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Difference Between Credit Score, Credit Report & Credit Rating

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The credit score is a numeric representation of an individual’s creditworthiness. It indicates lenders about your repayment capability with respect to the credits you apply for. The timely repayment track boosts your credit score and helps maintain a good credit history. The score is assigned by credit bureaus such as CIBIL. The noted bureau assigns credit scores to individuals in the range of 300-900 based on their repayment track continuing for at least 6 months.

A score of 750 and above is deemed excellent by lenders and can make them approve the credit application without any delay. Even if the score reads 700 to 750, it is deemed good and ensure the loan or credit card application gets approved easily. If the score is below 700, lenders can at least be reluctant offering an unsecured loan or credit card.

The credit rating, on the other hand, is assigned to companies, state governments, local governmental bodies, special purpose entities, non-profit organizations, etc, based on their ability to pay debts. It also indicates a possible default from the entities with respect to payment obligations. The rating is assigned by companies such as Credit Information Services of India Limited (CRISIL), Credit Analysis and Research Limited (CARE), ICRA Limited, Brickwork Ratings (BWR), India Rating and Research Pvt. Ltd.

These agencies can use different rating scales, such as AAA, AA+, BBB, BB, B, CCC, CC, C and D for default. While the triple As, Bs, Cs indicate a sound repayment potential of the concerned entities, the double As, Bs and Cs indicate moderate safety of the credits sanctioned to the entities. The B, C and D rating indicates high risk.

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Both credit score and credit rating can be a part of credit report showing the amount of debt owned by individuals or entities, the payment made to creditors, the payment schedule, debt settlement, if any, etc. Lenders access the credit report to get an idea of your credit behaviour. The credit report of companies, on the other hand, helps investors take a right investment decision.

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