Which Banks Use Experian Credit Score in India? (2024)

FAQs

Who uses Experian credit score in India? ›

Conclusion. As all banks have been mandated by RBI to be a member of 4 credit bureaus, they all may use any of the top scores. Most lending institutions in India consider the Experian score along with the TransUnion CIBIL score.

Which credit cards use Experian only? Some credit cards that use Experian only reportedly include Chase Sapphire Preferred and the Citi Premier Card, among others. There's no guarantee these credit cards use Experian 100 percent of the time.

About us. At Experian, we believe data has the power to transform lives and societies for the better. Experian has two companies in India: Experian Credit Information Company of India Pvt. Limited (ECICIL) and Experian Services India Private Limited (ESIPL).

Banks in India use the TransUnion CIBIL, Experian, Equifax, or the CRIF High Mark score. Out of these, the TransUnion CIBIL score is the one that is used most commonly. All credit rating bureaus generate credit scores and reports which help lenders assess the creditworthiness of borrowers.

ECIS is a joint venture between Equifax Inc and seven Indian financial institutions namely, Bank of Baroda, State Bank of India, Kotak Mahindra Prime Ltd, Bank of India, Sundaram Finance Limited, Union Bank of India and Religare Finvest Limited.

TransUnion CIBIL is among the oldest and most reputable Credit Information Companies in India. Nearly all leading organisations are members of the bureau. CIBIL collects, analyses and maintains the information of different borrowers and lenders.

Based on anecdotal information, Chase generally uses credit data from Experian. However, Chase may opt to review your Equifax or TransUnion credit reports instead depending on which state you live in. That said, Chase reports account information to all three credit bureaus.

Today, many mortgage lenders use classic FICO scoring models for mortgage applications. FICO created slightly different scoring models for each credit bureau—Experian, TransUnion and Equifax—and they are named: FICO^® Score 2, or Experian/Fair Isaac Risk Model v2.

While most major banks and financial institutions do report to the three major credit reporting agencies (Experian, TransUnion and Equifax), the law does not require them to do so.

In India, as of date, four credit bureaus or Credit Information Companies (viz. CIBIL, Equifax, Experian and CRIF Highmark) are running, which are regulated by RBI under Credit Information Companies (Regulation) Act, 2005 (CICRA 2005).

Can US credit score be used in India? ›

So foreign lenders will not have access to your American credit score, but you can still expect a review of your basic financial information if you want to apply for a loan like a mortgage or car loan. Overseas banks and lending institutions may inquire about outstanding debts in your home country.

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CIBIL™ score is one of the key criteria considered by SBI bank while approving any new credit card or deciding on the maximum credit limit to be sanctioned. A CIBIL™ score of 750 and above is required to be eligible for availing of SBI credit cards.

Banks and financial institutions check CIBIL score formerly before granting any loan. The CIBIL check generates a credit score, which is a 3-digit number usually ranging between 300 and 900. A score below 300 is poor whereas the score of 900 is ideally the best.

While some banks prefer a specific credit bureau, others utilize multiple bureaus to establish a comprehensive assessment of an applicant's credit profile. Capital One is notorious for pulling credit from all three bureaus, while American Express and Chase largely rely on Experian for most of their credit decisions.

Although there isn't a bank that exclusively uses Experian, some banks that typically use Experian data more commonly include American Express, Bank of America, and Wells Fargo.

Businesses, such as Carphone Warehouse, Three, O2 or Vodafone. Various store card applications include an Experian credit file check. Your Experian credit file is also likely to be checked if you apply for a mortgage or finance for a new vehicle.

Most lending institutions consider both scores while approving your loan. One of the major advantages CIBIL has is that it has data since 2000, and Experian was established only in 2010. Most banks consider the CIBIL score over the Experian so, its popularity is another advantage of the CIBIL score.

Experian and Equifax are the two largest credit bureaus in the United States. Both companies collect credit information on individual consumers, which they sell to lenders and others.