CRIF Highmark is one of the four Credit Information Companies (CIC) in India. The company has a predominant presence in Europe and India. Founded in 2007, High Mark received a licence to operate as a credit bureau in 2010 from the Reserve Bank of India (RBI). CRIF acquired a majority stake in High Mark in 2014, following which the name in India was changed to CRIF High Mark.
The company offers services for various sectors like Commercial and Microfinance portfolios,
Retail, Agri, and Rural. It provides credit scores and credit reports that are available for individual consumers, commercial (Non-Individuals) and Microfinance segment of applicants.
CRIF High Mark Credit Scores Meaning
Generally, all credit bureaus follow a similar range for credit scores. CRIF High Mark score ranges between 300-900, 900 being the highest. The credit score predicts the probability of an individual's’ default within the next 12 months. A credit score close to 900 indicates that an individual is less likely to default the credit.
Here’s How CRIF High Mark Credit Score is Divided:
- 300–500 (very low): This score indicates that the customer is at a high risk of defaulting credit and has a bad track record of repayment and poor credit history. There is a high possibility that lenders will not provide credit to such customers.
- 500–650 (low): A score in this range indicates that the customer has a low score and has delayed and defaulted on payments. Customers who have not been prompt in making payments are still a risk for lenders and hence some of them may not provide loans to such customers.
- 650–750 (great): Generally, lenders like banks and non-banking finance companies consider a credit score of 750 as ideal. Customers having a score in this range have usually displayed a good repayment behaviour. Moreover, they are also likely to maintain a good balance of secured and unsecured credit score. Such type of customers are ideal for lenders as they have a low risk of defaulting.
- 750-900 (excellent): Customers having a credit score in this range are considered to be extremely dependable in terms of credit as they have displayed an excellent repayment behaviour and have never defaulted on payments. They have an impeccable record of paying off all the dues and using the credit wisely. Lenders are willing to offer loans to such type of customers.
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 score and credit report to individuals and companies. Let’s check out some of the differences between the two credit bureaus:
- Price: A CIBIL report along with a CIBIL score cost Rs.550 while a CRIF High Mark credit report and score costs Rs.399 (including GST).
- 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.
- CRIF High Mark Credit Information report: A consumer credit report has all the information about their accounts, credit history and repayment behaviour. The credit reports help banks and NBFCs to measure creditworthiness and ability of an individual to repay the credit.
- Microfinance credit reports: It provides a detailed track record of all group loans taken by individuals from lenders such as banks, NBFCs, and Microfinance Institutions (MFIs). Microfinance Credit Reports are generated using our advanced Identity Resolution engine. CRIF’s Microfinance Credit Report can be accessed via Member Portal (HUB) as a single report. CRIF High Mark launched India’s first Microfinance database in March 2011 which the company claims is the world’s largest microfinance database with more than 80 million borrowers.
Identification and Anti-Fraud services
Predictive Analytics & Scorecards
Business Rules and Decision Management
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.
- A customer has one CRIF credit report every year for free; thereafter it is charged at Rs. 399 per year.
- 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.
FAQ's on CRIF High Mark
- How can I access my CRIF High Mark Credit Score?
- Visit the CRIF Portal cir.crifhighmark.com
- You will see a “Get Your Score Now” button. Click on it.
- For communication purpose, you will have to enter your email address to proceed.
- After entering your email address, you will have to enter your full name, date of birth, mobile number, address and Aadhaar or PAN number.
- Once you submit the information, you will have to answer a security credit question, which will be based upon the records.
- After answering the security credit question correctly, you can download the credit report from CRIF.
Once you make the payment for a credit report, you can get the online report instantly on your registered email ID.
No. You only have to pay Rs.399 (including GST) to avail one credit report from CRIF High Mark. You don’t have to pay any other charges expect the cost of the credit report.
In 2017, the Reserve Bank of India (RBI) made it mandatory for all the credit bureaus in the country to offer one free credit report with credit score to consumers in one calendar year. Therefore, you can get one free credit report from CRIF High Mark in one calendar year.
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