CRIF Credit Score

Understand what is a CRIF credit score and what makes it important for you as a borrower. Why do banks and lending agencies give importance to your CRIF highmark score and the CRIF credit report and how you can keep it within acceptable limits to get a loan easily and quickly get approved.

CRIF Credit Score Details

CRIF High Mark Credit Information Services is a reputed agency that provides its services to commercial, microfinance, rural, and agricultural individuals and companies.

CRIF credit score Is a three-digit number that goes on to show how responsible you are as a borrower. They do not state in the report whether you are eligible to take loans or not but make it obvious for the lender to understand.

Your credit score is based on your past repayment history, how you managed to repay your past loans, if you made late payments, your personal details, and other details as a part of the procedure. The Highmark credit score ranges from 300-900 like other credit reports provided by other companies. A credit score that comes out to be around 800 or 900 is considered to be the most competent credit score while applying for loans and credit cards.

They provide their services to both big companies and individuals, which makes them unique. They are known for being an unbiased credit agency that provides an exact report to the customers that they can rely on.

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What is CRIF Highmark?

CRIF Highmark is a credit reporting agency that extends its services to companies and individuals from different backgrounds.

A credit score is generally a three-digit number that indicates how a person is as a borrower. It goes on to show an individual's creditworthiness as well as big companies responsibility as potential borrowers.

CRIF credit score is based on how you have been as a borrower. It gives a summary of your past behaviour as a borrower so that your potential lenders can judge you on the same basis before approving your loan applications.

If your credit score is less than 600, make sure you work on increasing your credit scores before you apply for loans and credit cards. Pay your monthly bills, EMIs, and debts on time and make sure you never make late payments. These are the major factors that affect your credit score immensely and reduce your score.

If your credit score range is around 750 or 700, it is considered to be a decent score. If you can manage to have a credit score around 850-900, you can receive several financial benefits and rewards on that basis. Several lenders also offer pre-approved loans to those who have a good Highmark credit score.

When you apply for a loan or credit card, your lender checks your credit score and decides your eligibility for the loan. Your past history, open account details, personal information, and other details are examined before your loan is approved by the lender. Therefore, it is essential to check your credit score before applying for credit cards or loans to analyse whether or not you are eligible at the moment.

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How to check CRIF credit score?

In order to check your CRIF credit score, head to their official website and fill out all the details properly.

You will have to select whether you are a business or an individual seeking their services.

Your personal details will be required. Verify your identity, review your report type, and lastly, authenticate your requirements to get the credit report.

They provide credit reporting reports for 399/- for a year of services. You can get your credit report for free once a year. After that, you will be charged for the credit reporting service.

Their free credit reports are as genuine as their paid reports. They provide the same details as the paid ones do.

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Difference Between CIBIL and Highmark Credit Score

Both are extremely popular credit report agencies that provide their services to individuals and companies. However, the major difference is the price point.

In order to get your CRIF credit report, you will have to pay around 399, including GST, for a year.

In order to get your credit score from CIBIL, you have to pay around 550. When it comes to networking, CIBIL has a wider network than many other credit agencies across the globe.

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Services offered by CRIF High Mark

The major services that the CRIF High Mark company offers are:

  • They provide credit reports to individuals and companies irrespective of their background. They collect consumer data and make a credit report that gives a summary of an individual from a personal and a financial standpoint.
  • They provide risk factors to the customers for them to improve their credit scores.
  • They also provide software and decision analytics to their customers.
  • They also give you the opportunity to raise a dispute regarding any credit details if you prefer.

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Range of CRIF Highmark Credit Score

The CRIF Highmark credit report gives your potential lender a summary of you as a borrower.

Whether you made your past repayments on time, if you made late payments, details of your open credit accounts, details of your past employers, and other details are covered in the CRIF Credit score.

If your credit score ranges from 300 to 900. 300 is the lowest credit score for one to have. On the other hand, 900 is the highest credit score that you can have. Make sure you work on improving your credit score towards 850 or 900 so that you receive the additional financial rewards and benefits that come with it when you apply for loans.

