CIBIL vs CRIF vs Experian: If you’ve applied for a loan, you’ve likely checked your credit report. You may have noticed that your CIBIL score is showing a different score. Furthermore, EXPLANE and CRIF provide slightly different numbers. It’s natural to wonder which is the correct score. Let’s explore the meaning of CIBIL, CRIF, and EXPLANE scores.
What’s the difference between these scores?
There are currently three credit bureaus in the country: CIBIL, CRIF, and EXPLANE. They collect data from banks, NBFCs, and fintechs to generate scores ranging from 300 to 900. The only thing is that the formulas for each of the three are slightly different, which can cause the numbers to fluctuate slightly. Thus, if your CIBIL score is 780 and Experian’s is 765, there’s no need to panic; both indicate a good credit history. The only difference is the calculation formula.
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Why do banks trust CIBIL?
CIBIL is the oldest, operating since 2000. It has the largest consumer database and years of history. For this reason, banks have traditionally relied on it. However, loan seekers now include entrepreneurs from small towns, new credit users, and freelancers. Understanding them requires new models.
What do CRIF and Experian do?
CRIF High Mark maintains robust data in the microfinance and small business sectors. Experian focuses on global analytics and on people’s spending, debt, and payment patterns. Mahesh Shukla, CEO of PayMe, explains that we look at insights from all three bureaus, but primarily use TransUnion CIBIL for our score because it provides highly reliable and in-depth data.
What’s important for you?
Pay your EMIs and credit card bills on time.
Keep your credit utilization below 40%.
Don’t apply for multiple loans at once.
If you notice any errors in your report, get them corrected immediately.
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This good habit can improve CIBIL
Let us tell you that credit scores are maintained by different bureaus. CIBIL is then displayed to people. But the real trust lies in your financial discipline. If you consistently manage your money responsibly, the bank will stand by you.
