Here is all you need to know about CRIF High Mark and CIBIL Score.
CRIF (Centre for Research in International Finance) High Mark and CIBIL (Credit Information Bureau) are two prominent agencies in India that provide credit scores. CIBIL, established in 2000, is India's first credit bureau and provides CIBIL score. It ranges from 300 to 900 and reflects an individual's creditworthiness based on their credit history. CRIF High Mark, founded in 2007, offers CRIF Score and ranges from 300 to 900. It provides a comprehensive assessment of an individual's credit risk. Since they use distinct scoring models, there can be variations in the scores they provide.
Understanding CRIF score vs CIBIL is important so you can have a quick idea of your credit history and proceed with further financial requirements without any hassle. The table below provides detailed information on CRIF Score vs CIBIL Score-
Parameters |
CRIF |
CIBIL |
License |
CRIF High Mark is licenced by the Reserve Bank of India. |
CIBIL, licenced by RBI, is owned and maintained by TransUnion, a credit information company. |
Credit Bureau |
Score is calculated and made available by CRIF High Mark Credit Information Services Private Limited. |
Score is calculated and made available by TransUnion CIBIL Limited. |
Operations |
The company started operating in India in 2007. |
The company started operating in India in 2000. |
Ideal Score Range |
Credit score ranges between 300-900. A score of 700 or above is considered ideal. |
Credit score ranges between 300-900. A score of 750 or above is considered ideal. |
Basis of Score |
The credit score is calculated based on-
|
The credit score is calculated based on-
|
Weightage |
The credit type and the length of credit history are given more weightage during the calculation of a CRIF High Mark score. |
Recent credit inquiries and credit activities are given more weightage during the calculation of a CIBIL score. |
Presence |
CRIF High Mark has a presence in over 40 countries. |
CIBIL caters to the credit requirements of over 140 crore Indian citizens. |
Different loan lending institutes choose a particular credit information company to calculate an individual's or company's creditworthiness. So, having a good credit history ensures that you are eligible for instant loan approvals.
The key to getting instant loan approval and other financial benefits is maintaining a good credit score. It is only possible when you repay your debts on time and without penalties. Not borrowing a loan or financial aid is a sign of a bad credit history. Having a clean financial history will ultimately result in a good credit score no matter which credit bureau you choose to get your credit report.
Articles on CIBIL
- How To Login On CIBIL Portal
- How To Change Write Off Status
- How To Improve CIBIL Score
- Check CIBIL Score By PAN Card
- CIBIL Score for Personal Loan
- CIBIL Score for Home Loan
- CIBIL Score for Credit Card
- CIBIL Score for Business Loan
- CIBIL Score for Bike Loan
- CIBIL Score For Car Loan
- CIBIL Score For Education Loan
- CIBIL Score For Gold Loan
- How To Rectify Negative Credit Report
- How Name Change Can Affect CIBIL
- How CIBIL Score Repair Agencies Work
- How To Resolve CIBIL Errors
FAQs
Are CRIF High Mark and CIBIL scores the same?
No. While both scores are within the range of 300 to 900, they are not the same. CRIF High Mark and CIBIL are two different platforms owned by two different companies. The scores calculated by both credit bureaus differ as the parameters used to determine the score may differ.
Which is better, CRIF High Mark or CIBIL?
CRIF High Mark and CIBIL are two of the four bureaus acknowledged by RBI in India. Different lenders contact credit bureaus that they are affiliated with to gain access to your credit reports and scores. Thus, neither can be deemed better than the other.
Can I dispute incorrect information on my CRIF or CIBIL credit report?
Yes. In case of any grievance or dispute regarding information mentioned in your credit reports, you can contact the credit bureaus. Visit their official portal and navigate to the ‘Contact Us’ section to file your complaints. When doing so, ensure that you have sufficient proof to support your claim.
Which score holds more weightage, CRIF High Mark or CIBIL?
As a majority of the parameters taken into consideration are similar like the repayment history, credit utilisation ratio, and so on, the two scores are quite similar with slight differences. Thus, both scores tend to have the same weightage when being considered for your loan or credit card applications.
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