Which is Better: Equifax Credit Score or Wishfin Cibil?
Credit bureaus like CIBIL and Equifax are working in the Indian market. Equifax, a competitor with a less well-known name, started doing business in India in 2020, ten years after CIBIL. The main office of each of these agencies is in Mumbai. Indian banks and credit reporting groups tell Equifax and CIBIL how to use credit. They then compile all of this information into a report that lenders can use to learn about their finances or credit history. The two groups do almost the same things. But the two firms give credit reports and help solve disputes differently.
This article will explain how Wishfin CIBIL, Equifax Credit Score, and other services are different and also similar at the same time.
What is a Wishfin CIBIL Score?
Your Wishfin CIBIL is a number based on your credit history and shows your solvency. It can be anywhere from 300 to 900. The closer your Wishfin CIBIL Score is to 900, the more likely it is that your credit card request or loan application will be approved. According to the CIBIL website, a score of 750 or higher is a great Wishfin CIBIL score that helps lenders decide whether or not to give out loans.
The credit history in the CIBIL Report Analysis is used to figure out this score. It is just a summary of the CIBIL report, which shows the company’s solvency.
Importance of Wishfin CIBIL Scores
When you want to get a loan, you need a Wishfin CIBIL score. When someone asks a bank or other financial firm for a loan, the lender usually looks first at the person’s Wishfin CIBIL score and credit history. The lender may not grant the loan if the credit score is low. Even if you have a good Wishfin CIBIL score, the lender will still look at the request and other things to decide if you are creditworthy. It’s the first evaluation that the lender does. If your score is 700 or more, you did a good job.
What is an Equifax Credit Score?
Equifax Credit Scores, which range from 300 to 900, show your credit history. This is done using data from credit providers like banks and financial institutions. A full credit information review goes along with the data in this score.
This report gives an overview of your loans and credit cards, as well as details about how you have paid back their debts and where they can be found. This data comes from places where they’ve taken out loans or used credit cards.
Credit scores from Equifax show how likely you are to pay back loans. A higher score shows a potential lender that you will pay their bills and loans on time, which may help them decide whether or not to accept the loan paperwork.
Equifax Credit Score vs. Wishfin Cibil Score
Equifax and Wishfin CIBIL keep all of a user’s financial data, including current and past loans, payments, and allowances, in a single report. The table below shows the similarities and differences between them.
| Criteria | Equifax | Wishfin Cibil |
| Year of Origin | 2010 | 2000 |
| Range of Credit Scores | 300-900 | 300-900 |
| Services and Products (for Consumers) | Credit Score.Credit data Report.Dispute Resolution. | Credit Score.Credit data Report.Dispute Resolution. |
| Timeline for Receiving Credit Report | Equifax Mobile App: Email post 1 day. Offline: 7 to 10 days after verification. | Online: Instant Access. Offline: It takes seven days to confirm. Once you’re done, you’ll get login information for the myCIBIL site. |
| Report Cost | You have to pay Rs. 118 for a credit report, whereas Rs. 472 for a credit report includes a credit score as well. | The credit report includes a credit score of Rs. 550. If you only want to take the credit report, you will have to pay Rs 164. |
| Process of Dispute Resolution | You can get the Form for Resolving a Dispute from its website.Fill out the form and attach any necessary papers. Then send it by mail, courier, or short post to the reporting group’s address. | You can get CIBIL’s dispute resolution form from its website, fill it out, and send it back. You can also dispute your credit report by emailing CIBIL and attaching proof. |
The Equifax credit score and the CIBIL credit score are very close. But the exact ratings for a single customer could differ between the two agencies, though it’s unlikely that these differences would make a big difference. Equifax and CIBIL collect data about you to make your credit report. Your credit report is then used to figure out your credit score, which shows how likely it is that you will be approved for financial loans and credits. Someone with a low credit score may find it difficult to get a simple loan, credit or debit card, or home loan.
Conclusion
Equifax Credit Score and Wishfin CIBIL are both credit reporting firms that get data about your finances from banks and credit unions across the country. They give them a credit rating based on what they find out about you or your business. Both are among the four companies in India with a license to keep credit records. These firms get data about their clients’ credit and keep track of it.
The information is then analyzed to generate your credit scores and credit report summaries. People who want to borrow money, whether they are experts or not, can use the credit arrangement. They are told about their credit history and what they need to do to get a loan. People who know a lot about their finances can keep a better handle on their credit scores and make better decisions about their money. You can check your credit score and learn more about Equifax Credit Score and Wishfin CIBIL by visiting the Piramal Finance website. Get yourself acquainted with wide-ranging financial products and services, especially credit cards and personal loans.