Introduction to CRIF
CRIF High mark is a credit information company which is based in Mumbai and is one of the four major Credit information companies in India. Founded in the year 2007, CRIF High mark is the pioneer in building the world’s largest Microfinance bureau database in India which was also the country’s first.
Initially known as CRIF, this company has found its presence in both Europe and India. It achieved the license to operate the credit bureau in the year 2010 by the Reserve bank of India (RBI). In the year 2014, CRIF gained the major stakes in the High mark company and is known as CRIF High mark since then.
The CRIF High mark company offers services in the commercial and microfinance sectors and maintains the credit scores and credit reports of the consumers including both individual consumers and non-individual consumers.
This company keeps the records of all credit related activities of both individuals and companies which includes all transactions on loans and credit cards. This information helps lenders while lending loans to the individuals and companies.
How is the CRIF High Mark Credit score divided?
The CRIF High mark credit score is divided into four categories— very low, low, great and excellent. These categories can be classified as follows:
Very low (300-500)
This score indicates that the person or company has a bad track record and credit record which means they are at a higher risk of defaulting. If an individual or company’s credit score is this low, the chances of them getting credit from lenders are almost close to impossible.
Low (500-650)
This again shows that the customer has been a defaulter in terms of their payments which may prevent a high percentage of lenders from lending them any loan.
Great (650-750)
Having a credit score between this range makes an individual or company ideal for many lenders as the risk of them defaulting in their payments is low.
Excellent (750-900)
The customers in this category are considered to be extremely reliable and lenders willingly offer such customers credit.
