CRIF Highmark Credit Score
Table of Contents
CRIF Highmark is one of the credit bureaus in India. It is an independent entity licensed by RBI to generate credit reports, maintain credit records and calculate credit scores. This credit information company collects and maintains credit information of all types of borrowers across the country that include retail consumers, commercial and microfinance borrowers, and MSME (Medium and Small Enterprises).
What is the CRIF Highmark Credit Score?
Features of CRIF Highmark Credit Score
- It is a 3-digit numeric summary of your credit history, ranging from 300 to 900
- There are two types of CRIF Highmark credit score: Personal Credit Score (PCR)- for individuals, and Business Credit Score (BCR)- for commercial entities such as MSMEs and corporations
- A CRIF Highmark credit score of more than 750 is usually considered a good score.
- Although the other credit bureaus in India have the same credit score range (300 to 900), their formula for computing credit score is different. Therefore, the credit score generated by different credit bureaus for the same individual varies.
- High CRIF Highmark credit score is a reflection of your good credit behaviour. This means you represent a low risk of default to the potential lender. So, higher your CRIF Highmark score, higher are your chances of getting a loan or credit at best terms.
- Consumers can get one full credit report from CRIF Highmark every year for free. Every successive credit report for the same calendar year carries a fee of ₹399.
How to Check CRIF Highmark Credit Score Online?
Follow the steps given below to get CRIF Highmark credit report and credit score online in India:
Step 1. Go to the official CRIF Highmark website.
Step 2. Click on ‘Get Your Score Now’ tab.
Step 3. Enter your email address and click on ‘Get my Report’.
Step 4. Enter your personal details: Full name, date of birth, gender, mobile number, PAN, address, Aadhaar number, etc.
Step 5. Answer a credit-related security question to confirm your identity or verify using OTP sent to your mobile.
Step 6. After the identity is confirmed, your CRIF Highmark credit report is generated. You can either view or download your CRIF Highmark credit score and credit report.
CRIF Highmark Credit Score Range
- Poor: 300–500
- Fair: 500–700
- Good: 700–850
- Excellent: 850+
How Does CRIF Highmark Calculate Credit Score?
- Repayment history
- Credit mix
- Outstanding debt
- New credit/loan applications
- Length of your credit history
|Price||CIBIL report and CIBIL score cost ₹550||CRIF Highmark credit report and score costs ₹399 (including GST)|
|Year Established||CRIF Highmark was established in 2007. It started operating as a credit bureau in 2014||TransUnion CIBIL was established in 2000|
CRIF Highmark’s Products and Services
- CRIF Highmark credit report and credit score
- Dispute resolution services in case of inaccurate information or errors in the credit report
- CRIF Highmark credit report and credit score of prospective borrowers to help them in their lending decisions
- Predictive analytics & scorecards
- Identification and anti-fraud services
- Loan origination
- Collections management
- Business rules and decision management
- Deduplication platform
- External data connector
A credit report is a summary of a person’s credit profile. CRIF credit report includes personal information, such as borrower’s name, date of birth, etc., and a credit summary that involves credit behaviour and repayment history.
Like any other credit bureaus in India that are licensed by the RBI, the CRIF Highmark credit report is important as it provides banks and NBFCs access to the potential borrower’s creditworthiness. The bank or the lender can then make an informed lending decision based on the potential borrower’s CRIF score.
If a person has a very high credit score, it means that they have an excellent loan repayment behaviour and poses a low risk to default on loan. On the other hand, if a person has a low CRIF score, it means that they were not regular or timely in their payments, and therefore carries a high risk of defaulting on a loan. By determining a person’s credit score, the bank and other financial institutions have a better idea of whether to approve or reject a loan application.
Yes, your credit score is the first thing banks and NBFCs will check when you apply for a loan. A lower CRIF credit score can increase your chances of rejection, which can lower your credit score even further. Even if you get a loan with a low CRIF credit score, the interest rate on loan may be high, and the other loan terms may not be favourable.
Usually, the member of CRIF such as banks and financial organisations report consumer credit information on a monthly basis. The day of the month that each individual member reports the information varies. Hence, the CRIF CIR is updated on a monthly basis after receiving the credit data from its members.
- Payment history
- Credit utilisation
- Length of credit history
- Credit mix
- New credit application
- Make timely payments on your loans and credit cards
- Do not apply for multiple loans simultaneously
- Have a good credit mix
- Keep your credit utilisation ratio below 50%
- Monitor your credit report regularly
- Delaying or missing payments on credit cards and loans
- Making multiple loans and credit card applications within a short period of time
- Maxing out your credit limit
- Not maintaining a low credit utilisation ratio
- The approval process may take longer than normal
- The loan may be approved with unattractive terms and conditions to minimise risk
- More documentation may be required
- Your loan may have a higher interest rate, smaller loan amount and shorter repayment period.