What is the CRIF Full Form in Banking?
The CRIF full form in Banking is Center for Research in International Finance. It is an acronym that corresponds to the credit research agency that was formed in the year 2007. It calculates CRIF scores for businesses and persons ranging from 300 to 900. A credit score of 700 or higher qualifies for fast loan approval at lower rates. Before approving your loan application, lending institutions may request your CRIF credit report to verify your credit history.
Factors that affect the CRIF Credit score:
CRIF High Mark is an RBI-approved credit rating agency in India that offers lending products to rural, retail, MSME, and commercial customers. The company, founded in 2005, is headquartered in Mumbai. CRIF High Mark calculates credit score based on numerous parameters. This includes repayment history, credit utilization ratio, recent loan applications, duration of credit history and current outstanding credit balances.
Ways to improve the CRIF credit score:
The best ways to improve the CRIF score is to make timely and prompt repayment options for all the loans and also for the credit card bills. It is important to keep the credit utilization ration below 30% and restrict one’s loan appliances and credit card applications. It is also important to check the score from time to time and make corrections as required
