Check Your CIBIL Score & Get Free Credit Report Online Instantly Check Now

Checking your credit score is one of the many ways that a financial institution assesses you when you apply for a loan, credit card, or any other credit facility. There are four major credit bureaus in India, namely TransUnion CIBIL, Experian, Equifax, and CRIF High Mark. 

 

Several banks and financial institutions rely on CIBIL and Experian credit scores. While both assess your creditworthiness, there are key differences between Experian and CIBIL scores. 

 

Understanding them can help you understand which credit habits to inculcate and boost your score to get access to credit affordably.

Credit Score Explained

A credit score is a snapshot of your credit health and profile, represented in a 3-digit format. 

Before understanding the differences between Experian credit score vs CIBIL score, having a basic introduction to both metrics is essential. 

What is CIBIL Score

The CIBIL score is generated by TransUnion CIBIL Limited, which is one of the most widely recognised credit bureaus in India. It got its license as a credit information company from the RBI under the Credit Information Companies (Regulation) Act of 2005.

The credit score ranges for CIBIL are as follows: 

Score Range

Meaning

800 - Above

Excellent

740 - 799

Good

670 - 739

Average

580 – 669

Poor

300 - 579

Bad

Below 300

No History NH

Generally, a score of 750 and above makes you a good candidate for most financial institutions. Here is what the scores reflect about your credit profile: 

Indication of Credit Health

Score range

Healthy

701 - 900

Moderate

601 - 700

Weak

300 - 600

What is Experian Credit Score

Experian Credit Information Company of India Pvt Ltd. is another major Credit Information Company (CIC) in India that generates the Experian Credit Score. Registered with the Reserve Bank of India, it is also regulated by the Credit Information Companies (Regulation) Act of 2005.

Credit score ranges for Experian are similar to that of the CIBIL score: 

Score range

Meaning

800 – 850

Exceptional

740 – 799

Very Good

670 – 739

Good

580 – 669

Fair

300 – 579

Poor

One of the key CIBIL vs Experian differences is that CIBIL is Indian while Experian is a global company. Both these credit bureaus in India are authorised to collect data on customers from financial institutions to calculate credit scores.

Experian vs CIBIL Credit Score

The following table encompasses the key differences between Experian and CIBIL credit scores.

Parameter

Experian

CIBIL

Vintage

Established in 2010

Established in 2000

Data Sourcing

From financial institutions, banks and other sources such as credit card companies, stocks, insurance companies etc.

From banks and other and financial institutions

Credit Score Range

300 – 900

300 – 900

Scoring Models

Uses a proprietary model based on FICO and VantageScore 

Proprietary model specifically designed for Indian consumers

Update Frequency

Once a month 

30-45 days

Membership fees

Free once a year with paid subscriptions starting at ₹550 a year

Free once a year with paid subscriptions starting from ₹550 per month

Disclaimer: These membership fees are subject to the credit bureau's policies and may change at any time. Please check the latest charges and membership fees on the official website.

Steps to Check Your CIBIL Score Online

You can check your CIBIL score on Bajaj Markets without any charges by following these steps: 

  1. Click on ‘GET YOUR SCORE’ on this page

  2. Enter your details, including name, date of birth, email address, mobile number, PAN, etc. 

  3. Select your employment type from the given options 

  4. Agree to the terms and conditions to get the OTP

  5. Enter the OTP received on the registered mobile number 

  6. Click on the ‘GET REPORT’ button to access your credit score 

 

You can also check your free CIBIL score once a year on the official TransUnion CIBIL website. Click on ‘GET FREE CIBIL SCORE & REPORT’ and enter your details to create an account. Thereafter, you must pay a monthly membership fee of ₹550 to check your updated credit score. You can choose a 6-month or annual plan for ₹800 or ₹1,200, respectively.

Steps to Check Your Experian Credit Score Online

To check your credit score from Experian, visit the official Experian India website and follow these steps:

  1. Click on the 'Free Credit Score’ in the top-right corner 

  2. Click on ‘Register Now!’

  3. Enter your mobile number and click on ‘Send OTP’

  4. Verify your number with an OTP 

  5. Select the ‘Free Plan’

  6. Enter your details to create an account and click on ‘Get Report

Which Credit Score Do Lenders Check

Lenders can check your creditworthiness from any of the four credit bureaus in India. However, TransUnion CIBIL is the oldest and one of the most popular credit bureaus in India. That being said, financial institutions also opt for Experian credit scores to check your credit history and credit management ability. 


