CRIF Credit Score and Report: Important points to Know

Your CRIF credit report is an important document that lenders check when you apply for credit. It is generated by one of India’s four main credit bureaus, CRIF High Mark. The report contains your CRIF credit score and insights about your borrowing behaviour, which lenders use to assess your creditworthiness. 

Based on it, the lenders determine whether to approve your application. It also helps lenders set the terms, such as amount, interest rates and more. As such, you must know your CRIF credit score and ensure that it aligns with the lender’s requirements. 

To that end, read on to learn what is CRIF report and score, the scoring method, how to improve your score and more. 

What is a CRIF Report?

CIRF High Mark stands for Centre for Research in International Finance, a credit information company licenced by the RBI. It collects financial data of individuals and companies from multiple financial institutions to generate a CRIF Report. 

This report contains a three-digit CRIF score, which is a numeric representation of their creditworthiness and credit history. The score typically ranges from 300 to 900, and a higher score means a higher chance of credit approval. Here is an overview of what your score indicates: 

Score	Remark	Meaning
750 and above	Exceptional	You have a good credit history and repayment behaviour, so you’re eligible for better interest rates
700 to 749	Good	You have solid credit history and lenders consider you a reliable borrower
650 to 699	Fair	You can apply for credit, but the interest levied may be higher
600 – 649	Poor	You may have difficulty in getting a loan
Below 600	Bad	You need to improve your score before applying for credit

It is important to note that the above remarks are general and approval of your application does not depend solely on your credit score. In fact, at Fibe, we have an alternate credit scoring mechanism that allows you to get a loan even if you have no credit score. 

Also Read: What is the Control Number in CIBIL

Factors Affecting the CRIF Report 

Now that you know what is a CRIF score and what it says about your credit health, you must know the factors that affect it. Here are the five factors that CRIF High Mark relies on to evaluate your credit report:

• Payment History: This is the record of all your payments for existing and past loans and credit cards, including late payments 
• Credit Utilisation: This shows how much credit you have used from the total credit available to you
• Length of Credit History: A longer history of responsible credit use can improve your score
• Credit Mix: Having different types of credit on your record (such as secured and unsecured loans) indicates better experience in handling credit, improving your creditworthiness 
• New Credit: If you have applied for multiple credit facilities recently in a short period or opened new credit accounts, it may lower your score

Role of a CRIF Report in Personal Loan Approval 

Lenders may use your CRIF report to assess your financial standing, which makes it a key part of your personal loan approval process. By reviewing this report, lenders evaluate the risks of giving you access to credit. 

If the risk perceived is high, you may face rejection or higher interest rates and vice versa. So, it’s crucial to have a good credit score and report. 

One way to ensure you can get the best deals is to check your score before applying. This will enable you to make improvements and ensure you get affordable offers when applying. You can generate a free CRIF credit report from the official website once a year.

How to Generate a CRIF Report 

CRIF gives you three options for generating a CRIF credit report:

• Free Credit Report: This is a free annual CRIF credit report that is available for instant viewing
• Subscription Plans: This option allows you to check your credit score and download your report multiple times within a subscription period
• Paid Report Without Score: With this option, you can get access to your credit report once without a score for ₹99 

You can get any of these types of credit reports by following these steps: 

• Step 1: Visit the CRIF High Mark website 
• Step 2: Select ‘Personal Credit Score’ under ‘CREDIT SCORE’
• Step 3: Click on ‘GET YOUR SCORE’ and fill in the required details 
• Step 4: Select your report type
• Step 5: Answer the authentication questions

Once you answer the questions, you will get your CRIF credit report on the registered email ID. 

How to Improve Your CRIF Credit Score? 

If you have a low score, these methods can help boost your score and chances of getting affordable credit:

• Clear all your outstanding dues on time 
• Lower your credit utilisation ratio by decreasing your credit card usage 
• Avoid giving up old credit cards with a good repayment history as length of credit history matters 
• Avoid applying for multiple loans at once 
• Access your credit report regularly to fix any discrepancies and keep track of your credit score 

Remember that a good CRIF credit score can help you get quick approval with loan terms that fit your budget. However, if you are new to credit or have a less-than-ideal credit score, then getting a traditional loan can be difficult. In such instances, you can rely on Fibe’s Instant Cash Loan. 

You can easily get up to ₹5 lakhs at an affordable interest rate online by meeting our simple eligibility terms. Download our Personal Loan App or register on our website to apply.  

FAQs on CRIF Report

Are CRIF and Experian the same?

No, CRIF and Experian are two of India’s four trusted credit bureaus. 

What is the use of the CRIF report?

A CRIF report, generated by CRIF High Mark, gives lenders an overview of your borrowing history and patterns. It contains details about your credit profile, history and credit score. 

What is a good CRIF score?

Most lenders prefer a CRIF credit score above 700 but as a general rule of thumb, you should aim for a score closer to 900 to get good deals.