Equifax Credit Information Services Private Limited (ECIS) is a Credit Information Company or credit bureau that has been licensed by the Reserve Bank of India, under the Credit Information Companies Regulation Act of 2005. They obtained their Certificate of Registration in March 2010.
The company is the Indian subsidiary of Equifax Incorporated, a well-known consumer credit reporting agency which was founded in the US in the year 1899. It currently operates in 15 countries. The Indian arm ECIS is a joint venture (JV) between Equifax Incorporated and 7 different financial institutions from India: Kotak Mahindra Prime Ltd, State Bank of India, Religare Finvest Limited, Union Bank of India, Sundaram Finance Limited, Bank of India and Bank of Baroda. Headquartered in the financial capital of India, Mumbai, with branches in Bengaluru and Delhi, Equifax has close to 1300 registered members on board.
Equifax is in the business of collating information provided by all its registered members and converting it into a format that can be used for producing individual level credit information reports and credit scores, as per the guidelines laid out in the Credit Information Companies Regulation Act, 2005. It makes use of proprietary tools, customized to provide specific services to lending establishments, so they can make well-informed credit decisions.
Equifax credit score is a 3 digit number representing the crux of a person’s credit status. The higher this score is, the more creditworthy and financially stable the individual is perceived as.