Equifax vs CIBIL vs Experian vs High Mark

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There are four credit information companies that are authorized by the RBI to operate in India. They are

  • Equifax
  • Experian
  • High Mark

But what exactly is a credit information company (CIC) and how does it affect your ability to get a loan or credit card? A CIC collects credit information on every customer in the formal banking system from its member institutions (banks and NBFCs) and individuals. This information is exhaustive and could include detailed repayment history ( including missed or delayed payments), defaults, loan and credit card applications and corresponding approvals and rejections, total credit limit, age of accounts, status of credit accounts( whether Written Off, Closed, Settled or Current) among other information. As you can see, every detail of your credit history is noted.

Equifax vs CIBIL vs Experian vs High Mark

Based on this raw data, the CICs generate a credit score and a credit report for individuals that helps both lenders and borrowers. Lenders using these products and services are able to have extensive data at their fingertips regarding the creditworthiness of a potential customer, which saves an enormous amount time and money during the credit approval process.

The individual borrowers too benefit since they are made aware of their credit situation and what they need to do to become loan eligible. Once individuals have accurate knowledge of their credit health, they can take charge of their finances and plan accordingly.


Validity of scores

The credit scores from all four CICs are equally valid. There may be some variation in scores as each bureau has its own scoring model, but lenders too are aware of the differences between the bureaus and will keep it in mind when evaluating a customer’s eligibility.

All bureaus receive the same information

The RBI requires all lenders to send the same information to the credit bureaus. Thus the question of one bureau having more or less information than the others does not arise as they will receive the same data from their member institutions. Your credit score across bureaus is based on the information that is shared by lenders and you.

Below is a table on some of the main aspects of the four credit information companies.

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