From what I know, there are 2 credit factors that are most important in terms of functioning. The first is the Experian credit score, and the second is the CIBIL credit score. All two of these agencies are located in India. But in India, I prefer the CIBIL score as it has a little more importance than the Experian score. So let’s get started with the difference between Experian vs CIBIL.
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What is the difference between Experian and CIBIL scores?
1) CIBIL Score
A borrower's credit history is used by CIBIL to determine risk with the CIBIL Score, which was first launched in India in 2007. Creditors have been evaluating a borrower's creditworthiness and debt-handling capacity by using the CIBIL score. CIBIL is a membership organisation that includes all of India's financial institutions, home finance firms, financial firms, and NBFCs. This indicates that practically all creditors utilise the CIBIL credit report to assess the trustworthiness of both business and personal clients. It is done before making a loan to them.
2) Experian Score
International credit rating agency Experian has facilitated 3.5 billion credit applications thus far and presently provides its services in 44 different countries. Experian can rapidly prepare credit reports for both individuals and businesses. It is done by using their cutting-edge software and credit information systems and the data they get from creditors. Now you know about the difference between CIBIL score and Experian score.
What is Experian credit score vs CIBIL?
You can read out the following table to get a better understanding of the what is difference between CIBIL and Experian credit scores.
CIBIL Score |
Experian Score |
The Empirical method is used by CIBIL. |
The FIFO technique is used by Experian to determine credit scores. |
National lending institutions choose CIBIL for its company credit history. |
Numerous worldwide financial institutions, including Morgan Stanley, MBNA, Barclays, HSBC, and Nationwide, do business with Experian. |
CIBIL is given more importance than Experian because it is situated in India. |
The Experian score is less important than the CIBIL score if we compare. |
Your CIBIL score will be compared to your Experian score since that's what is important to the creditor. |
Even a small percentage of the 10% of banks that are linked to the Experian score, they will verify and inquire about your CIBIL score too. |
This is all you need to know about Experian vs CIBIL score.
Read More: What is Experian score? What is the difference between credit score and CIBIL score? How is the CIBIL score affected?Your Feedback Matters! How was this Answer?
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What is difference between CIBIL and Experian credit score?
shubham
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2022-10-17T18:51:18+00:00 2022-10-17T18:51:19+00:00Comment
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