Everything You Need to Know About CRIF High Mark Score and Credit Reports

Everything You Need to Know About CRIF High Mark Score and Credit Reports

In the financing business, credit scores are an important tool. A person’s credit score informs a lender about their creditworthiness and helps them decide whether or not to accept them as borrowers. Similarly, everyone should check their credit score, whether they are an individual or a corporation. Individuals and organisations should take the required steps to enhance their credit scores, since this will allow them to obtain funding quickly and at reasonable rates of interest.

What is CRIF High Mark?

CRIF Highmark is one of India’s six credit agencies. Credit reports and scores are generated by the CRIF Highmark for individuals, businesses, and other entities. To do so, it collects and analyses a variety of credit-related data, using which it can assess an individual’s or entity’s creditworthiness and award them a CRIF credit score. Members of the CRIF, which include banks and financial institutions, update the information required to determine a person’s credit score on a monthly basis.

What is CRIF Highmark Credit Score?

The CRIF credit score is a three-digit value ranging from 300 to 900. With a score of 300 being the lowest or worst and 900 being the greatest or best. A high CIRF credit score indicates a low-risk individual with strong financial credibility. In other words, someone with this score should be deemed a low-risk borrower. A poor credit score, on the other hand, suggests a person who lacks financial trustworthiness and is a risky loan application. Lenders use the CIRF credit score in this way to assess a person’s creditworthiness.

How can I check my CRIF Highmark credit score?

Other credit bureaus in India, such as Equifax, CIBIL, and others, exist in addition to CRIF High Mark. According to RBI requirements, these credit bureaus must provide free credit reports to individuals at least once a year. If you want to discover your credit score or see your credit report, go to CRIF Highmark’s official website and fill out an application for a credit report.

You will receive your credit score as well as a comprehensive credit report in your email after providing the essential information. The procedure for obtaining a credit report is simple and quick. You can request a printed version of the report in addition to receiving it in the mail, and the report will be mailed to you to the address mentioned in your document.

Here’s How CRIF Highmark Credit Score is Divided:

300–500 (very low): This score shows that the consumer is at a significant risk of defaulting on their credit and has a poor repayment history and credit history. There is a high likelihood that lenders will refuse to lend to such customers.

500–650 (low): This range of scores implies that the consumer has a low credit score and has missed or defaulted on payments. Customers who have not made timely payments are still considered a risk by lenders, and some of them may refuse to lend to them.

650–750 (great): A credit score of 750 is considered optimal by most lenders, including banks and non-banking finance organizations. Customers with a credit score in this category have a history of timely repayment. They’re also more likely to keep a decent balance of secured and unsecured credit scores. Customers who fall into this category are beneficial for lenders because they have a minimal risk of defaulting.

750-900 (excellent): Customers with a credit score in this category are thought to be exceptionally credit-worthy since they have shown great repayment behavior and have never missed a payment. They have a perfect track record of paying all of their bills on time and intelligently using credit. Lenders are eager to provide loans to such clients.

Key Points To Be Noted About The Credit Score Given By CRIF Highmark:

  • The CRIF Highmark credit score is divided into two categories: Business Credit Score (for businesses) and Personal Credit Score (for individuals)
  • The length of your credit history, credit mix, credit card applications, credit payment history, and credit utilization ratio are all factors taken into account when determining your CRIF Highmark credit score.
  • CRIF Highmark’s credit score demonstrates your creditworthiness.
  • A consumer is entitled to one free CRIF credit report per year; beyond that, it costs Rs. 399 per year.
  • A CRIF Highmark is a three-digit credit score ranging from 300 to 900 points.

Different Criteria used by CRIF Highmark to generate a credit report:

  • Current outstanding debts
  • Repayment history
  • Credit utilization ratio
  • New loan applications
  • Debt to income ratio
  • Credit mix
  • Length of credit history and more