Your credit score is a major parameter that depicts your creditworthiness. Both CRIF and CIBIL are credit bureaus that generate your credit score.
Read ahead to know more about the differences between CRIF score and CIBIL score.
CRIF Highmark Score vs CIBIL Credit Score
Both the CRIF and CIBIL generate a credit score based on the data shared by various credit companies. This score depicts how responsible and creditworthy a borrower is. The higher the score, the easier it is for the person to get a loan.
Let’s look at each of them one by one -
What is CRIF Score?
CRIF High Mark started its operations in India in the year 2010, and now has become one of the most trustworthy credit score bureaus. Other than India, it is also operational in 40 other countries.
The Reserve Bank of India has licensed it to calculate credit score after its member credit organizations submit information related to customer payment behaviors.
What is CIBIL Score?
CIBIL or the Credit Information Bureau India Limited, now known as TransUnion CIBIL is an Indian company that calculates borrowers’ credit score. It has been operational in India since the year 2000, and is the most commonly accepted credit score in the country.
What is the Difference - CRIF Score vs CIBIL Score
The CRIF score and the CIBIL score are generated by separate companies, but have many similarities. Let’s look at the differences and similarities -
| CRIF score | CIBIL score |
|---|
The full name of the organization is CRIF Center for Research in International Finance High Mark | The full name of the organization is Credit Information Bureau India Limited, also commonly known as TransUnion CIBIL now |
It also has presence in 40 other countries, across 4 continents | It is only present in India |
It is licenced by the Reserve Bank of India to generate credit scores | It is also licenced by the Reserve Bank of India to generate credit scores |
Scores range from 300-900, the higher the better | Scores range from 300-900, the higher the better |
A CRIF High Mark credit report and score are priced at Rs.399 (including GST). | The cost of a CIBIL report and CIBIL score is Rs.550. |
You can check your credit score on the CRIF website for free online | You can check your credit score on the CIBIL website for free online |
Which is Better - CRIF Score vs CIBIL Score?
The CRIF and CIBIL scores have both similarities and differences. They are generated by separate companies and use their own parameters to gauge an individual’s creditworthiness.
Both scores have a range of 300-900, with a score of 700-750 or above considered to be ideal for most loan products. You can check any of the scores for free and they are licensed by the Reserve Bank of India.
There is no definite answer to which of the two is better. Which credit score you rely on depends on your personal preference and the lender.
Conclusion
Credit scores are generated by multiple companies, CIBIL, CRIF, Experian, Equifax, etc. They may all vary slightly depending on the information sent to them by credit companies, and their interpretation of the same.
You can work on improving your credit score by paying your monthly EMIs and credit card bills on time. Also make sure not to make too many loan queries or take too many loans at the same time.
A higher credit score will help you get quick loans on low interest rates.
FAQs
CRIF score vs CIBIL score: The key differences
Why is my CRIF and CIBIL score different? ›
Credit scores are generated by multiple companies, CIBIL, CRIF, Experian, Equifax, etc. They may all vary slightly depending on the information sent to them by credit companies, and their interpretation of the same. You can work on improving your credit score by paying your monthly EMIs and credit card bills on time.
What is the difference between CIBIL score and CIBIL report? ›
CIBIL Score is a three-digit numeric summary of your credit history. The score is derived using the credit history found in the CIBIL Report (also known as CIR i.e Credit Information Report). A CIR is an individual's credit payment history across loan types and credit institutions over a period of time.
What is CRIF score? ›
CRIF credit score is used as a reliable indicator for prudent decision making by credit grantors. Banks / financial institutions obtain an abridged credit report and CRIF Score by making an enquiry on your profile/business while evaluating your loan application.
Why is CRIF score less than CIBIL Quora? ›
Their calculating methods are different from each other which is why you might see difference in the scores. One other reason is that not all banks report the customer's accounts to all the 4 credit companies so the difference of the scores is obvious. Most Indian banks look at CIBIL before approving a loan.
Which CIBIL score is correct? ›
CIBIL score range
A CIBIL score of 750 or above in your credit report is ideal. It will aid in qualifying you for personal loans and credit cards. However, if your CIBIL score is below 685, you will find it harder to borrow funds from banks and NBFCs.
Is 650 a good CRIF score? ›
A CRIF score of 650 is considered fair, but it may limit your access to favourable loan terms. To improve your creditworthiness, focus on paying bills on time, reducing outstanding debts, and addressing any negative items on your credit report.
Which is better, Experian or CRIF? ›
There is no real basis to say that one of these scores is “better” than the other. Both are equally valid, and both are useful for lenders and credit applicants. Monitor both these scores carefully and raise any discrepancies if required. This will help you get the required loans easily at favourable terms.
Which bank uses CRIF? ›
Apart from CRIF, CRIF High Mark's investor-partners include State Bank of India (SBI), Punjab National Bank (PNB), SIDBI, Edelweiss, Shriram City Union Finance (SCUF) amongst others.
What is 850 CRIF score? ›
Achieving a perfect credit score of 850 takes time and consistent financial habits. A high credit score increases your chances of getting better loan terms and lower interest rates. Maintain a good payment history, keep your credit utilisation ratio low, and have a diverse mix of loans to improve your score.
Your CRIF Credit Score is a dynamic number that falls and rises depending on your credit behaviour. For example, when you apply for a loan, your score dips because of a hard inquiry. However, when you get the loan and start repaying it on time, a hike in your credit score can be witnessed.
Which is better, Experian or CIBIL? ›
CIBIL vs Experian - FAQs
Is Experian better than CIBIL? Both the Experian credit score and the CIBIL credit score are good and trustworthy. But the CIBIL has an advantage over the Experian score in India, as over 90% of Indian credit companies use the CIBIL score as the standard.
Can CIBIL be wrong? ›
Inaccurate account details
Credit Institutions generally submit data to CIBIL within a span of 30-45 days and if you happen to purchase your CIBIL Report- within 45 days of your last payment of dues, it may not be updated. This leads to reflection of inaccurate current balance or amount overdue in your CIBIL Report.
Why is my CIBIL score different from Experian? ›
As their algorithms differ, you might see differences in the scores they show. Experian involves the FICO (Fair Isaac Corporation) scoring model, which is prominently used in the United States. Whereas, CIBIL's scoring model is tailor-made for the Indian market and financial environment.
Which credit score is correct Experian or CRIF? ›
Credit Reports and credit scores generated by all four credit information companies are equally valid even though there might be a difference in the credit score generated by each of them. This is because lenders such as banks and financial institutions report the same information to all the credit bureaus.
How do I refresh my CRIF score? ›
5 ways to raise your Credit Score !
- Timely payment. Making your payments on time will help you improve this score. ...
- Credit limit usage. It is advisable to use the credit limits judiciously. ...
- Periodic review of scores. Your work does not end at just getting the credit information and score. ...
- Mix it up. ...
- Closing unused accounts.
