Maybe this sounds confusing for many who are not so familiar with score and rank hence here Apoorvaa is giving quick access to differentiate CIBIL Rank and CIBIL Score for better understanding.
CIBIL Rank is applicable to companies. Whereas CIBIL Score is applicable to individual consumers.
CIBIL Rank summarizes your company’s CCR (Company Credit Report) in the form of one number. Whereas CIBIL Score is a three digit numeric summary of your credit history.
CIBIL Rank ranges between a scale of 10 and 1. The closer the rank to 1 is, the better the chances of your company to secure a loan. Whereas CIBIL Score is derived by using the details found in the “Accounts” and “Enquiries” sections on your Credit Information Report (CIR) and ranges from 300 to 900. The closer your score is to 900, the more favorably your loan application will be viewed by credit institutions.
CIBIL Rank is only provided to businesses that have outstanding loans of Rs.10 lakh to Rs.50 crore. Whereas CIBIL Score is provided to an individual based on the credit history.
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