All you need to know about Credit Score & Credit Reports
What is a CRIF Credit Score?
It is a three- digit number which gives a bank or a lender a sense of your creditworthiness i.e. whether you have been repaying your dues regularly or not. If the credit score is good, then the lender understands that you have used loans or credit cards in the past and have repaid all the dues properly and regularly. This makes lender comfortable to approve your current application for a loan or credit card.
CRIF credit score generally ranges between 300–900. 300 is the lowest score indicating poor credit score and 900 is the highest score possible. A score above 700 is generally considered good.
What is a CRIF credit information report (CIR)?
A credit report represents a comprehensive credit profile of a borrower. This includes, for example, personal information (e.g. borrowers name, ID number, date of birth etc.) and a credit summary (e.g. credit accounts held by borrower, whether accounts are current/past due, and a record of recent credit enquiries made about the borrower).
What is meant by blank CRIF Credit Report? In case we could not locate any data for you on CRIF database, you get: In case we could not locate any credit history in our database with the entered inquiry details, you will get a “NH” which means No History.
When do I get a score of 11-18? Under following situations, you are likely to receive a score between 11-18:
- Eleven is not a score it's an exclusion code and is given to that individual who has more than 50 Active Accounts.
- Twelve is not a score it's an exclusion code and is given to that individual to whom we were unable to classify.
- Fourteen is not a score it's an exclusion code and is given to that individual who has no previous credit history but has given guarantee for a loan.
- Fifteen is not a Score it's an exclusion code and is given to that individual whose sufficient credit history is not available.
- Sixteen is not a score it's an exclusion code and is given to that individual whose all accounts are closed prior to 36 months and have not taken any new loan in past 36 months from the date of inquiry.
- Seventeen is not a score it's an exclusion code and is given when there is not enough information available on the customer.
- Eighteen is not a score it's an exclusion code and is given when no updated against an individual is received in the past 36 months.
- Thirteen is not a score. It's an exclusion code and is given to those organizations for which relevant updates are not available in the bureau.
- Fourteen is not a score. It's an exclusion code and is given to those organizations which have too new contracts to rate.
- Fifteen is not a score. It's an exclusion code and is given to those borrowers which are not commercial entities.
- Sixteen is not a score. It's an exclusion code and is given to those organizations which are unable to be classified.
- Seventeen is not a score. It's an exclusion code and is given to those organizations which have no previous credit history but have given guarantee for a loan.
What report options are available to me?
There are 3 options which are available for fetching your credit report from CRIF High Mark:
Free Credit Report:You are entitled to one FULL FREE ANNUAL CREDIT REPORT from CRIF once a year. This report is available instantly for your viewing.
Paid Report (via Subscription Plans): You can download your credit report instantly for a valid subscription time period as per the plan purchased. The available plans are- 1 year, 6 months , monthly , one time. All the subscription plans will offer you the credit report along with credit score.
Paid Report (without score):You can also get your credit report instantly without a score at INR 99 (exclusive GST) from CRIF, this would be a one-time fetch.
What is PCR and what is BCR?
PCR or Personal Credit Score: A Personal credit score is the measure of any individual's financial health. It relates to how likely you are to repay debt. Banks and lenders use it to decide whether they will approve you for a credit card or loan. In India. credit score ranges from 300-900. A score above 700 is generally considered good.
BCR or Business Credit Score: Businesses, just like individuals, are also assigned credit scores. The Company or Business Credit Score goes on to determine a company’s credit worthiness – that is, its likelihood to pay back on loans. Every bank or NBFC before approving your business or company for a working capital loan or loan for purchase of an equipment takes into consideration is the business’s credit score & history along with promoter’s (personal) credit score.
How do I get BCR?
You can get your Business Credit Score & Report in Just 3 Easy Steps
Step 1: Fill in your business details such as business, PAN, Address, name of authorized signatory, PAN of authorized signatory
Step 2: Secure pay for your report using Debit or Credit Card / Net Banking details
Step 3: Upload your documents such as scanned copy of PAN, address Proof, Authorization Letter etc.
Your report will be sent to you within 7 working days upon successful verification of the shared documents.
How do I get a My CRIF Credit bureau Report & Score (PCR)?
You can get your CRIF credit report in just 3 easy steps:
Step 1:Fill in your Details, Identification Proofs, and Address: You will be asked to provide your email ID first;Post which you will be presented with a form requiring the rest of the details such as Full Name, Mobile Number, Date of Birth, Residence Address & Gender. You will also have to submit your identification details such as PAN number, Voter’s ID, Passport Number, Driving License, or any other ID.
Step 2: Select your Report type:You will have three options available;
- Free Credit Report:You are entitled to one FULL FREE ANNUAL CREDIT REPORT from CRIF once a year. This report is available instantly for your viewing.
- Paid Report (via Subscription Plans):You can download your credit report instantly for a valid subscription time period as per the plan purchased. The available plans are- 1 year, 6 months , monthly , one time. All the subscription plans will offer you the credit report along with credit score.
