Consumer
credit reporting firm Equifax Credit Information Services has launched a
new credit scoring system which offers credit scores for both consumers with credit history as well as those without any existing records (such as first-time borrowers).
The scoring system, called Risk Score, will tell lenders the probability of a
borrower defaulting on loan repayments within a year.
Consumers can get their credit score and report from Equifax on payment of Rs 400.
"To encourage consumers to check their credit score frequently, we are also offering an annual subscription (for Rs 1,000) where they will receive credit score and analysis every quarter," says Samir Bhatia, chief executive and managing director, Equifax.
