A credit score is a rating designated to a person based on their credit report. The credit report contains the overview on the debt held by a person, the extent of credit that a person has availed by way of loans and credit cards, the details regarding repayment or default in repayment of such loans, the proportion of credit applications made to banks or NBFCs and the use of the credit limits. Then there are credit bureaus that rate an individual based on his or her repayment of credit. In India the principal credit rating bureaus are CIBIL, Equifax, CRIF and Experian. In this article we shall study the concept of the two out of four credit rating bureaus in India, Experian and CRIF. Overview: CRIF and Experian In India CRIF is one of the four credit information companies. It also has a prominent presence in Europe. It was founded in the year 2007 and further received a license from the Reserve Bank of India to work as a credit bureau in 2010. In 2014, CRIF gained a majority stake in high mark after which its name was amended to CRIF high mark. It offers services for different sectors such as commercial and Microfinance portfolio's etc. it gives credit reports and credit scores for consumers, commercial and microfinance segment of applicants. Experian is one of the world’s leading credit information companies providing a broad range of business tools to its customers all across the globe. As per the Forbes magazine it's known as the planets most innovative company. The company is licensed by the Reserve Bank of India and it provides the customers with a host of analytical and data tools that assist them in managing the affairs of their business efficiently and proficiently. Experian is the first credit information company that was licensed by the Credit Information Company Act 2005. It presently operates within: Experian credit information company of India private limited; Experian Services India private limited. Division of credit score: CRIF and Experian Usually all the credit bureaus follow an identical range for credit scores. In the case of CRIF high mark the credit score can be divided between 300-900 credit score. The credit score helps in determining the possibility of an individual’s default within the coming 12 months whereas in case of Experian the credit report relies on certain conditions and the score relates to the client’s financial position. In the case of both CRIF and Experian, the credit scores range between 300-900 where 300-500 credit score implies a very low score. It indicates that the customer has defaulted in payments and has poor financial management history. Where a score ranges between 500-650, it indicates that the customer has a low score in both cases of Experian and CRIF high mark. All credit bureau in India has the highest credit rating up to 900 and the score of 700 and above is considered ideal. Extending credit to a customer having such a score is a low risk for the lender. Cost of Credit Report In the case of CRIF high mark an amount of Rs. 399 must be paid to check your credit score. You may check your credit score online once you fill the form and after the payment of fees. Thereafter, you will receive your credit score and credit report on your mail-id. You don't require paying any other charges apart from the prescribed fee. In the case of Experian also the fee for checking credit score and credit report is Rs. 399 just like in CRIF high mark. However, in order to get a physical copy of the Experian credit score one needs to pay Rs. 138 and in both cases the online credit report can be accessed right after making the payment. Read, this: Tricks to Improve your Credit Score. Products and Services offered by CRIF and Experian CRIF High Mark It offers several products and services for consumers and companies. These are mentioned below. For consumers CRIF offers CRIF high mark credit information report and microfinance credit reports that provide the details of all group loans taken by a person from lenders. For companies it provides Commercial score, identification, and anti-fraud services and predictive analysis and scorecard. Experian Experian offers the following services to consumers and companies. For consumers the Experian provides Experian credit information report. For companies it provides customer acquisition, collection and money recovery, customer management, and data and analytics. Similarities between the CRIF and Experian There are some similarities in all of the credit bureaus in India. All four credit bureaus are licensed by the RBI. Therefore, the credit scores provided by all credit bureaus are valid. The algorithm to calculate the credit scores may be different for different bureaus but the components affecting the calculation of a credit score is the same across all four bureaus. Conclusion- CRIF and Experian Paying the dues in time, keeping your credit balances in check, prudently applying for new credit, and reviewing your credit history are some of the ways in which one can improve his or her credit score. Purchasing credit reports from credit bureaus like CRIF and Experian can help you keep a tab on your credit score. Also, Read: What is CIBIL Score in Layman’s Terms.