- Paid Report (without score):You can also get your credit report instantly without a score at INR 99 (exclusive GST) from CRIF, this would be a one-time fetch.
Step 3:Authenticate your inquiry: Once you fill in all the details and select your report type, you will be asked to answer a multiple-choice question to confirm your identity. You will get a set of three questions based on your past loans or credit cards. Upon a successful answer to one of these three questions, you will be presented with your report on your registered email ID.
For more information, you can also read our blog https://blog.crifhighmark.com/how-to-find-your-crif-credit-score/
Is downloaded report password protected ?
Yes, the downloaded is password protected. The password is of 8 characters. It is a combination of the first four letters of your name, in lower case, as it appears on the details entered by you and letters and the last 4 digits of your mobile number. For instance, if your name appears on the details as C.K. AJAY KUMAR and with mobile number as 9900123456, then the password would be C.K.3456.
How do I reset my password?
In case you have forgotten your password, you can change it by clicking on the login option and choosing “I don’t remember my password’ link from the popup.
How do I get a copy of My CHM Credit bureau Report?
You need to send a mail request to firstname.lastname@example.org. Kindly mention your report ID as the subject and ask for a copy of your CHM bureau report.
How often is the information in the CRIF CIR updated?
In general, members such as banks and financial organizations forward consumer credit information to CRIF on a monthly basis. The day of the month that each individual member sends updates varies. For example, CRIF might receive an update from member ‘A’ on the first of every month and from member ‘B’ on the 11th of every month, etc. The CRIF CIR is updated on a monthly basis post receiving credit data from members.
What factors affect my CRIF Credit Score?
There are FIVE important factors that affect your CRIF Credit score:
- Payment History: How often do you repay your EMI’s or card dues on time? Late payments lead to a lower credit score.
- High Credit Utilization: How much of your total credit have you used? An increase in the current balance of your credit card indicates an increased repayment burden and may negatively affect your score.
- Length of Credit History: How long have you had credit history? A longer history of responsible credit use will likely lead to a higher score.
- Credit Mix: Do you have more than one loan? Having experience with different types of loan (e.g a car loan, home loan or a credit card) can help your score.
- New credit: Have you opened new credit lines lately? Opening several accounts in a short period of time can lower your credit score.
For more Information , Read our blog:https://blog.crifhighmark.com/everything-that-can-and-cant-affect-your-credit-score/
Have a complaint/dispute with your crif high mark credit information report (cir)?
- Refer the CRIF High Mark Reference Number in your CIR. (This is the number present in your CRIF High Mark CIR after the label HM Ref #: in the TOP RIGHT corner of your CRIF High Mark CIR)
- Send an email to email@example.com.(or reach us at @ 020 67157709/42/71/79/80)with CRIF High Mark Reference Number in the SUBJECT LINE. Mention details about your complaint in the mail such as (Serial number of Account in the CIR, account information being complained, etc.), your contact number & name.
- CRIF High Mark will send you a Ticket number that you can refer in further discussions with CRIF High Mark.
- CRIF High Mark shall within 30 DAYS of receipt of your complaint, based on the results of the investigation into your reported complaint, EITHER furnish a corrected CIR to the credit institution which made the original inquiry with CRIF High Mark, in case the reported inaccuracy is due to CRIF High Mark process OR seek corrected credit information, in case the reported inaccuracy is due to data contributed by the credit institution.
- Once the above process is completed, CRIF High Mark will close the Ticket number corresponding to your complaint. The supervising authority (i.e. Financial Institute of India) The consumer to whom the information pertains.
For more information, please visit our blog https://blog.crifhighmark.com/how-when-to-dispute-your-credit-information-report/
How can I improve my CRIF Credit Score?You can improve your CRIF credit Score by maintaining a good credit history, which is essential for loan approvals by lenders. Follow these 7 steps which will help you better your score:
- Pay your dues on time: Clear your outstanding dues on time. When you spend from your credit card, make sure you don’t just pay the minimum amount required to continue the usage but pay in full or the maximum amount which you can afford for that month.
- Cut your Credit Cards: A better way to increase your credit limit and decrease spend ratio is to have no more than 3 credit cards at a time.
- Use your Credit Card responsibly: It is a good practice to use your Credit card with the thumb rule that you restrict your spending up to 30-35% of your credit limit.
- Old is gold: Do not hasten to erase your records from the accounts once you have paid your dues in full, because a trail of paying EMIs on time is a score booster.
- Limit your loan applications: do not hasten to re-apply with another bank as they would be able to see your rejection by the previous bank. This could further hurt your credit score & make things worse.
- Be cautious with inquiries:You don’t want to reflect that you are continuously seeking excessive credit; apply for new credit cautiously.
- Keep a track of your Score:Checking your credit score regularly is a good and harmless practice. It helps you keep a check on your financial health and accordingly devise adequate measures to rectify it. You can check your Credit score for FREE and obtain a detailed report by availing CRIF services.
For more information, please visit: https://blog.crifhighmark.com/7-surefire-ways-to-improve-your-credit-score/