CRIF Highmark credit score: All you need to know

One of the credit bureaus authorised by the RBI to create and generate credit reports and determine credit scores in India is CRIF Highmark. Retail consumers, MSME (Medium and Small Enterprises), commercial, and microfinance borrowers are all included in the credit information this credit information company collects and keeps. Members and customers can access the credit reports and scores that CRIF Highmark offers to monitor their credit health and/ or make informed credit decisions. Your three-digit CRIF Highmark credit score, which varies from 300 to 900, is a numerical assessment of your credit history.

Features of the CRIF Credit Score

• It is a three-digit numerical summary of how you handled previous loans and credit cards or your credit history.
• The range of the HighMark credit score is 300–900.
• A CRIF Highmark Credit Score of 750 or higher is a good score.
• There are two categories of CRIF Highmark Credit Scores: Personal Credit Scores (for people) and Business Credit Scores (for commercial entities such as MSMEs and corporations)
• Lenders use it to assess a potential borrower’s creditworthiness or the risk involved in extending credit to them.
• Individuals and organisations may also evaluate and track their credit health using the CRIF HighMark credit score.
• You have a better chance of getting credit on more benevolent conditions if you have a Highmark score. It is because a high score denotes appropriate credit behaviour and decreased lender default risk.
• Your credit score is primarily influenced by your credit utilisation, repayment history, length of credit history, credit mix, and new credit applications.

What is the difference between a credit score and a credit report?

A credit score is a three-digit figure determined by factors such as credit history, credit usage ratio, etc. It aids the lender in assessing the creditworthiness of the borrower. The borrower’s identity, credit history, current debts, etc., are all included in the credit report, which is a thorough record.

Calculation of credit score by CRIF Highmark

In India, lenders, including banks and NBFCs (non-banking financial companies), provide data about borrowers to CRIF Highmark, including information about outstanding loans, repayment history, etc. The credit reports and scores of individual and institutional borrowers in India are then generated using this data. A credit score is a three-digit numerical summary of your credit report’s credit history.

To determine a person’s credit score, CRIF Highmark employs a patented algorithm that is entirely original. The legal safeguards in place make it hard to pinpoint the precise effect that component has on your CRIF HighMark credit score. However, the following are some important variables that affect how your CRIF Highmark credit score is calculated:

• Outstanding debt
• Length of your credit history 
• Repayment history 
• Credit mix
• Applications for new credit

Services offered by CRIF Highmark

Customers of CRIF Highmark can also access their credit reports and score to check and keep tabs on their financial situation, as well as several other services for private individuals and business clients. The following list includes the various services that CRIF Highmark provides to its members and customers.

Services for consumers

If problems or inaccuracies are discovered in the credit report, one can access personal credit reports and dispute resolution services.

Service to members

Using CRIF Highmark’s data, analytics, and software solutions, members can make well-informed business decisions on customer acquisition, risk assessment, fraud prevention, and other topics. Here are a few services that CRIF Highmark provides to its members:

• Access to prospective borrowers’ credit reports and scores to help with lending decisions
• Services for fraud detection and identification
• Analytics and scorecards for prediction

Extra solutions

• Business decision-making and rules
• Platform collections for de-duplication 
• Loan origination
• External data connector for management

Division of the CRIF Highmark credit score

The CRIF Highmark Credit Score is divided as follows:

• 300–500 (extremely low): The consumer has a high risk of credit default, a poor track record of payments, and a very low credit score of 300–500 (extremely low). Lenders are highly likely to refuse to grant credit to such customers.
• 500–650 (low): A score in this range denotes a low score and payment delays or defaults from the consumer. Lenders still view clients who have not made payments on time as a danger, thus some of them may decide not to grant loans to such borrowers.
• 650-750 (great): Lenders like banks and non-banking loan organisations typically view a credit score of 750 as optimal. Customers with scores in this area have often shown strong payback habits. Additionally, they are probably to keep a healthy balance between their secured and unsecured credit scores. Due to their low risk of default, such consumers are good for lenders.
• 750–900 (excellent): Clients with credit scores in this range are regarded as being very credit-reliable because they have demonstrated great repayment behaviour and have never missed a payment. They have a perfect track record of paying their debts on time and utilising credit responsibly. Such consumers are welcome to apply for loans from lenders.

Standards used by CRIF Highmark to produce a credit report:

• Current balances on the account
• Financial history
• The ratio of credit usage
• Fresh loan requests
• The ratio of debt to income
• Mix of credit
• Credit history length, etc.

Who can obtain a CRIF Highmark credit report? 

Both people and companies can view their credit records and ratings. In addition, before approving a loan, the lenders may obtain a credit report from a person or company.

How do I get a hold of my CRIF Highmark Credit Score?

• CRIF portal can be found at cir.crifHighmark.com.
• A button that says “Get Your Score Now” will appear. Just click it.
• You must provide your email address for communication purposes to continue.
• Your entire name, date of birth, mobile number, address, and Aadhaar or PAN number must be entered after your email address.
• After providing the information, you will be required to respond to a security credit question based on the records.
• After satisfactorily answering the security credit question, you can download your credit report from CRIF.

Ways to improve your CRIF Credit Score

• Make sure that you pay all of your past-due bills on time.
• Keep the credit utilisation percentage on your credit card under 30%.
• Your credit score is positively impacted by having a solid mix of credit.
• Avoid requesting numerous credit cards.
• Keep previous credit card accounts open. Try to keep your interactions with them to a minimum.
• Check your credit report frequently before making significant financial decisions like applying for a loan.
• Avoid late payments and schedule regular loan servicing.

FAQs