Credit Score Reports used by Lenders in India

Credit score has become one of the major factor used by money lenders for verifying the credibility of the borrower. Most of us have checked their credit score before applying for credit card or loan. But have you ever wondered who provides that credit information to us?The different Credit Bureaus in India generate separate credit reports. Let’s find understand more about them.

Companies with Credit Information

The credit bureaus of India collect credit information of individuals from various banks and NBFCs. The information includes details like loan and credit card applications, repayment history, EMI defaults, total credit limit, approvals and rejections, age of accounts and personal information. There are three credit information companies are authorized by the Reserve Bank of India (RBI) to operate in India. They are CIBIL, Experian, CRIF High Mark.Based on the data received from the money lenders, the Credit Information Companies computes the CIBIL score and credit report for the convenience of the lenders and borrowers. Money lenders use the credit report to analyse the creditworthiness of the borrower. Borrowers can use credit score to know about their credit behavior. So that they can take some action to improve their credit score and to gain negotiating power with personal loans and credit card offers.

1. CIBIL Credit Report

CIBIL was established in 2000, currently it is one of the leading Credit Information Company of India. CIBIL provide services for borrowers to understand their credit history. Backed by comprehensive data in helps individuals to make financially informed decisions.CIBIL score ranges between 300 to 900. People can get free CIBIL credit report once a year by registering on the official website. It takes up to 7 days to get your CIBIL credit report. You can apply online to get your free CIBIL credit score, credit report and raise a dispute resolution if there is an error on your credit report.

2. CRIF High Mark Credit Report

CRIF High Mark was established in 2007 and received the license in 2010. It serves a wide range of customers with credit data, data management, data analytics and software solutions.Credit score in High Mark ranges between 300 to 850 and anything above 720+ is considered a good score. To check Experian credit report, an individual can either apply online or manually fill the credit report request form and post it to High Mark office.

3. Experian Credit Report

Experian, was established and started operating in 2010 in India. It is a major credit bureau that keeps track of financial transactions and provides your credit report. Experian offers credit reporting service to individuals and financial institutions and involved in various other finance-related services.In Experian credit report, credit score ranges between 300 to 900 points. Anything above 740+ is considered as a good credit score. To check Experian credit report, an individual can either apply online or manually fill the credit report request form and post it to Experian office. It might take up to 10 days to get your Experian credit report from the date of application.

All the money lending financial institutions check your CIBIL score to know the credibility of the borrower, before approving loan application. It’s important to frequently evaluate and check your credit score from a trusted source. Credit information companies like CIBIL, Experian, CRIF High Mark are authorized by RBI to operate in India. Each company acquire credit information and customer data from independent sources, therefore credit scores for each bureau can vary accordingly.