What is the difference between Equifax Credit Score and CIBIL™ Score?

Equifax Credit Score and CIBIL™ Score are two of the most widely recognised credit scoring systems in India, both playing a crucial role in assessing an individual's creditworthiness. Shriram Finance, a prominent non-banking financial company in India, similarly relies on CRIF High Mark to evaluate loan applicants.

Equifax Credit Score:

Equifax is one of the leading credit bureaus in India, and its credit score ranges from 300 to 900. This score reflects your credit history, including loans, credit card usage, and payment history. Higher scores indicate better creditworthiness, making it easier to secure loans at favourable terms. Shriram Finance also uses Equifax scores to assess loan applicants, especially for personal loans.

CIBIL™ Score:

CIBIL (Credit Information Bureau India Limited) ™ is another major credit bureau, and its score also ranges from 300 to 900. Like Equifax, a higher CIBIL™ score signifies better creditworthiness.

When comparing the two scores, it's important to note that both Equifax and CIBIL™ scores serve similar purposes, but they might differ slightly due to variations in the data each bureau collects and updates. Most financial institutions consider both Equifax and CIBIL scores as crucial factors in determining an applicant's eligibility for loans and the associated interest rates.