ‘Run your Free Report’

Once you have downloaded the credit reports, you can check your scores and review your credit history. If you notice any errors or discrepancies in either of the reports, you can raise a dispute with the concerned bureau. 

How to Improve Your Credit Score

If you notice a low score while reviewing your CIBIL or Equifax credit report, here are some tips you can implement to improve it. 

• Review the report to ensure information is accurate and raise a dispute if it isn’t 
• Make all your future repayments on time
• Bring your credit utilisation under 30% if it is higher
• Avoid applying for multiple credit facilities frequently
• Assess the credit types you have experience with and try to ensure a healthy mix going forward
• Keep older credit card accounts open to have a record of good repayment behaviour over a period of time 

With these tips, you can easily improve your score. Remember, most lenders prefer a credit score of 700 and above. However, with Fibe, you can apply for a loan without worrying about your credit score. 

We rely on a proprietary alternative credit scoring method and thus, offer credit to borrowers who are new to credit or have less-than-ideal scores. You can easily apply for an  Instant Personal Loan and get up to ₹5 lakhs with minimal paperwork and at a pocket-friendly interest rate. Download our Personal Loan App or register on the website to apply. 

FAQs on CIBIL Vs Equifax Scores

Which is better, CIBIL or Equifax?

Both bureaus are equally good in terms of reliability and validity. However, TransUnion CIBIL is more commonly used by Indian financial institutions. 

Is Equifax an accurate credit score?

Yes. However, there may be a possibility of discrepancy if the information submitted by the financial institution is not updated to the latest transaction or if you have made a payment after the institution has submitted your details. In this case, you can raise a dispute to rectify the errors.

What is a good score in Equifax?

The credit score for Equifax ranges between 300 and 900, but any score above 700 is considered a good score. However, this may vary depending on the financial institution you choose.