Are there any difference between Credit Score and CIBIL score or are they both same?
No, they both are not same. A credit score is a 3 digit number that reflects your creditworthiness, and it’s calculated by credit information companies based on your loan and credit card repayment history. Each of these generates a credit score using its own algorithm, and all are considered valid. However, CIBIL score which is provided by the credit information company CIBIL (Credit Information Bureau India Limited), is the most commonly used by Indian lenders, so people often think CIBIL score and credit score as same.
The only difference between CIBIL and credit score is that credit score can be provided by any of the 4 credit bureaus in India. But only CIBIL provides CIBIL score. A credit score from any of the 4 credit bureaus is equally valid. However, most banks usually prefer CIBIL score(credit score by CIBIL). So, All the CIBIL scores are credit scores but not all credit scores are CIBIL scores.