The other two trusted credit bureaus in India are CRIF High Mark and Equifax, which also score your creditworthiness between 300 and 900. All these bureaus gather credit information from existing issuers and lenders. Thus, having good repayment and debt management habits helps you maintain a good score across CICs.

Experian vs CIBIL: Which One is Better

The credit scores provided by CIBIL and Experian are both accurate and dependable. However, as the CIBIL score serves as the benchmark for over 90% of Indian credit institutions, CIBIL holds a clear advantage within the country.

 

CIBIL is more widely recognised because it was the first credit bureau established in India and has been acknowledged by the Reserve Bank of India for over 20 years. However, it is important to note that both rating systems are valid and accepted.

 

A comparison of Experian and CIBIL clearly demonstrates that both credit agencies offer reliable credit information services. The lender involved and individual preferences will significantly influence the choice between the two.

 

Regardless of the option selected, it is essential to monitor your creditworthiness regularly and follow disciplined financial practices.

What if there is a Difference in CIBIL and Experian Credit Scores

Credit bureaus calculate your score based on your past record and current credit behaviour. This is why your score is likely to be within the same range across two or more credit bureaus. If there is a difference, it is usually due to three reasons:

Reporting of Financial Institutions

Sometimes, financial companies may report to only one or two of the four credit bureaus in India. This can impact your score based on where you check your creditworthiness. 

Differences in Scoring Models

Bureaus use their own scoring models that give a different weightage to the same factors used to measure your creditworthiness. This can impact your score, too.

 

In some cases, the differences may arise due to additional information being considered by one CIC versus the other. For example, CIBIL only considers credit cards and loans, while Experian may also consider stocks and insurance policies. 

Updating Timelines of CICs

Credit bureaus may update your score based on the latest information from banks and NBFCs either once a month or once in two weeks. This can also change your score depending on when you check it.

Important Factors Considered When Calculating the Credit Score

Credit scores are calculated as a three-digit numeric summary, usually between 300 and 900. However, the factors bureaus consider to calculate credit scores may be slightly different, and their percentage also varies. 

The parameters that affect both CIBIL and Experian scoring include:

  • Payment Record

This is a key factor which determines your creditworthiness based on your past credit behaviour, such as the number of late payments and missed EMIs. With no defaults or delayed payment, your score is usually high.

  • Credit Utilisation

This factor shows your dependence on the credit based on how much of the available credit you have used. For instance, using more than 40% of your total credit limit on a credit card affects your score negatively. 

  • Length Of Credit History

A longer credit history indicates that you have enough experience with managing repayment. This helps increase your credit score. 

  • Types Of Accounts

Another key factor credit bureaus consider is your ability to manage different kinds of credit. This is why if you have a bag of credit mix, including secured and unsecured loans and credit cards, you have a higher chance of having a good credit score. 

  • Recent Activity and Enquiries

Every time you apply for a new credit card or loan, issuers and lenders run a credit check. Although not major, this factor also plays a role in your credit score calculation. Frequent hard enquiries by financial institutions damage your score. 

  • Overdue Balances and Total Debt

A high debt-to-income ratio and unpaid balances on your credit card also affect your score, bringing it down. Clearing off debts before borrowing anew and paying your credit card bills in full can help you maintain a high score.

Frequently Asked Questions

Why do the Experian and CIBIL credit scores differ?

The difference between Experian and CIBIL is due to the different scoring models and the difference in the weightage given to each factor that is considered. 

Can I make a request for my credit report from both Experian and CIBIL?

Yes, you can generate a credit report from any of the credit bureaus in India at the same time.

Does the new CIBIL score affect me?

Yes, your latest CIBIL score impacts your ability to get approval on any application for credit.

Which credit bureau’s scores are more widely used in India, Experian or CIBIL?

TransUnion CIBIL is the most trusted and widely used credit bureau in India.

Is it safe to check my credit score on Bajaj Markets?

Yes. The credit report and score are powered by TransUnion CIBIL, making it a completely safe option to get a free credit score and report.

Who uses the Experian score?

Many banks and NBFCs opt for Experian scoring to check your creditworthiness during the approval process. Generally, this is mentioned in the terms and conditions. You can verify this to check your score before applying.

Is the Experian credit score accepted in India?

Yes, Experian is one of the top credit bureaus in India, along with TransUnion CIBIL, Equifax, and CRIF High Mark.

Why is my Experian score lower than my CIBIL score?

All bureaus calculate credit scores based on different parameters. Due to the difference in the weightage of these parameters, you may see a difference in your CIBIL vs Experian score.

Do Experian and CIBIL have the same credit scoring model?

No, both credit information companies use their own proprietary models to analyse your creditworthiness.

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