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CRIF VS. CIBIL: Key Points of Differences to Know
- Published on: 14 Dec 2023
Understanding the features of CRIF vs CIBIL is essential if you are planning to get a loan. CRIF and CIBIL are both credit bureaus that generate your credit report, which includes your credit score and other factors related to your creditworthiness.
Whenever you apply for credit, lenders check these reports and scores to assess the lending risk. However, different lenders check different scores. As such, the knowledge about the CRIF score vs CIBIL score will enable you to choose a more favourable lender based on your profile. This, in turn, will help increase your approval chances.
Read on to know how CRIF and CIBIL scores differ and more.
CRIF Highmark is a reputed credit information company founded in 2007 in India. It generates credit scores for individuals and entities. For individuals, it generates Personal Credit Scores (PCS) and Business Credit Scores (BCS) for companies and businesses.
The CRIF score ranges between 300 to 900, and a score of 700 and above is considered ideal. To assess the lending risk, financial institutions get an applicant’s CRIF credit report before approving their credit applications.
TransUnion CIBIL is another leading global credit bureau that provides a credit score based on your creditworthiness and history with credit. This score also ranges between 300 and 900 and a score of 750 or above increases the chances of getting approval for your loan or credit card application.
The bureau collects financial and credit-related data from various financial institutions. This information includes your current loans, repayment history, credit utilisation ratio and other information. Lenders check your CIBIL score before sanctioning a loan to assess the risk you pose as a borrower.
While both bureaus have credit scores within the range of 300–900, there are some key differences that you should know to get quicker and affordable loans.
Here are some vital points to note about CRIF Vs CIBIL scores:
The CRIF Highmark Credit Information Services Private Limited calculates the CRIF credit score. On the other hand, the CIBIL score is calculated by TransUnion CIBIL.
A CIBIL score is a 3-digit number that ranges from 300 to 900 with 300 being the lowest score and 900 being the highest score. Lenders consider a score of 750 or above as ideal.
The CRIF credit score also ranges from 300 to 900. However, an ideal CRIF credit score is 700 or above.
CRIF Highmark and TransUnion CIBIL use the same methods to calculate their credit scores. These are based on an applicant’s current loans, credit utilisation ratio, repayment history, loan settlements, etc.
CIBIL gives more weightage to some factors while calculating the scores, such as repayment history and the credit mix. This means you can have a high credit score if you have a longer credit history with a healthy credit mix.
CRIF gives more importance to recent account activities and credit enquiries. This means your CRIF score will decrease if you miss your recent credit repayments or apply for too many loans at one time.
Another feature to note between CRIF Vs CIBIL is the licencing body. The Reserve Bank of India (RBI) is responsible for licencing CRIF Highmark. On the other hand, CIBIL is officially regulated and registered by the Reserve Bank of India (RBI).
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Here is a tabular overview of the differences between these two scores:
| Basis of Differences | CRIF Score | CIBIL Score |
|---|---|---|
| Credit Bureau | CRIF Highmark Credit Information Services Private Limited | TransUnion CIBIL |
| Ideal Credit Score | A score above 700 is considered excellent | A score above 750 is considered excellent |
| Presence | CRIF is present in more than 50 countries | TransUnion is present in more than 30 countries |
| Calculation Criteria | More weightage is given to credit inquiries and recent account activity | More weightage is given to the repayment history and credit mix |
| Licencing Body | Regulated and licenced by the Reserve Bank of India | Officially regulated and registered by the Reserve Bank of India but owned by TransUnion |
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No, TransUnion and CRIF Highmark are different credit bureaus. However, they both provide credit scores that range between 300 and 900.
TransUnion and CRIF Highmark both provide credit scores. Lenders can check your scores from either of the bureaus based on their preference.
Credit scores of TransUnion CIBIL and CRIF Highmark range between 300 and 900. However, they cannot be considered equal because the ideal score is different. In case of CRIF, a score of 700 and above is ideal, whereas a CIBIL score of 750 or above is considered ideal.
