What is a Good Credit Score for Equifax?

Equifax, one of the major credit bureaus, assesses credit scores based on various factors, including payment history, credit utilisation, length of credit history, types of credit accounts and recent inquiries. A score of 670 or above is considered a good credit score for Equifax. It suggests responsible credit management and increases the likelihood of favourable lending terms, such as lower interest rates and higher credit limits.

Indian financial institutions, like Shriram Finance, offer a range of financial services, encompassing loans and credit products. Maintaining a good credit score is crucial when dealing with any financial institution. A good score demonstrates creditworthiness and a history of timely payments, enhancing the chances of approval for loans and favourable interest rates.

To achieve and maintain a good credit score, one should pay bills on time, keep credit card balances low, maintain a mix of credit accounts and avoid excessive credit inquiries. Regularly monitoring your credit report from Equifax and other credit bureaus is essential to ensure accuracy and address any discrepancies that may impact your credit score and financial standing with institutions.