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).
CRIF Highmark credit score is a 3-digit numeric summary of your credit history, ranging between 300 and 900. Simply put, a CRIF Highmark credit score closer to 900 indicates a good score and presents low-risk financial behaviour to prospective lenders.
Poor: 300–500
Fair: 500–700
Good: 700–850
Excellent: 850+
Follow the steps given below to get CRIF Highmark credit report and credit score online in India:
CRIF Highmark has its own formula for calculating a person or a business’ credit score. Some key factors that have an impact on CRIF Highmark credit score calculation include:
| CRIF Highmark | CIBIL | |
|---|---|---|
| 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 |
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Apply nowA 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.
Usually, five factors affect your CRIF credit score, and they include:
Follow these tips to improve your CRIF Highmark credit score:
A few common mistakes that can affect your credit score negatively are as follows:
If your CRIF credit score is less than 750, your chances of a loan rejection are higher. However, if you still get a loan, you may have to experience the following:
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