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Equifax Vs CIBIL Vs Experian Vs Highmark - Source - bankbazaar.com

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  • Equifax Vs CIBIL Vs Experian Vs Highmark - Source - bankbazaar.com



    Lenders like banks and non-banking finance companies rely on credit reports before approving your loan or credit card application. A credit report is computed by credit information companies which are also known as credit bureaus. The credit bureaus collects, collates and aggregates data from its members (individual consumers and lending institutions) to provide information related to the credit history and creditworthiness of an individual. At present, there are a total of 4 credit bureaus in India. All credit bureaus in the country are licensed by the Reserve Bank of India (RBI).
    Parameter CIBIL Equifax Experian CRIF Highmark
    Established 2000 License granted in 2010 2006, license granted in 2010 Received licence in 2010
    Cost of the Report Rs.550 for Credit Report + Score. Rs.400 (excluding GST) for Credit Report + Score Rs.399 for Credit Report + Credit Score) Rs.399 (including GST) Credit Report + Credit Score
    Scoring System All credit bureaus in India offer a credit score between 300-900, 900 being the highest. A credit score of 700 and above is considered as ideal. All credit bureaus in India offer a credit score between 300-900, 900 being the highest. A credit score of 700 and above is considered as ideal. All credit bureaus in India offer a credit score between 300-900, 900 being the highest. A credit score of 700 and above is considered as ideal. All credit bureaus in India offer a credit score between 300-900, 900 being the highest. A credit score of 700 and above is considered as ideal.
    Products and Services For Consumers:
    • CIBIL TransUnion Score
    • Credit Information report
    • Market Insights, etc.
    For Companies:
    • Portfolio Review reports
    • CIBIL Company credit information report
    • CIBIL Bureau Analyser, etc.
    Additional solutions:
    • Portfolio Management
    • Fraud prevention
    • Customer acquisition
    • Customs solution, etc.
    For Consumers:
    • Credit information report
    • Equifax alerts
    • Equifax portfolio review
    • Equifax risk score
    For companies
    • Credit risk and fraud management
    • Portfolio management
    • Industry diagnostics, etc.
    For Consumers:
    • Experian Credit Information report
    For companies
    • Customer acquisition
    • Collection and money recovery
    • Customer management
    • Data and Analytics
    • Customer targeting and engagement
    For Consumers:
    • CRIF High Mark Credit Information report
    • Microfinance credit reports
    For Companies:
    • Commercial Score
    • Identification and Anti-Fraud services
    • Predictive Analytics & Scorecards
    Additional solutions:
    • Business Rules and Decision Management
    • Collections Management
    • Loan Origination
    • External Data Connector
    • Deduplication Platform
    Time taken to receive credit report The online credit report is delivered instantly after making the payment. The online credit report is delivered instantly after making the payment. The online credit report is delivered instantly after making the payment. The online credit report is delivered instantly after making the payment.
    Similarities Between the Credit Bureaus


    All the four credit bureaus in the country are licensed by the Reserve Bank of India (RBI). Lenders like banks and non-banking finance companies (NBFCs) send your credit information to all the credit bureaus. They do not differentiate between the bureaus and share all your details related to your credit with them. Each credit bureau has their own algorithm which they use to calculate your credit score. Therefore, credit scores from all the credit bureaus are considered as valid. Although, the algorithm to calculate credit score can be different for different bureaus, the five components that are taken into consideration while calculating the credit score remain the same. Credit bureaus consider factors like repayment history, type of credit, age of credit, credit exposure, and credit inquiries while calculating the credit score. It must be noted that credit scores from two credit bureaus can be different, however, they will be accepted as valid. A marginal difference in credit scores from two different bureaus is common. A difference of around 50-60 points in the credit score is generally observed by banks and NBFC.
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