Credit score: How does CRIF High Mark assess your ability to take a loan? An explainer | Mint
Source: Live Mint
It is quite essential to know about your creditworthiness in this fast world of finance. A responsible credit agency, CRIF High Mark, gives detailed credit reports to help in understanding the credit history. A credit report is the most essential tool that measures financial health. Therefore, for you to get a good control over your finances, this article explores further on the details of CRIF credit reports.
CRIF High Mark
An RBI-approved credit bureau, CRIF High Mark offers credit information services to diverse industries which include retail, microfinance, MSMEs, and commercial enterprises. While other credit agencies use different methodologies to provide a three-digit credit score between 300 and 900, the special statistical technique used by CRIF High Mark determines your possibilities of availing loans on beneficial terms in accordance with the scale.
CRIF High Mark’s criteria for creating credit reports
Different statistical models are used by each credit agency to determine the credit scores. Likewise, CRIF High Mark creates credit reports based on its proprietary algorithm. The credit score for the same financial profile can differ between bureaus because different agencies use different methodologies.
How to check the CRIF High Mark credit report?
It is very easy to check your CRIF credit score:
Factors affecting CRIF High Mark credit score
A credit score is determined by many factors, such as:
In conclusion, the CRIF credit report provides a comprehensive summary of your credit history, which helps you make informed financial decisions. Being aware of factors such as payment history, outstanding debts, credit enquiries, and public records enables you to take proactive steps to preserve and enhance a good credit profile. Regular checks on your credit record ensure future credit availability and financial stability.
