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

The credit score is the most vital aspect of your financial life. It reflects your creditworthiness and is likely to be a major part of all your financial decisions over the years. As part of the Credit Information Companies Act, 2005, all lending institutions are required to share credit-related information with their customers.

 

Credit bureaus gather this information to create a report. They further utilise this data to assess an individual’s creditworthiness and on the basis of this analysis provide a credit score. Currently, 4 credit bureaus approved by RBI are operational in India. These include TransUnion CIBIL, Experian, Equifax, and CRIF Highmark.

Experian Credit Score

Experian is a well-known credit information organisation approved by the Securities and Exchange Board of India (SEBI). The company provides credit information services and detailed financial analysis reports. It helps both individuals and organisations make informed decisions. Experian has built a solid reputation since its inception in 1996.

CIBIL Credit Score

TransUnion CIBIL is among the oldest and most reputable Credit Information Companies in India. Nearly all leading organisations are members of the bureau. CIBIL collects, analyses and maintains the information of different borrowers and lenders. It offers a CIBIL rank and report for organisations, along with a credit report and score for individuals.

Key Differences Between Experian and CIBIL

Experian and CIBIL have both earned their place in the Indian financial market. The two organisations have distinct algorithms to calculate and maintain a credit score. CIBIL and Experian both carry just as much weight to influence your credit prospects. Let us understand the difference between both these bureaus and their scores to see which of the two suit your requirements the best.

Particulars

CIBIL

Experian

Presence in India

  • Founded in 2000

  • Licensed in 2010

  • Founded in 1996

  • Licensed in 2010

Credit Score Range

300-900

300-900

Payment

  • For one-time credit score and report - ₹550 (by net banking, debit card, or cash)

  • For one-time credit report purchase - ₹159 (offline by demand draft only)

  • For one-time credit report - ₹138 (by demand draft or NEFT)

  • For one-time credit report - ₹399 (online)

Time Taken

Can take up to 1 week

Can take up to 20 days

Use

CIBIL scores are considered to be one of the most widely accepted and utilised scores in India

Experian scores are considered to be the second-most widely accepted or utilised scores in India

Conclusion

As per the set regulations, all credit bureaus must enable citizens to access their credit reports for free at least once a year. Besides this, if you wish to access your credit report, you can do so by paying a nominal fee as mentioned above. Furthermore, you can carry out free CIBIL score checks on fintech platforms such as Bajaj Markets.

FAQs

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

Generally, TransUnion CIBIL is considered to be the most widely utilised credit bureau in India when compared to Experian. This is because it was the first credit bureau established in the country and carries over two decades of operational experience.

Do Experian and CIBIL have the same credit scoring model?

No, Experian and CIBIL utilise distinct credit scoring models, implying that your credit score may exhibit variations between the two bureaus. Nonetheless, both credit bureaus factor in similar criteria when computing your credit scores, encompassing payment history, credit utilisation, credit history duration, and the diversity of credit types employed.

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

Indeed, you have the option to request your credit report from both Experian and CIBIL. Regularly reviewing credit reports from both bureaus is advisable to confirm the accuracy of your credit information.

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