CIBIL score is on border or less, get credit score from other Credit Bureaus in India like Equifax, Experian or CRIF High Mark to avail loans.
TransUnion CIBIL, Equifax, Experian and CRIF High Mark are all credit bureaus which can help you borrow loans.
Credit Bureaus in India are responsible for collecting and managing credit information of individuals and businesses. Its main role is to gather data from diverse sources like banks, credit card companies, and financial institutions. This data is then utilized to create credit reports known as Credit Scores.
In India, credit bureaus play a crucial role in maintaining credit information of individuals and businesses. There are four major credit bureaus in India that operate in the country, namely TransUnion CIBIL, Equifax, Experian and CRIF High Mark.
Lending in India has grown and a lot of credit goes to these bureaus making credit reports easily accessible to lenders making purchase affordable for consumers.
Let us know more about these 4 Credit Bureaus
TransUnion CIBIL is one of the oldest credit bureaus in India and is the most widely used one. It maintains credit records of over 600 million individuals and 32 million businesses.
Equifax, a globally recognized credit bureau, is also operational in India. It offers credit reports and scores to both individuals and businesses within the country. Equifax has established a strong presence in the Indian credit market and is widely utilized by numerous lenders and financial institutions for their credit evaluation processes.
Experian, a renowned global credit bureau, also operates in India, offering credit reports and scores to individuals and businesses. As one of the prominent credit bureaus in the country, it is extensively utilized by lenders and financial institutions to evaluate creditworthiness.
CRIF High Mark pioneered the setup of a microfinance credit bureau and launched India’s first Microfinance database in March 2011. CRIF High Mark’s investor-partners include State Bank of India (SBI), Punjab National Bank (PNB), SIDBI, Edelweiss, Shriram City Union Finance (SCUF) amongst others. First Bureau to offer Microfinance credit reports.
Comparison between TransUnion CIBIL, Equifax, Experian and CRIF High Mark
The credit reports and scores provided by these bureaus are used by lenders to assess the creditworthiness of borrowers and make informed lending decisions. Hence, it is essential for individuals and businesses to maintain a good credit score to improve their chances of getting approved for loans and other credit facilities.
| Parameter | TransUnion CIBIL | Experian | Equifax | Highmark |
| Year of establishment | 2000 | 2006, the license granted in 2010 | 2010 | 2007, the license granted in 2010 |
| Scoring system | 300-900 where 900 is the perfect credit score | 300-900 where 900 is the perfect credit score | 1-999 where 1 is the lowest and 999 being the highest | 300-900 where any score above 720 is excellent and score below before 640 is poor. |
| Credit Records & Partners | 600 million individuals and 32 million businesses across India | 5000+ banking and financial institutions and around 430 million loan records across India | 800 million individual consumers and more than 88 million businesses worldwide. | World’s largest microfinance database with over 80 million borrowers |
| Products and Services | For Consumers: Credit Report, Credit Score and Dispute Resolution For Members: Customer Acquisition, Portfolio Services, Analytics and Consulting | For Consumers: Credit Report, Credit Score and Dispute Resolution For Members: Customer / Fraud / Risk Management | For Consumers: Credit Report, Credit Score and Dispute Resolution For Members: Equifax Risk Score, Portfolio Review and Alerts | For Consumers: Credit Report, Credit Score and Dispute Resolution For Members: Anti-Fraud services, Analytics & Scorecards Additional Solutions: Business Data Services |
Credit Score, CIBIL Score and CIBIL Rank
A credit score is a numeric representation, ranging from 300 to 900, that summarizes an individual’s credit history. It is generated by any of the four credit bureaus operating in India.
When the credit score is specifically generated by TransUnion CIBIL, it is referred to as a CIBIL score. It provides a measure of an individual’s creditworthiness.
CIBIL Rank is relevant to commercial borrowers, such as companies. CIBIL Rank serves as a summary of the credit history found in a CIBIL Company Credit Report (CCR). It is assigned on a scale of 1 to 10, with 1 being the best rank and 10 being the worst.
In conclusion, it is important to note that credit reports and credit scores generated by all four credit information companies in India hold equal validity. While there may be variations in the credit scores generated by each bureau, the underlying credit information is derived from the same data provided by lenders such as banks and financial institutions. Therefore, the creditworthiness assessment remains consistent across different credit bureaus.
Furthermore, it is worth highlighting that all four major credit bureaus in India, namely CIBIL, Equifax, Experian, and CRIF High Mark, are licensed and regulated by the Reserve Bank of India (RBI). This regulatory oversight ensures that these credit bureaus operate within defined guidelines and maintain the necessary standards of data privacy and accuracy.
