Why there is difference in credit rating between three agencies?
There are three important credit bureaus operating in India – Equifax, Experian and CIBIL. All of them use different scoring patterns. While CIBIL score varies from 300 to 900, Equifax calculates it in the range of 1 to 999. Experian on the other hand provides a score between 1 and 1000.
There’s a high probability of a loan application getting rejected entirely on the basis of credit score (CIBIL score), if it’s below 600. A loan application with credit score falling between 600 and 750 is normally put through a detailed scrutiny and credit risk assessment before approval. A loan application with credit score of over 750 points has all the chances of getting approved without any further analysis, unless there’s some seriously adverse credit behavior in the past.