CRIF High Mark?
CRIF High Mark is one of the leading credit bureaus in India. It is based in Mumbai. The primary function of this credit bureau is to keep a record of credit repayment history of individuals. This is done to ensure that lenders have a clear picture of the applicant before they approve his/her loan or credit card. Anyone can get their Free HighMark Report once a year from High Mark.
CRIF High Mark Credit Scores
In general, the range of credit scores is similar for all the leading credit bureaus in India. The High Mark score ranges between 300-900, and 900 is the highest credit score one can have. The credit score gives an idea about a person’s creditworthiness and the probability of the person defaulting within the next 12 months. A high credit score is an indicator that the individual is less likely to default.
Contents of High Mark Credit Report
- Credit Repayment Records
- Court Judgments
- Bankruptcies
→ Credit Repayment Records: Every loan you take, every credit card transaction you make is included in this section. If there are any defaults in the repayment of those loans, those are mentioned too. These defaults are a part of the credit report for two years after the default was made.
→ Court Judgments: Any judgments passed by the court related to your finances are included in this section of the credit report.
→ Bankruptcies: If you have ever declared bankruptcy that is you have declared your inability to repay any of your debts, that record is also present on your credit report and included in this section.
What is included in High Mark Credit Report
- Payment History (35%)
- Amounts Owed (30%)
- Length Of Credit History (15%)
- Credit Mix (10%)
- New Credit (10%)
→ Payment History: This includes all your previous loans and other borrowed credit and how diligent you have been with their repayment. If there is a default in any of the payments, then the credit score takes a hit. All you need to do to maintain this region of your credit report is to pay your bills on time and in full.
→ Amount Owed: This basically consists of your income to debt ratio. If you have many simultaneous debts going on, you are more likely to default on another loan that you take up now. Ideally, your debt should not be more than 40% of your income for a good credit score.
→ Length Of Credit History: The length of your credit history has a direct impact on your credit score. This is because the credit bureau has a lot of data to process and understand the risk associated with you as a borrower. Hence, it is advisable to keep your older accounts active even if you have defaulted a few times.
→ Credit Mix: The variation in the type of credit you have borrowed also matters. If you have different types of credit and you are able to juggle between them successfully, it gives an impression to the lenders that you are a responsible borrower. Hence, one must always have different types of well-maintained credit.
→ New Credit: How much new credit you have also matters when it comes to the calculation of credit score. If you have a credit card but you do not use it frequently, your credit score will not improve. You need to have recent transactions on your record for getting a good credit score.
The range of High Mark Credit Scores
Score Range |
Indication |
300–500 (very low) |
The applicant is a high-risk borrower who is very likely to default on loan repayment.
|
500–650 (low) |
The applicant is a medium-risk borrower who is likely to default on loan repayment.
|
650–750 (great) |
The applicant is a low-risk borrower who is not likely to default on loan repayment.
|
750-900 (excellent) |
The applicant is extremely unlikely to default on loan repayments.
|
