Running an Experian or CIBIL score check? Know these Differences

By initiating Experian or CIBIL score checks, lenders assess your creditworthiness when you apply for loans. These scores reflect your credit behaviour and repayment history as recorded in your credit report collected by various credit information companies. 

However, don’t be surprised if you are assigned a different score by each bureau. While Experian and Credit Information Bureau (India) Limited (CIBIL) consider similar factors, these companies have different scoring methods. 

Knowing the difference between Experian and CIBIL scores can help you understand how these scoring methods affect your loan approval process. 

Read on to know more. 

Experian and CIBIL Score Meaning

Both CIBIL and Experian scores are three-digit numeric representations of your creditworthiness, which is based on your credit behaviour. Your CIBIL score is a part of the credit report generated by TransUnion, which is India’s first credit bureau regulated by the RBI. 

Experian, too, has been authorised by the RBI under CICRA (Credit Information Companies (Regulation) Act of 2005) to manage credit risk and offer protection to lenders against identity theft.

When you apply for any loan or credit card, financial institutions execute an Experian or CIBIL score check to verify your eligibility and reliability as a borrower. 

Experian vs CIBIL Score 

Now that you understand what they are, here is a quick overview of the key points of difference between Experian and CIBIL scoring systems.

Particulars	CIBIL	Experian
Presence in India	Established in 2000	Established in 2009
Credit score range	300 to 900	300 to 900
Regulation	Regulated by RBI	Authorised by the RBI under Credit Information Companies (Regulation) Act (CICRA) 2005
Method of data collection	Banks and financial institutions	Wide range of sources, such as financial institutions, public records, rental payment history and many others

How to Check CIBIL and Experian Scores

Following these steps, you can get your free CIBIL score online:

• Step 1: Go to the CIBIL website and click on ‘Get Free CIBIL Score & Report’
• Step 2: Enter your personal details like name, contact and email address, identification details, etc.
• Step 3: Click on ‘Accept and Continue’ 
• Step 4: Upload chosen documents online and enter the OTP to verify your identity 
• Step 5: Review and download your CIBIL report

To know your Experian score, here’s how you can generate a free report: 

• Step 1: Visit the official Experian website 
• Step 2: Select ‘Free Credit Score’
• Step 3: Enter your mobile number 
• Step 4: Verify your identity with a 6-digit OTP
• Step 5: Fill in your details, like name, date of birth, email address, government-approved ID number, etc. 
• Step 6: Click on ‘Get Report’

Apply for Instant Cash Loan 

Factors Affecting Your CIBIL/Experian scores 

Both credit agencies rely on similar factors that have different weightage in determining your credit score. 

Here are the factors that impact your CIBIL score:

Factor	Weightage
Payment History	30%
Credit Exposure	25%
Credit Type and Duration	25%
Other Factors	20%

Now, here are the factors that make up your Experian score:

Factor	Weightage
Payment History	35%
Credit Utilisation Ratio	30%
Length of Credit History	15%
Credit Mix	10%
New Credit Applications	10%

Regardless of whether you opt for an Experian or CIBIL score check to monitor your credit standing, review your scores regularly. Most bureaus and lenders allow you to generate at least one free credit report annually. Any checks post this require you to 

pay a nominal fee for one-time reports or an annual subscription service. 

By having a good credit score, you can easily apply for a number of financial products, such as a personal loan or a credit card, when needed. However, if you have a low credit score or you are new to credit, don’t fret. 

At Fibe, we don’t rely on traditional credit scores to approve your application. Instead, our alternative scoring system allows us to review your loan eligibility on other inclusive factors. Just meet our simple terms to get the Fibe  Personal Loan of up to ₹5 lakhs at affordable interest rates. 

With minimal paperwork, quick approval and flexible tenure options, Fibe makes borrowing simple! Download the Fibe Personal Loan App or visit our website to apply now. 

FAQs on CIBIL VS. Experian Scores

Which is better: A CIBIL score or an Experian score?

While both credit bureaus are equally reliable, CIBIL is more widely used in India. Most financial institutions have established ties with CIBIL, as it is the first established credit bureau with over two decades of operations.  

Can Experian be trusted?

Yes, Experian is a trustworthy credit agency that many financial institutions around the world rely on.

Do Experian and CIBIL use the same credit scoring model?

While both agencies use similar factors to calculate your credit scores, Experian and CIBIL calculate scores using different scoring models.