Lenders consider scoring models either from Transunion CIBIL, CRIF High Mark, Experian or Equifax. These bureaus evaluate the credit score based on factors such as payment history and utilization rate and many other factors. So, this can bring some difference in the final score when compared.
Credit scores are derived based on the data given in your credit report. This data is calculated via major credit bureaus — Experian, CIBIL or TransUnion. Hence, the score differs based on the data provided to each bureau. Sometimes not all the required credit accounts data is reached to the bureaus as lenders are not required to report to all the bureaus.
If you check your credit score at intervals, you will notice a difference between the two scores on different platforms, as one of the credit scores may be outdated.
Credit scores can cause errors in your credit report. Hence, if you are sure about no discrepancy in your credit account, raise a dispute to resolve errors in your credit report before it lowers your credit score drastically.
There is no fixed credit score that is mandatory. But, credit score is an important factor in India while approving maximum lending decisions.
Finally, it is good to compare your credit score on multiple scoring platforms before applying for personal loan online. However, a slight difference should be ignored. In case of a major discrepancy, it should be resolved timely with the submission of an error report, so that future credit decisions remain unaffected.