One of India's four Credit Information Companies (CICs) is CRIF Highmark. Europe and India are the two regions where the company is most prevalent. High Mark was established in 2007, and the Reserve Bank of India (RBI) granted it a licence to conduct business as a credit bureau in 2010. High Mark's name was changed to CRIF High Mark in India when CRIF bought a majority stake in the company in 2014.
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.
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 on 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 usually display good repayment behaviour. Moreover, they are also likely to maintain a good balance of secured and unsecured credit scores. Such types 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 extremely dependable in terms of credit as they have displayed 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.
How to Check CRIF Highmark Credit Score
Follow the steps mentioned below to check your CRIF highmark credit score -
- Visit the official CRIF High Mark website and provide your information, including your full name, mobile number, birthdate, residential address, and gender. Additionally, you will be required to provide identity information, such as your PAN number, voter ID, passport number, driving licence, etc.
- Either an instant credit report or a free credit report is an option. Within 5 minutes, your instant credit report will be available for download, but it will cost you Rs.399. It may take up to three business days before your free credit report is available for viewing.
- Finally, you will need to provide information about your recent credit conduct in order to authenticate your identification. Your report will be shared on the registered email ID if you respond correctly.
Factors that Can Affect CRIF Highmark Credit Score
The various factors that affect your CRIF Highmark credit score are mentioned below -
- 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.
- 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.
- Ratio of credit utilisation - Your credit score should remain stable if you are utilising less than 40% of your credit limit. Your CRIF credit score may suffer as a result if you exceed that threshold.
- 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.
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:
- 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: 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.
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.
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.
FAQs on CRIF High Mark
How much time does it take to receive the credit report from CRIF High Mark?
Once you make the payment for a credit report, you can get the online report instantly on your registered email ID.
Are there any other charges I need to pay to get my credit report from CRIF High Mark?
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.
How many free credit reports can I receive from CRIF High Mark?
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.
- How can I get in touch with CRIF High Mark if I have any questions about my credit score or credit report?
You can submit any request for CRIF credit information on the organization's official website. All you have to do is visit their website, select "Contact Us," and then fill out a form with your contact information and the specifics of your inquiry. After that, you can anticipate hearing from a CRIF executive soon, either by phone or by letter.
- Why are my CRIF and CIBIL scores different from one another?
The same criteria that determine a CIBIL credit score are taken into account when calculating a CRIF credit score, but the weights given to each factor vary. Your CRIF score will be different from your CIBIL score for this reason. If the gap is significant, you might wish to get in touch with one of the credit bureaus and conduct additional research.
- How frequently should I CRIF credit score be checked?
It is advised that you check your CRIF credit score and report as frequently as you can to know your loan eligibility status and to keep a look out for any potential credit-related fraud.
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