Credit score: How does CRIF High Mark assess your ability to take a loan? An explainer

It is quite essential to know about your creditworthiness in this fast world of finance. A responsible credit agency, CRIF High Mark, gives detailed credit reports to help in understanding the credit history. A credit report is the most essential tool that measures financial health. Therefore, for you to get a good control over your finances, this article explores further on the details of CRIF credit reports.

CRIF High Mark

An RBI-approved credit bureau, CRIF High Mark offers credit information services to diverse industries which include retail, microfinance, MSMEs, and commercial enterprises. While other credit agencies use different methodologies to provide a three-digit credit score between 300 and 900, the special statistical technique used by CRIF High Mark determines your possibilities of availing loans on beneficial terms in accordance with the scale.

Features of CRIF High Mark credit score

• It summarises your credit history, including how you handled previous loans and credit cards, numerically.
• CRIF provides two different kinds of credit scores: business credit scores for businesses and personal credit scores for individuals.
• You have a better chance of getting loans at competitive interest rates if your CRIF High Mark score is greater.
• Some of the factors that determine your credit score are credit mix, length of credit history, recent credit applications, repayment history, and current credit utilisation.

CRIF High Mark's criteria for creating credit reports

Different statistical models are used by each credit agency to determine the credit scores. Likewise, CRIF High Mark creates credit reports based on its proprietary algorithm. The credit score for the same financial profile can differ between bureaus because different agencies use different methodologies.

How to check the CRIF High Mark credit report?

It is very easy to check your CRIF credit score:

• Step 1: Go to the free credit score page on the website of CRIF High Mark.
• Step 2: Enter your personal details like your name, birthdate, PAN, and mobile number.
• Step 3: Complete the OTP authentication step of the verification process.
• Step 4: Check your credit score that will appear on the screen after it has been processed.

Factors affecting CRIF High Mark credit score

A credit score is determined by many factors, such as:

• Repayment history: A credit score goes up when one pays the credit card bills and EMIs in time.
• Length of credit history: The more time one maintains a good credit history, the more creditworthy he or she is.
• Recent credit applications: Applying for several loans within a short period will reduce the credit score.
• Accuracy of information: Be sure to verify and correct all incorrect information in your credit report, since it could adversely affect your score.

CRIF High Mark credit score range

In conclusion, the CRIF credit report provides a comprehensive summary of your credit history, which helps you make informed financial decisions. Being aware of factors such as payment history, outstanding debts, credit enquiries, and public records enables you to take proactive steps to preserve and enhance a good credit profile. Regular checks on your credit record ensure future credit availability and financial stability.