CRIF VS CIBIL: Learn Key Differences

When you apply for a financial product like a loan or credit card, the financial institution assesses your creditworthiness by reviewing your credit score. In India, CRIF and CIBIL stand out as leading credit bureaus tasked with gathering credit-related information and compiling credit reports. Read this blog to know about these credit agencies and differentiate between the CIBIL score and CRIF score.

What is CRIF Credit Score?

CRIF stands for the Centre for Research in International Finance. It's a credit reporting agency that evaluates your creditworthiness through a score known as the CRIF credit score. This score is calculated based on your financial information and credit history taking into account factors, like your credit utilisation, outstanding debts, and payment track record.

What is CIBIL Credit Score?

TransUnion CIBIL is another leading credit bureau in India providing credit scores based on your credit history. The agency collects credit-related information from your financial institution. Based on this data, they assign a CIBIL credit score after evaluating your current loans and credit utilisation. They also check your repayment history and overall credit behaviour to calculate your score.

Difference between CRIF Score and CIBIL Score

Here is an overview of the CIBIL vs CRIF scores:

Know Differences in the Scoring Model

While both CRIF and CIBIL serve the same purpose of evaluating your creditworthiness, they differ in their scoring models. Understanding the scoring models for the CRIF score vs CIBIL score is essential to work in the right direction.

CRIF’s and CIBIL’s Scoring Model

The scoring models for CRIF vs CIBIL are as follows:

How do CRIF and CIBIL Generate Credit Score Reports?

Both credit bureaus have different methods to generate credit score reports. Here’s an outlook.

CRIF's Credit Score Report Generation

• CRIF Highmark collects information about your credit history from your financial institutions.
• They evaluate your credit score based on your credit behaviour, including repayment history, credit utilisation, outstanding debt, etc.
• The bureau generates your credit report, which you can download online.

CIBIL's Credit Score Report Generation

• TransUnion CIBIL collects credit-related data from loan providers and credit card companies.
• The bureau evaluates your CIBIL score based on your credit history, repayment habits, credit utilisation, diversity in the credit portfolio, etc.
• They generate your credit report and make it available for download.

Steps to Check CIBIL Score

Here is a quick way to check your CIBIL score online:

1. Go to the official website of TransUnion CIBIL.
2. Look for a section labelled "Get Your CIBIL Score" or similar.
3. Enter details such as your full name, date of birth, PAN card number, email address, and mobile number.
4. CIBIL will verify your identity through an OTP (One Time Password) sent to your registered mobile number or email.
5. Once verified, your CIBIL score will be displayed on the website.

Steps to Check CRIF Score

Here is how to check your CRIF score online:

1. Go to CRIF High Mark's official website.
2. Look for "Check Your Credit Score" or similar.
3. Input your full name, date of birth, PAN card number, email, and mobile number.
4. Authenticate via OTP sent to your mobile/email.
5. Once verified, your CRIF score will be displayed.

CRIF and CIBIL Score: How These Scores Can Help to Get a Personal Loan?

A high CRIF and CIBIL score can help you get a Personal Loan from Hero FinCorp in the following ways:

• Improves your loan eligibility
• Helps you get a loan at lower interest rates
• Attracts easier approval and disbursal
• Reduces the documentation requirements
• Gives you more power to negotiate the rates, terms and conditions

Steps to Apply for a Personal Loan Using These Credit Scores

If you have a decent credit score, follow these steps to apply for a Personal Loan and get easy approval:

1. Download and install the Hero FinCorp Instant Personal Loan app.
2. Register using your mobile number.
3. Enter a few necessary details like your personal, professional, employment, and financial information.
4. Scan and upload the required documents, including your identity, address, and income proofs.
5. Get approval with a loan offer after the verification.
6. Accept the loan offer to initiate the disbursal process.

Conclusion

While both CRIF and CIBIL scores help lenders assess your creditworthiness, understanding CIBIL score vs CRIF score empowers you to navigate the financial landscape more confidently. Ensure you have a high credit score when applying for a Personal Loan from Hero FinCorp to get the loan deal.

Frequently Asked Questions

1. How is my credit score calculated by CRIF and CIBIL?

The bureaus calculate your credit score based on your credit history, outstanding debt, age of credit, portfolio diversity, etc.

2. What is the range of credit scores provided by CRIF and CIBIL?

Both CRIF and CIBIL scores range from 300 to 900.

3. How often is my credit score updated by CRIF and CIBIL?

The scores are updated each month based on your loan EMI and credit card bill payments.

4. How can I correct errors on my credit report with CRIF and CIBIL?

If you identify errors in your credit reports, file a dispute with the relevant credit bureau and let them investigate to resolve the issue.

Disclaimer: The information provided in this blog post is intended for informational purposes only. The content is based on research and opinions available at the time of writing. While we strive to ensure accuracy, we do not claim to be exhaustive or definitive. Readers are advised to independently verify any details mentioned here, such as specifications, features, and availability, before making any decisions. Hero FinCorp does not take responsibility for any discrepancies, inaccuracies, or changes that may occur after the publication of this blog. The choice to rely on the information presented herein is at the reader’s discretion, and we recommend consulting official sources and experts for the most up-to-date and accurate information about the featured products.