FAQ for Mobile App

What is a credit report and what is a score?
A credit reports maintain a history of all your payment habits and has your personal details. It has information of the individual’s Loan accounts over a period of time. It does not store information of your Savings or Investments.
A credit score is a statistical number that depicts a person's creditworthiness. A credit score plays a key role in a lender's decision to offer credit. The Equifax credit score ranges from 300 to 900 points. The higher the score, the more financially trustworthy a person is considered to be.

 

Can you explain the various terms in the credit report?
Kindly refer to the Glossary at the bottom of the credit report.

 

I was just a Guarantor however the loan account is reflecting on my credit report?
A guarantor on any form of loan is equally responsible to ensure the repayment of the loan. Any late payments made by the primary account holder will reflect on the Guarantor’s report and will also impact his credit score.

 

My account status and Balance is incorrect or not updated. How do I dispute it?
We report information as per the details provided by the Institutions in the Data Submission. As per the Credit Information Companies Act (CIC), a bureau cannot modify any information in the database unless they get a confirmation from the Banks. In this case we will raise a dispute with the concerned Institutions and will update you once we get a confirmation from them. The turnaround time for disputes is 30 days.

 

Why is my Equifax Score not the same as my CIBIL score?
While all credit bureaus have the same score range of 300-900, it is likely that an individual will have different scores in each Bureau. This is on account of the fact that each Bureau uses their proprietary scoring model to develop a credit score. The good news is that lenders typically have different score cut offs depending on which Bureau is providing the Score - the intent is to make the correct credit decision not base it on just a score. As a user, your focus should be on ensuring that the data reflected on the credit report is accurate and there are no underlying issues which impact your loan eligibility.

 

What if I am not satisfied with the results of my dispute?
You may contact the Financial Institution directly. Please note we cannot make changes to your credit report without the confirmation of the respective Institution

 

What if my personal details are incorrect in the report?
We receive your data from respective institutions. If you need to update your Personal information, please contact your financial institution.

 

My Income is incorrect. It needs to be updated.
We will email you the Institution Name which has report your Income Details. In case you want your latest income details to be reflected on the credit report then you need to visit the Branch and get your revised Income updated/corrected with them. Once the Bank submits the data to us during their Monthly Submission, your correct Income will be updated on the credit report.

 

Is there any Impact of the Income on the credit score?
No. Income details do not have any impact on the Score Calculation.

 

What if I forget my Login PIN?
Please use the Forgot PIN link to get a new temporary PIN on your registered email address.

 

How many attempts do I have to Login to the App?
You have total of 3 attempts to Login to the App. After 3 unsuccessful attempts, your App will be locked and you will have to reset the PIN.

 

How do I avail report for my friend using my phone?
This is one device one login facility. Your friend can avail this facility on his/her own device.

 

Why do I need Aadhaar authentication/KYC authentication?
Aadhaar authentication is required to verify you. It will check that the Aadhaar entered belongs to you and will validate it by sending you One-time password (OTP) on your Aadhaar registered mobile number and registered email id.

 

What if I haven’t received OTP from Aadhaar?
The few possibilities could be :
1) There might be network congestion. Please retry after sometime
2) Your registered number and email id with Aadhaar is different from where you are expecting OTP. You will have to update your contact details with Aadhaar

 

How many attempts Aadhaar?
You will be given a total of 3 attempts to receive OTP for your KYC/Aadhaar verification.

 

What information is required to generate my Credit Report?
Please input below details correctly in Additional Personal Information screen :
- Address
- State
- Pin code
- Any one of the Ids(PAN/Passport/Voter Id)
Please input below details correctly at the time of KYC
- Name
- DOB
- Mobile Number

 

What is KBA?
KBA is Knowledge Based Assessment. It is an assessment that Equifax will generate based on the information provided by you. Since credit report is a confidential report, it is imperative to perform all checks to ensure that the report is handed over to the rightful owner. You will be given 3 attempts to answer your assessment correctly. All answers have to be correct.

 

When will I receive my KBA?
Your KBA will be available after 24 hours of submission of your Personal Information. If for some technical reason, your KBA is still showing as “Pending Generation”, please check after sometime.

 

What if KBA is not generated for me?
If we are unable to process your KBA, it indicates that we do not have your data in our bureau database.

 

What if I do not know answers to my KBA?
You will be given 3 attempts to input correct answers to your KBA. If you are unable to do so, you will not be able to receive your free credit report.

 

What is Credit Report Number which I am asked to input on Dispute?
Credit report number is same as Report Order No provided on the top left of the Credit Report which was emailed to you.

 

How can I track dispute status?
You can track your disputes from the Disputes section of the App.

 

How can I restore my historical details on a new device?
You can install app on your new device. After launching App, you will be prompted to confirm if you want to change the device. You can choose respective answers to go ahead. If you choose to change the device, app will ask you for New PIN Setup and KYC verification. Once PIN set up and KYC is done, app will restore all the steps performed via previous device on new device.

 

Can I Request Free credit report multiple times in a year?
No, as per RBI regulation, you can avail Full Free Credit report only once in a calendar year.