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A credit score is calculated using credit reports prepared by organisations known as credit bureaus. Each credit bureau typically has its own algorithm that it uses to calculate its credit score. There are four main credit bureaus in India: Experian, CRIF High Mark, TransUnion CIBIL, and Equifax.

 

Each of these bureaus has its own credit score as well, all of which are quite widely used in India. Let’s take a detailed look at the Experian score and the CRIF High Mark score individually, and then compare them with each other in various respects.

Experian Credit Score

Experian Score is a credit score that assesses an individual's creditworthiness. Ranging from 300 to 850, a higher score indicates better credit health. Experian utilises diverse data, including payment history, credit utilisation, and account mix, to formulate this score. Lenders often rely on it to evaluate an individual's ability to manage credit responsibly.

CRIF High Mark Credit Score

CRIF High Mark Score is a credit score provided by CRIF High Mark, a leading credit bureau in India. Ranging from 300 to 900, a higher score indicates better creditworthiness, enhancing the likelihood of loan approvals and favourable interest rates.

Experian vs CRIF High Mark: Key Differences

Each credit bureau has its own network of lenders, banks, and NBFCs that provide credit information to it. Thus, depending on the differences between the networks that Experian and CRIF High Mark have, the raw information they use to calculate their credit scores might be slightly different. Here are some other major differences between Experian and CRIF High Mark scores you should know about:

Parameters

Experian

CRIF High Mark

Year of Establishment

Founded in 2006. Licenced in 2010

Founded in 2007. Licenced in 2011

Credit Score Range

300 - 850

300 - 900

Ideal score

780 or above

700 or above

Time Taken

When you apply online, you can get the report instantly. Meanwhile, if you apply offline, it can take up to 20 business days from the date of payment. 

When you apply online, your CRIF High Mark credit report is sent to your email after your identity has been verified. 

Cost

The first report is free as per RBI regulations. Post that, 1 credit report + credit score costs roughly ₹399. Meanwhile, only 1 credit report costs about ₹138 

The first report is free as per RBI regulations. Post that, 1 credit report + credit score costs around ₹399.

Dispute Resolution

To raise a complaint, log in to your Experian account online, or write to Experian India.

Send your complaints to crifcare@crifhighmark.com using your registered email address. Include your Report ID and outline the details of your concern in the email.

Conclusion

There is no real basis to say that one of these scores is “better” than the other. Both are equally valid, and both are useful for lenders and credit applicants. Monitor both these scores carefully and raise any discrepancies if required. This will help you get the required loans easily at favourable terms.

FAQ

It is not the case that there is a substantial difference in the importance of these two credit scores:

 

  • Both have an RBI licence.

  • Both have a very large network of lenders, banks, and NBFCs who provide them with credit information.

  • Both are widely used on a regular basis.

  • The entities are well-regarded and considered to be trustworthy.

Thus, there is no real basis to say that one of these scores is “better” than the other. Both are equally valid, and both are useful for lenders and credit applicants.

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