Equifax Vs CIBIL Vs Experian Vs Highmark

Equifax Vs CIBIL Vs Experian Vs Highmark

Credit information companies are financial institutions regulated by the Reserve Bank of India. They are responsible for collecting and retaining data related to the credit behaviour of individuals and businesses in India (CICs). Financial organisations such as banks and non-banking financing companies will check your credit reports before approving your application when you apply for a loan or credit card.

Credit information firms that are often based on credit bureaus are in charge of compiling a credit report. It is possible to get information about a person's credit history and capacity to repay debts via top credit bureaus in India that collect information from their membership (individual consumers and private lenders). There are presently four active credit bureaus in India, and all domestic credit bureaus must get licences from the Reserve Bank of India (RBI).

Following this information collection, these organisations use it to construct individual borrowers' credit reports and credit scores based on information obtained from various lenders and loan types. In India, there are presently four credit reporting organisations, which are as follows:

CIBIL, Experian, Equifax and Highmark.

Did you know?

Various credit bureaus create different credit scores for the same person.

How Many Credit Bureaus in India Are There?

The Reserve Bank of India has granted permission to four credit information businesses to do business in India. These are as follows:

  • Equi-fax
  • CIBIL
  • Experian
  • HighMark

Four Indian Credit Reporting Agencies Are Compared Below.

Variable 

CIBIL (TransUnion)

Equifax

Experian

Highmark (CRIF)

Impact in India

Granted a licence in 2010.

Founded in 2000.

In 2010, granted a licence.

In 2010, granted a licence.

A Possible Range Of Credit Scores

Within 300-900 - A score of 900, over 750, is considered excellent, while a number below 300 is deemed to be wrong.

Within 300-900 – CIBIL scores over 750 are considered excellent, while those around the lower end of this range are considered subpar.

The initial spectrum of up to 999 has been reduced to a comparable range of 300-900.

A matching 300-900 content has been moved from the initial scope.

Payments

138 for the Basic Report and 400 for the credit score. Only DD will be able to pay for this.

550 for a one-time report and credit score. Subscriptions for twice, even four times per year, are available. Internet banking, direct debit or prepaid cash card. Alternatively, you may pay 159 for a credit score, which you can only pay for using a DD.

Credit Report costs 138. Direct Deposit (DD), National Electronic Funds Transfer (NEFT) or an NEFT-enabled bank. A credit score and report cost is  399 when purchased online.

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