CRIF High Mark Credit Score and Report

CRIF High Mark is an RBI-licensed credit bureau that offers credit information services to the borrowing segment, including retail, microfinance, MSMEs, and commercial borrowers. Like TransUnion CIBIL, CRIF High Mark also calculates and generates a 3-digit credit score that ranges between 300 and 900, but the statistical algorithm used is different as compared to other credit bureaus.

As per CRIF High Mark, a credit score in the range of 580 to 649 is considered a fair score, whereas any score in the range of 650 to 799 is considered good for availing credit. A credit score of 800+ and as close to 900 is considered exceptional by the lending banks. A good credit score indicates low-risk financial behavior to prospective lenders that helps in availing loans at relatively lower interest rates.

Features of CRIF High Mark Credit Score

Key features of CRIF High Mark credit score are given below:

• It is a numeric summary of your credit history i.e. how have you handled past loans and credit cards
• CRIF High Mark credit score is of 2 types – Personal credit score (for individuals) and Business credit score (for commercial entities such as MSMEs and corporations)
• It is used by lenders to gauge the creditworthiness or the risk involved in lending money to a prospective borrower
• The CRIF credit score may also be used by individuals and entities to assess and monitor their credit health
• The higher your CRIF High Mark score, the greater your chances of securing credit at more favourable terms. This is because a high score indicates responsible credit behaviour and a lower risk of default for the lender
• Your repayment history, new credit applications, length of your credit history, current credit utilisation, and credit mix are the major components that make up your credit score.

Suggested Read: How Credit Cards Impact Your Credit Score?

What information is required to Download a CRIF Credit Report

You need to provide the following details to check your CRIF High Mark credit score or to generate your credit report:

• Full Name
• Document type – PAN, Voter ID, passport, driving license or ration card
• Document number
• Mobile number
• Email ID

Once your account is created, you don’t have to provide all details again. You can simply login using your mobile number and OTP.

How to Check CRIF High Mark Credit Report 

There are two ways to check the CRIF credit report – First, directly through the CRIF High Mark website (paid) and second, through a third-party portal, such as Paisabazaar. To check your CRIF High Mark free credit score with monthly updates, you can follow the steps given below:

Step 1: Visit the Free Credit Score page

Step 2: Fill out important details including your name, date of birth, PAN, mobile number, etc., agree to the terms and conditions and click on “Get Your Credit Score”

Step 3: Follow the subsequent verification steps including OTP authentication

Step 4: Once your CRIF High Mark credit score is ready, it will be displayed on the screen. In case you make the payment, your credit report will be generated. You can also login to your Paisabazaar account to view your credit report by CRIF High Mark and other credit bureaus online.

Step 5: You will be automatically notified by Paisabazaar about any changes in your credit report on a monthly basis. You can track these changes by simply logging into your Paisabazaar account.

Factors that affect CRIF High Mark Credit Score

CRIF High Mark collects borrowers’ data such as outstanding loans, repayment records, etc. from lenders, such as banks, credit card providers, and NBFCs. This data is then used to generate credit scores and reports of individuals, as well as institutional borrowers in India.

CRIF High Mark uses its unique algorithm to compute an individual’s credit score. Some key factors that impact your CRIF High Mark credit score are as follows:

• Repayment history – Repayments of credit cards and EMIs on time help increase the credit score
• Length of your credit history – The older the disciplined credit history, the more is the applicant considered creditworthy
• Recent credit applications – Too many credit applications in the recent past may reduce your credit score
• Rectification of Inaccuracies – Incorrect personal details/loan details in the credit report can negatively impact the credit score

A few factors that may impact your credit score if not paid attention to in the long term can be:

• Regularly having a high credit utilization ratio or maxing out your credit cards regularly shows a higher dependency on credit and in turn potentially higher repayment burden
• Credit mix (types of credit accounts handled in the past) – A mix of unsecured and secured credit products handled successfully by the applicant in the past shows the ability to handle different credit instruments making the applicant more trustworthy.

Difference between CRIF High Mark and CIBIL

The nature, role, and significance of these two Credit Information Companies (CICs) or credit bureaus are primarily the same but they still share some prominent differences that are discussed below:

Criteria used by CRIF High Mark to generate Credit reports

Each Credit Information Company or credit bureau has its different mathematical or statistical algorithm to calculate and generate credit reports. Similarly, CRIF High Mark also works on its unique set of algorithms to generate reports for its consumers. Therefore, the credit score generated by each credit bureau of a particular credit profile shall differ as per the consumer’s profile and payment history. There is no similarity in the criteria implemented by different credit bureaus to generate credit reports. Moreover, the process, algorithm, and formula are kept confidential and not disclosed to any banking or financial entity.

Services Offered by CRIF High Mark

CRIF High Mark collects and maintains credit behaviour data of both individual and institutional borrowers across various loan types and lending institutions to generate credit reports and scores based on this data. Member institutions like banks and NBFCs are the main source of credit information (data) for the credit bureau. These members work on the principle of reciprocity and thus, lenders offer borrowers’ data and avail data regarding the credit behaviour of individuals and commercial entities to make informed lending decisions.