Even if you have 700 or 750, it is considered to be a decent credit score while your lender examines it. However, if you have a lower credit score, make sure you work on increasing your credit score before applying for loans or credit cards so that your applications get approved easily. When you have a good credit score, lenders may also offer pre-approved loan plans. You can have a bigger credit limit. And you may be asked to pay low-interest rates if you have a good CRIF credit score.

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Criteria Used by CRIF Highmark to generate a credit score

There are several things that are taken into consideration while generating your CRIF Highmark score.

Some of the major things that they considered while making a report include:

  • Your past repayment history
  • Current outstanding debts
  • The number of loan applications you made in the past
  • Your credit mix is also considered. The number of open credit accounts that you have is counted while making your CRIF credit score report.
  • Your credit utilisation ratio also has an important role.
  • The length of your credit history is also counted.

These are some of the major things that they consider while they prepare your Highmark credit score.

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Factors affecting CRIF Highmark score

There are several factors that can affect your CRIF Highmark credit report. Make sure you analyse your score and work on improving it to receive the financial rewards and benefits that are offered to those who have good credit scores.

  • Make sure you are aware of the effects of taking out multiple loans from multiple lenders. It may cause late payments and affect your credit score immensely.

It will show that you are financially incapable of making your monthly payments on time. It can significantly impact your credit score. When you take out multiple loans and fail to make your payments on time, your lenders may send inquiry requests to credit rating agencies. It affects your credit score a lot. It will eventually decrease your credit score.

  • The credit limit you have refers to the maximum amount you can spend through your credit card on a monthly basis. Credit limits are set based on your capacity of making repayments. If you're wondering how to increase your CRIF credit score, make sure you keep track of how much you spend from your credit limit. 
  • If you have a habit of making late payments frequently, your credit score will always remain on the lower side.

Late payments not only indicate you are incapable of planning your finances properly but also make you an incapable borrower of loans. Pay your bills, monthly debts, EMIs on time to avoid late payments, for they can have a huge impact on your CRIF credit report.

These are the factors that have an immense impact on your Highmark credit score. Make sure you keep your old good loan account on your credit report so that it helps you achieve a good credit score. Make your good accounts active if you have a good repayment history for a long time.

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CRIF Credit Score FAQs

What does CRIF stand for?

CRIF refers to Cargo Routing Information File.

What is a good CRIF score?

A decent CRIF score is 700-750. If you have a CRIF credit score in this range, it is considered to be a decent score. Your potential lenders will have a good impression of you as a responsible lender.

However, if you can keep your credit score 850-900, it is considered to be the best credit score one can have in the market. You will receive pre-approved loans from lenders. Rewards and other benefits are also offered to those who have a very good credit score.

How can I improve my CRIF score?

The major steps that you can take to improve your CRIF score are making your monthly payments on time, not applying for multiple credit cards in a short span, and utilising your credit limit properly.

Even if you make your monthly payments on time for a very long time, applying for multiple credit cards simultaneously can have an impact on your CRIF credit score.

Are CRIF and CIBIL score the same?

CRIF Highmark and CIBIL are two credit reporting agencies that offer similar services to individuals and companies across the world.

They both offer credit reporting services. However, their scores may differ at times, considering the credit score generating procedures are not exactly the same for both the agencies.

Which credit score is best, CRIF or Experian?

Both Experian and CRIF offer credit rating services, and their scores range from 300-900. 

Scores above 750 are preferred by potential lenders. Both the reports are equally acceptable when you have a decent credit score.

Is CRIF score important?

Your CRIF Highmark credit report is extremely important in determining whether or not you are an eligible borrower to apply for loans and credit cards. It gives a summary of the borrower to the lenders before they approve your loans.

How can I contact CRIF Highmark?

Dial 0514175084 to reach out to CRIF customer care services.

You can also send an email at dirprivacy@crif.com.