CRIF High Mark Credit Score

CRIF High Mark Credit Scores Meaning

Generally speaking, the credit score ranges used by all credit bureaus are the same. The highest CRIF High Mark score is 900, with scores ranging from 300 to 900. The credit score foretells the likelihood that a person would default within the following 12 months. A person is less likely to miss a payment on credit if their credit score is near to 900.

What services does CRIF High Mark provide?

CRIF High Mark offers credit information services specifically to the commercial and Microfinance sectors. CRIF High Mark is able to provide all Individuals and Businesses Credit Reports and Credit Scores by maintaining records of all Credit Related Activity of Borrowers. The information held by CRIF High Mark is combined in the largest database of Microfinance in India, allowing all lenders a more informed approach to making a Valid Loan Application based on what they see in the database.

How CRIF High Mark Credit Score is Divided?

The table below shows how the CRIF High Mark credit score is ranked:

How to Check CRIF Highmark Credit Score?

Follow the steps mentioned below to check your CRIF Highmark credit score:

1. Step 1: Visit the official CRIF High Mark website.

Go to the official webpage of the CRIF High Mark webpage and navigate to the ‘get report page’ section.

1. Step 2: Enter Personal Information

Fill in details such as your name, date of birth , mobile number, address, and gender.

1. Step 3: Identity Documentation

Include at least one of the following for verification: PAN, voter ID, passport, or driver's license.

1. Step 4: Select the Report Type
   1. Annual free report: You may request an annual free report only once in a calendar year.
   2. Paid Report: Gives you instant access, and some packages may also give you access to the credit score.

1. Step 5: Identity Verification

You will be asked to answer questions regarding your credit use or validate your identity using an OTP.

1. Step 6: Report Delivery

After your identity has been verified the report will be sent to your email address.

How Does CRIF High Mark Calculate Your Credit Score?

CRIF High Mark employs the proprietary scoring models based on multiple factors credit scoring model to compute credit scores. In this model, specific components of your credit information are analyzed, each assigned a percentage weightage. These components include:

1. Credit Mix: This assesses the ratio of your unsecured loans to secured forms of credit.
2. Credit History: It encompasses a record of loans and credit cards you've utilized over the years.
3. New Credit: Recent credit cards and loans you've taken are considered when calculating your credit score.
4. Payment History: This is a crucial factor, as it records all your credit repayments and any instances of late payments.
5. Amount Owed: Outstanding dues are taken into account, providing lenders with insight into your loan repayment ability and capacity for new credit when reviewing your credit report for loan or credit card applications.
6. Credit Utilization Ratio: This factor examines the percentage of your available credit that has been utilized.

CRIF High Mark assigns weightage to these components to generate a comprehensive credit score for individuals.

Factors that Can Affect CRIF Highmark Credit Score:

The various factors that affect your CRIF Highmark credit score are mentioned below -

1. History of repayment - Your CRIF High Mark credit score is strongly impacted by how frequently you pay off your debts. If you keep paying your bills on time, your credit score will be strong. Your credit score may drop if you fail to make payments on time or pay them late.
2. Credit mix - Your credit score is also based on the proportion of secured to unsecured credit types in your portfolio. When you feel the need to borrow money, think about adding secured types of credit to your portfolio if unsecured credit makes up a sizable portion of it.
3. Ratio of credit utilisation - Your credit score should remain stable if you are utilising less than 30% of your credit limit. Your CRIF credit score may suffer as a result if you exceed that threshold.
4. Credit history length - Your credit history's duration is an indication of how long it has been established. You need some sort of credit history to obtain a credit score. You need a solid credit history with financial institutions and creditors in order to flourish in the credit market.

What information is required to Download a CRIF Credit Report?

The information below must be provided in order to generate your CRIF Highmark credit report:

1. The Name
2. Identification Type PAN, voter identification, a passport, a driver's licence, or a ration card are available as documents.
3. Email Address Mobile Number Document Number
4. You won't have to enter all of this information again after creating your account. Your mobile number and the supplied OTP (One-Time Password) can be used to log in quickly.

Differences Between CRIF High Mark And CIBIL

CRIF High Mark and CIBIL are two of the four credit bureaus in the country. Both the credit bureaus offer credit scores and credit reports to individuals and companies. Let’s check out some of the differences between the two credit bureaus:

1. Price: A CIBIL report along with a CIBIL score cost Rs.550 while a CRIF High Mark credit report and score costs Rs.999 to Rs.399 (depending on the subscription plan).
2. Established: TransUnion CIBIL was established in 2000 while CRIF High Mark was established in 2007 and started operating as a credit bureau in 2014.

Product and Services offered by CRIF High Mark

CRIF High Mark offers several products and additional services for consumers and companies.

For Consumers:

1. CRIF High Mark Credit Information report: All of the details regarding their accounts, credit history, and repayment patterns are contained in a consumer credit report. The credit reports assist banks and NBFCs in determining a person's creditworthiness and capacity for repayment.
2. Microfinance credit reports:It gives a thorough history of all group loans that people have gotten from banks, NBFCs, and Microfinance Institutions (MFIs). Our cutting-edge Identity Resolution engine produces microfinance credit reports. Through the Member Portal (HUB), you can access the Microfinance Credit Report from CRIF as a single report. In March 2011, CRIF High Mark introduced India's first microfinance database, which the company says has more than 80 million borrowers and is the largest microfinance database in the world.

For Companies:

Commercial Score

Identification and Anti-Fraud services

Predictive Analytics & Scorecards

Additional Solutions:

Deduplication Platform

Business Rules and Decision Management

Collections Management

Loan Origination

External Data Connector

Difference between the credit report and a credit score:

A credit score is a 3-digit number calculated based on the factors like credit history, credit utilisation ratio, etc. It helps the lender evaluate the borrower's creditworthiness. The credit report is a detailed document containing the borrower's name, credit history, outstanding debts, etc.

Key points about the credit score given by CRIF Highmark:

• There are two types of CRIF Highmark credit score: Business Credit Score (for commercial entities) and Personal Credit Score (for individuals).
• The major components considered while calculating your CRIF Highmark credit score are the length of your credit history, credit mix, credit card applications, credit payment history, and credit utilisation ratio.
• The credit score given by CRIF Highmark shows your creditworthiness.
• Subscription plans (credit report with credit score): Annual plan at Rs.999, 6-month plan at Rs.599, and monthly plan at Rs.399; one-time credit report (without score): Rs.118.
  
• A CRIF Highmark is a 3-digit credit score that ranges between 300 to 900.

The Criteria used by CRIF Highmark to Generate a Credit Report

• Current outstanding debts.
• Repayment history.
• Credit utilisation ratio
• New loan applications
• Debt to income ratio.
• Credit mix
• Length of credit history, etc.

Who can obtain a CRIF Highmark credit report?

Individuals and businesses have access to their own credit reports and credit scores. Other than that, the lenders can request a credit report of an individual/business before granting the loan.

Simple ways you can adopt for a better credit score:

• Make sure that all of your outstanding dues are paid on time.
• For your credit card, maintain the credit utilisation ratio below 30%.
• Having a good credit mix has a positive impact on your credit score.
• Avoid applying for multiple credit cards.
• Avoid closing old credit card accounts. Try to maintain them with minimum transactions.
• Keep a check on your credit score, especially before making major financial decisions like applying for a loan.
• Avoid missing payments and get loan servicing done periodically.

A good credit score can help you secure lower interest rates on loans and credit cards.

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