CRIF High Mark credit information services are offered to its consumers – both individuals and commercial entities, including access to their credit reports and scores to view and monitor their financial well-being. Various services offered by CRIF High Mark to its Members and Consumers are given below:

Consumer Services:

• Access to personal Credit Report and Credit Score
• Dispute resolution services in case of inaccuracies/errors found in the Credit Report

Member Services: 

Members can make informed business decisions relating to customer acquisition, evaluate risk, prevent fraud, etc. using CRIF High Mark credit reports. Given below are some key services offered by CRIF High Mark to its Members:

• Access to credit reports and scores of prospective borrowers to aid lending decisions
• Identification and anti-fraud services
• Predictive analytics & scorecards

Additional Solutions offered by CRIF High Mark:

• Business rules and decision management
• De-duplication platform
• Collections management
• External data connector
• Loan origination

About CRIF High Mark

CRIF High Mark is a Credit Information Company (CIC) or credit bureau that provides consumer and business credit information to banks, NBFCs, MFIs, insurance companies, Housing Finance Companies (HFCs), rural and cooperative banks, telecom service providers, etc. The agency also offers business information, analytics, scoring, credit management, and decision solutions. CRIF High Mark was the first to offer Microfinance Credit reports, commercial scores, and comprehensive Credit Information Reports (CIRs) on borrowers.

FAQs

Q. What is the CRIF High Mark score and how can I check it for free?

Ans. CRIF High Mark credit score is a 3-digit numeric expression that represents your creditworthiness and repayment capability. You can check it for free once every year through its official website.

Q. What is the CRIF report password?

Q. Ans. If you are checking, your credit report from CRIF High Mark’s official website then the password is 8 characters in which the first 4 numeric are your name in lower case and the last 4 numeric are the last four digits of your registered mobile number.

Q. What are the CRIF High Mark customer care numbers?

Ans. You can contact the CRIF High Mark’s customer care team by dialing these numbers 020-67157-709, 742, 776, 771, 779, 780. The support hours start from 09:00 a.m. to 06:00 p.m. from Monday to Friday.

Q. What is CRIF High Mark customer care email ID?

Ans. You can email your suggestions or queries related to any credit report or score-related issues at info@crifhighmark.com.

Q. What is meant by a blank CRIF High Mark credit report?

Ans. A credit report represents a comprehensive credit profile of an entity. However, a blank CRIF High Mark credit report occurs in case the credit bureau is unable to locate your credit report in the database with the mentioned inquiry details, you will receive an ‘NH’ which means no credit history resulting in a blank credit report.

Q. How do I get a copy of my CRIF High Mark credit report?

Ans. At Paisabazaar, you can check your credit report with monthly updates from all 4 credit bureaus. So while checking your credit report you just need to select the mentioned CRIF High Mark option.  You can also get a copy from the official website of CRIF High Mark, but it is free only once as directed by the RBI and after that, you need to make the payment as per the selected plan to get a copy from the credit bureau.

Q. How often is the credit information in your CRIF High Mark credit information report updated?

Ans. The consumer credit information is collected and maintained by CRIF High Mark, as provided to them by the member credit institutions every month. Usually, it takes around 30-45 days for your credit information to get updated with the credit bureau.

Q. How long does CRIF High Mark take to generate a Credit Report?

Ans. Once you have applied for a CRIF High Mark credit report online, uploaded/submitted necessary documents, and made the payment (in case you wish to avail more than one credit report within the same calendar year), the online credit report is instantly sent to your registered email ID.

Q. What information is required to check a CRIF credit report?

Ans. You have to provide your name, PAN details, mobile number, and email ID to generate and check your CRIF High Mark credit report.

Q. What are the charges that I need to pay to get my CRIF High Mark credit report?

Ans. As per RBI’s directive, consumers can avail one full free credit report (with credit score) from each of the 4 credit bureaus operating in India every calendar year. Therefore, you can avail one free credit report from CRIF High Mark every calendar year. However, in case you wish to avail another credit report from CRIF High Mark within the same year, you will be required to pay a fee.

Q. Why is there a difference between my CRIF High Mark credit score and my CIBIL Score?

Ans. There is a difference between your CRIF High Mark credit score and your CIBIL Score even though both the CICs have the same score range of 300-900 because each of them has a proprietary algorithm that they use to calculate credit scores.

Q. How can I improve my CRIF High Mark credit score?

Ans. The following ways could help you improve your CRIF High Mark credit score:

• Regularly monitor your credit report
• Repay your debts on time (credit cards and loans)
• Avoid applying for multiple credit products simultaneously
• Get inaccuracies in your credit report corrected at the earliest
• Start building your credit score if you have no credit history

Additional Read: How many months does it take to increase my CIBIL score?

Q. How can I contact CRIF High Mark in case I have any queries related to my CRIF High Mark Credit Score/ Credit Report?

Ans. In case you have queries or issues relating to your CRIF High Mark credit report/credit score, you can get in touch with the company’s customer care between 09:00 – 18:00 Monday – Friday via any of the following methods:

You can call on 020-6715-7709/742/776 /771/779/780

You can also send an email at the following addresses:

Consumer Report: crifcare@crifhighmark.com
Business Commercial Report: customerservice@crifhighmark.com

Q. What is a business credit score?

Ans. A business credit report (BCR) or company credit report (CCR) is a detailed report of a company’s creditworthiness. It shows how a company’s financial health is. The CCR consists of the company’s credit history, repayment history, current credit condition, and the credit behaviour of the company.

Q. How does CRIF calculate a credit score?

Ans. CRIF has an algorithm that it uses to calculate the credit score of an applicant. It primarily considers repayment, credit enquiries, and length of credit history for calculating the CRIF High Mark credit score. Additionally, it also considers CUR, credit mix, etc. while calculating the score.

Q. Why is it important to have a good CRIF credit score?

Ans. A good CRIF score helps in getting credit applications approved without many hassles. It can also help sometimes in the reduction of the cost of credit with relatively relaxed interest rates, processing fees, etc.

Know More about Credit Score