CRIF High Mark Credit Score – Range, and Calculation

CRIF High Mark is one of the major credit bureaus in India that maintains your financial activities, based on which, your credit score is calculated. CRIF High Mark credit score is a three digit numeric value that ranges from 300 to 900, with 300 being the lowest score and 900 – the highest. CRIF High Mark assigns credit scores to both individuals and businesses. Your lender may request for your CRIF High Mark credit score to gauge your creditworthiness before lending to you. 

CRIF High Mark is one of India's four Credit Information Companies (CICs). The credit bureau doesn’t only operate in India, it also operates in Europe. High Mark, which was established in 2007, was granted a licence by the Reserve Bank of India in 2010 to function as a credit bureau. The name was changed to CRIF High Mark in India when CRIF bought a majority stake in the company in the year 2014. Its members include banks, NBFCs, and other financial organisations. Each customer's credit-related activity must be disclosed by member institutions as per the mandate issued by the RBI. It compiles this information on customers and businesses and then prepares the credit report. 

What is CRIF High Mark Credit Score?

CRIF High Mark provides people with a range of credit scores that are expressed as a three-digit figure between 300 and 900, similar to the other credit bureaus. This credit score is determined by a person's payment history for loans, credit cards, and other debts. A strong CRIF High Mark credit score demonstrates to banks and other lending organisations your responsible credit behaviour, increasing the likelihood that they will accept your application for a loan or credit card.

Here’s a snapshot of CRIF High Mark credit score range: 

How is CRIF High Mark Credit Score Calculated?

Each of the credit bureaus has their own algorithms to calculate credit scores. CRIF High Mark calculates credit score based on a variety of factors, some of them are listed below: 

What are the Benefits of Having a Good CRIF High Mark Credit Score?

Having a good CRIF High Mark credit score will open up new and beneficial offers for you in your financial journey. From borrowing a personal loan, to getting a new credit card, a good CRIF High Mark credit score will be helpful to get good offers. 

Listed below are a few benefits of maintaining a good CRIF High Mark credit score: 

1. You may get loans at affordable or best available interest rates as your creditworthiness increases with a good CRIF High Mark credit score. 
2. You will be able to get a credit card with higher credit limit to help you bridge the gap in your expenses. 
3. Your profile for a job in your dream company may be accepted easily due to a good CRIF High Mark credit score as a lot of companies have started adding credit score review as part of their background check. 
4. You will have the space to negotiate with your lender or bank on the terms of your loan, saving you interest in the long run. 

Building a good credit score takes time and financial discipline and hence, you should be patient enough to work on your score if you have a bad CRIF High Mark credit score. 

How to Improve CRIF High Mark Credit Score?

As we have already outlined the importance of having a good CRIF High Mark credit score, let us understand how to improve your credit score if you have a bad one. Remember, you will not see the improvement in your CRIF score overnight and you have to wait for the changes to reflect on your credit report. 

Here are a few things you must do or abide by if you want to improve your CRIF High Mark credit score: 

1. Make sure that you pay all of your debts on time and in full. Failing to repay the debts on time impact your CRIF score pretty badly. Avoid late payments and if you have trouble remembering the due date, set up auto debit. 
2. Keep the credit utilisation ratio below 30%. Going beyond that may result in a dip in your CRIF High Mark credit score and lenders may have a wrong notion about it that you are not able to manage your finances and solely dependent on credit for your expenses. 
3. Your CRIF High Mark credit score is positively impacted by having a solid mix of credit. Take out different types of loans only if you are confident that you can manage the repayments on time otherwise it will backfire. 
4. Avoid requesting for numerous credit cards or loans in a brief span of time. It shows that you are credit hungry. Moreover, your CRIF High Mark credit profile goes under review every time you apply for a new loan or credit card, resulting in a dip in your score. 
5. Keep previous credit card accounts open. Try to keep your interactions with them to a minimal. If you have entirely paid off the debt on your old credit card account, do not close them. Old accounts reflect the length of credit history you have and how well you have managed your finances. So, it is always a plus to have old accounts still open rather than closed. 
6. Check your credit report frequently, particularly before making significant financial decisions like applying for a loan. There are chances that your CRIF High Mark credit report may have some errors due to wrong reporting by the lender or bank. Or it may be due to some fraud. Reviewing your credit report regularly will help you understand the lacunas in your credit report and help you fix it. 

How to Check CRIF High Mark Credit Score?

As per the mandate by the Reserve Bank of India, you are entitled to get 1 free credit report every year. Follow the below steps to get your CRIF High Mark credit report:

1. Visit the CRIF High Mark website. 
2. Click on “Get your Score Now” button. 
3. Enter your email address.
4. Fill in the required details such as name, date of birth, mobile number, address, AADHAR or PAN details.
5. Submit the information.

If you have already received your 1 free CRIF High Mark credit report already and you still need to check your score in the same year, you will have to pay Rs. 399 to get the second report. 

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