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Differences Between CRIF Highmark And CIBIL

CRIF Highmark Vs. CIBIL
Jay Kaul
Written by Jay Kaul

CIBIL and CRIF Highmark Share Similar Purpose, With Different Scoring

CRIF Highmark Money is one of the most important things in the world. In order to fulfill their dreams and to achieve their goals, people need financial power. And, if they do not have the means, then they take credit. For instance, in order to build a home, people take home loans. There are student loans for students who need to fund their education. And, of course, there are credit cards too that offer various types of perks and discounts to consumers.

In order to give credit, there are several banks, financial institutions, and lenders. However, lending money is not that easy. It comes with a whole lot of risks, such as what if the borrower does not return the money, what if the borrower goes bankrupt, etc.

CIBIL Therefore, various lenders depend on the independent agencies, who give them credit reports of an individual. Due to the risks that are associated with lending money, these independent agencies are established, so that they can help in mitigating the risks as well as find appropriate people to lend money.

One of such independent agency is CIC or Credit Information Company that collects and combines data from its members, which include lending institutions and individual consumers. It does so to provide details related to the creditworthiness and credit history of an individual. This information, in turn, helps the lenders to gauge the repayment capacity of the individual, thus saving the effort and time of everyone involved in this.

There’s Actually Four

In India, there are four such CICs or Credit Information Companies, each of which are competing to make the life of their members simpler and easy. These four CICs in India are:

  • Experian Credit Information Co. of India Pvt. Ltd.
  • Equifax Credit Information Services Pvt. Ltd.
  • CIBIL (Credit Information Bureau of India Ltd.)
  • CRIF High Mark Credit Information Services

Among these, CIBIL or Credit Information Bureau of India Ltd. is the foremost company, when it comes to providing credit score of individuals. Apart from this, all the four companies do the same thing that is providing credit scores of individuals. These credit scores are given in the range of 300 and 900. However, the fee that is required to access the credit scores vary across different credit bureaus.

For example, you have to shell out Rs. 470, if you want to access your credit report and credit score from CIBIL. On the other hand, you have to give only Rs. 400, if you want to access your credit report and credit score from Equifax. Plus, you can access your credit report from Equifax four times in a year for just Rs. 1,000. Moreover, Experian offers the credit report at only Rs. 138. There are various payment options for these CICs, ranging from NEFT to demand draft. NEFT is the online payment mode of banks.

CIBIL Vs. CRIF Highmark

Since this article specifically focuses on the differences between CIBIL and CRIF Highmark, we will talk further talk about these two credit companies. CIBIL and CRIF Highmark both work on the same principles and are similar in many ways. However, there are some differences between the two credit companies. Read on to find out how CIBIL and CRIF Highmark are different from each other.

Where CIBIL was established in the year 2000, Highmark was established much later on in 2007 and received its license in 2010. CIBIL offers individuals credit report plus credit score for Rs. 470, whereas Highmark does not list the price on their site (that we could find).

Moreover, CIBIL provides individuals their CIBIL score between 300 and 900, where 300 is the lowest score and 900 is the best score. On the other hand, Highmark scores individuals in the range of 300 and 850, where a score of 720 and more is superb and a score below 640 is bad.

In Summary

The main advantages of CIBIL are that it is the oldest and the most popular CIC. And, in case of Highmark, it is the new entrant in CIC that offers a wide variety of financial products and services to customers.

Thus, these are the differences between CIBIL and CRIF Highmark. Besides these, both of the Credit Information Companies work similarly. Make sure you keep great credit habits and check the different bureau’s often for discrepancies in your files.

About the author

Jay Kaul

Jay Kaul

Jay is a financial and credit expert and freelance contributor to CreditSmart. He's always keeping his eyes open for the latest credit card trends in India and provides a sharp insight on new entries into the market.

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