Published on Dec 27, 2024Updated on Dec 28, 2024
CRIF High Mark, a Reserve Bank of India (RBI)-licensed credit bureau, is one of the four major credit reporting agencies in India. While CIBIL scores, generated by TransUnion CIBIL, are more widely recognised, credit scores from other bureaus like CRIF High Mark are equally valid.
The CRIF High Mark score is a three-digit metric that evaluates your creditworthiness and plays a crucial role in determining your financial prospects. From securing loans and credit cards to accessing other financial products, maintaining a strong score is essential. A good score can unlock better financial opportunities, while financial missteps can lower your score and limit access to credit.
Sometimes, however, a low score may result from errors in your CRIF High Mark report. This article explores common errors in credit reports and provides guidance on how correcting them can help improve your score. We’ll also cover some helpful tips for maintaining your CRIF High Mark score.
The CRIF High Mark score ranges from 300 to 900, with 900 being the highest possible score, indicating excellent creditworthiness. A score below 549 suggests a high risk of default on credit repayments.
Lenders typically favour applicants with scores above 750, though this threshold can vary depending on individual lender policies and the type of loan. Your credit score helps lenders evaluate the risk of lending to you and directly influences the interest rates and loan terms you may be offered.
CRIF High Mark score is influenced by various factors, including:
Errors in your credit report can significantly affect your CRIF High Mark score. Below are some common issues to watch for:
Here’s how you can address discrepancies and maintain a healthy score:
Start by obtaining your CRIF High Mark credit report. You can download your report for free once every year .
Carefully review your credit report for errors, such as incorrect personal information, duplicate accounts, or unrecognised credit entries. If you identify any discrepancies, promptly report them to CRIF High Mark.
To report an error:
After raising a dispute, follow up to ensure the errors are addressed. CRIF High Mark typically has 30 days to investigate and resolve your claim. Once the corrections are made, request an updated credit report to confirm the changes.
If errors remain unresolved, you can raise a complaint with the RBI.
Beyond correcting errors, adopting responsible financial habits is key to maintaining a strong CRIF High Mark score. Here are some essential tips:
A strong CRIF High Mark score can unlock a range of financial benefits. If your score exceeds 750, you are more likely to qualify for loans with favourable terms. Lenders are inclined to offer higher loan amounts and lower interest rates for eligible individuals with strong creditworthiness.
Maintaining a healthy CRIF High Mark score demands consistent effort and attention to detail. By regularly monitoring your credit report, addressing errors promptly, and adopting responsible financial habits, you can build and sustain a strong credit profile. A good credit score reflects your financial responsibility and paves the way for better loan terms and increased financial opportunities in the future.
At SMFG India Credit, a minimum credit score of 750 is required to apply for personal loans of up to INR 30 lakhs*. Check out our eligibility criteria and apply online to access attractive interest rates starting from just 13%* per annum.
* Please note that this article is for your knowledge only. Loans are disbursed at the sole discretion of SMFG India Credit. Final approval, loan terms, disbursal process, foreclosure charges and foreclosure process will be subject to SMFG India Credit's policy at the time of loan application. If you wish to know more about our products and services, please contact us
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