CIBIL vs. Equifax vs. Experian vs. CRIF High Mark

Credit Information Companies (CICs) generate Credit Information Reports (CIRs) for individuals and Company Credit Reports (CCRs) for companies, enterprises, and organizations. CIR’s primary component is credit score, whereas CCR’s main component is credit rank. This consumer credit information is subsequently used by these credit bureaus to generate credit reports/scores of individual borrowers and credit ranks of commercial entities.

At present there are four leading credit bureaus or Credit Information Companies in India as discussed further:

• TransUnion CIBIL
• Equifax India
• Experian India
• CRIF High Mark

Features & Comparison of 4 Leading Credit Bureaus

Despite performing similar functions, there are some key differences between these four Credit Bureaus TransUnion CIBIL, Equifax, Experian, and CRIF High Mark which are discussed below, along with their basic features and functionalities:

TransUnion CIBIL

TransUnion CIBIL Limited (Formerly known as Credit Information Bureau (India) Limited) is a renowned Credit Information Company (CIC) that maintains credit information of over 1000 million individuals and businesses worldwide. In India, TransUnion CIBIL is considered one of the most trusted credit bureaus. Its members include all major banks, financial institutions, Housing Finance Companies (HFCs) and NBFCs. TransUnion CIBIL maintains one of the largest consumer credit information and generates CIBIL score that helps in measuring the creditworthiness of consumers. It also generates Credit Information Reports (CIR), CIBIL Commercial Reports, and CIBIL Ranks for commercial enterprises.

Equifax India

Registered as a Credit Information Company (CIC) in India since 2010 and headquartered in Mumbai, Equifax India is a joint venture between Equifax Inc., USA, and seven leading financial institutions in India. Equifax India collates credit information of individuals and commercial entities, as provided by the financial institutions. The credit information of consumers is further presented in the form of Credit Information Reports (CIRs) and Credit Scores that are calculated and generated by using a specific algorithm. Equifax also manages a separate credit bureau to cater to the increasing lending and regulatory needs of Micro Finance Institutions (MFIs).

Experian India

In 2010, Experian became the first credit bureau to receive a license under the new Credit Information Companies (Regulation) Act (CICRA) 2005. Experian India offers its own Experian credit report and score for use by both individuals and companies. It offers information, marketing services, and analytical tools to individuals and commercial enterprises to make informed credit decisions.

CRIF High Mark

Headquartered in Mumbai, CRIF High Mark claims to be India’s first full-service credit bureau which offers comprehensive credit information for all borrower segments across India including retail consumers, MSME (Micro Small, and Medium Enterprises) as well as commercial and microfinance borrowers. Besides, providing credit reports and credit scores, this credit bureau also offers analytics, insights, data management, and related software solutions to banks, MFIs, NBFCs, Housing Finance Companies, Insurance Companies Telecom service providers, etc.

Comparison between TransUnion CIBIL, Equifax, Experian & CRIF High Mark

The following table compares some of the key aspects of the four credit bureaus currently operating in India:

Parameters	TransUnion CIBIL	Equifax	Experian	CRIF High Mark
Year of Establishment	Established in 2000	Registered in 2010	Established in the year 2006, the license received in 2010	License received in 2010
Credit Score Range	300-900	300-900	300-900	300-900
Cost of the Report	1 Credit Report with a credit score costs Rs. 550. Only the Credit Report costs Rs. 164 (including taxes/handling charges).	A credit report costs Rs. 118 and 1 credit report with a credit score costs Rs. 472.	1 Credit Report and credit score cost Rs. 399 (including taxes). Only the Credit Report costs Rs. 138.	1 Credit Report with a credit score costs Rs. 399.
Time Taken to Receive Credit Report	Available online through the CIBIL website for a fee.   In the case of offline applications, CIBIL takes around 7 days to verify the given documents. Post successful verification, you will receive the login credentials to the myCIBIL portal by registered post or through mail to your registered email address.	If you apply for the full credit report through the Equifax mobile app, you will receive it after 1 day via email.   In case of offline application, the credit report is dispatched through post/courier after verification and authentication of the provided documents. Can take 7-10 days.	Available online through the Experian website.   In case of offline application, your credit report will be dispatched within 20 business days from the date of receipt of your documents and payment.	If you apply for your CRIF Highmark credit report online, you can receive it instantly on your registered email address once you have successfully authenticated your identity online.
Dispute Resolution	CIBIL dispute resolution is a comprehensive process that ensures that any inaccuracy in your credit report is reported and corrected as soon as possible.   Alternatively, you can also raise your dispute offline by writing to CIBIL at the following address: TransUnion CIBIL Limited One World Center, 19th Floor, Tower 2A and 2B, 841, Jupiter Textile Mill Compound, Senapati Bapat Marg, Lower Parel, Mumbai – 400 013	Download the Dispute Resolution Form from the Equifax website. Fill out the form, attach the required documents, and send it to the bureau’s address through regular post, courier, or speed post.	You can raise a dispute online by logging into your Experian account. You can also raise a dispute offline by writing to Experian India.	Send an email to crifcare@crifhighmark.com from your registered email id mentioning your Report ID (Reference Number) along with the complaint.

FAQs

Q. Why is there a difference in the credit score generated by different credit bureaus for the same individual?

Ans. Each bureau has its unique proprietary algorithm which it uses to calculate a person’s credit score and the exact breakup of these factors is not known. Thus even the same individual’s credit score varies from one credit bureau.

Q. Are Credit Reports and Credit Scores generated by all four credit bureaus equally valid?

Ans. Credit Reports and credit scores generated by all four credit information companies are equally valid even though there might be a difference in the credit score generated by each of them. This is because lenders such as banks and financial institutions report the same information to all the credit bureaus. Moreover, all four credit bureaus – CIBIL, Equifax, Experian, and CRIF Highmark are licensed by RBI.

Q. Who can access the Credit Report?

Ans. Consumers (individuals and commercial entities), Members (such as banks and financial institutions), insurance companies, collection agencies, government agencies, employers, and telecom service providers can access credit reports in India.

Q. Can I check my Credit Report for free?

Ans. Yes, you can check your credit report for free from multiple credit bureaus through Paisabazaar.com.

Q. What is the difference between credit score, CIBIL score, and CIBIL rank?

Ans. Your credit score is a 3-digit numeric summary of your credit history between 300 and 900 that is generated by any of the 4 credit bureaus operating in India. A credit score generated specifically by TransUnion CIBIL is known as a CIBIL score. CIBIL rank acts as a summary of the credit history contained in a CIBIL Company Credit Report (CCR). CIBIL Rank is scaled from 1-10, wherein Rank 1-4 is considered better for availing funds Rank 10 is least preferred by lenders and the business is considered near to default with minimum possibility of availing funds.

Q. How often do lenders report consumer or business credit information to the Credit Information Companies or Credit Bureaus?

Ans. Most of the lending institutions, such as banks and NBFCs report changes/new credit information to credit bureaus monthly (40-45 days approx.). After receiving the consumer credit information, the credit bureaus update the information on an individual’s credit report.