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Understanding Experian Score
Experian score is a numerical representation of your creditworthiness. It is a three-digit numerical value ranging between 300 and 850.
The four major factors influencing Experian score are - credit mix, repayment history, new debt, and credit utilisation ratio. When applying for a loan from Poonawalla Fincorp, your credit score is one of the major factors that influence the lending decision.
Maintain a healthy credit score of 750 and above to experience seamless loan application
Benefits of a Good Credit Score
Quick Loan Approval
Attractive Interest Rate
Higher Credit Limit
Better Negotiating Power
Improved Financial Health
Favourable Loan Terms
Benefits of
Good Experian Score
Regularly monitoring your Experian report can help you sustain your financial health and avail financial security. The following 4 points highlight the benefits of having a credit report:
- Detection of Errors
- Accuracy in Credit information
- Chances to Improve Credit Score
- Loan and Credit Applications
Factors Influencing Your Experian Score
Your Experian score is influenced by factors such as payment history, credit mix, and more. Take a look at the following points to learn how these factors affect your score
- Payment History
Payment history adds up to 35% of your Experian score, placing an immense significance on timely repayments. Late payments or defaults can significantly harm your credit score, while timely or early repayments can boost it. - Credit Utilisation
A high Credit Utilisation Ratio (CUR), which is the ratio of your current credit card balances relative to your credit limits, can strain your financial health. Hence, maintaining a CUR of 30% or below demonstrates your strong financial management abilities - Credit Mix
Exhibiting a healthy mix of credit in your credit file demonstrates strong credit management skills. Having a healthy mix of credit cards, instalment loans, Personal Loans and mortgages helps to boost your credit score - New Credit Applications
Multiple applications for new credit in a short period generate multiple hard inquiries, temporarily lowering your score. Avoid applying for too many new credit facilities within a short time.
Importance of Experian Credit Report
Having a good credit score can help you get quick loan approval. It also helps build trust in loan repayment, ensuring you receive a loan at attractive interest rates.
Factors highlighting the importance of a good Experian score:
- Assessment of Creditworthiness
Lenders or financial institutions assess your credit report before extending you any new loan or credit card. A favourable credit report and a good credit score can help you obtain better loan terms including a flexible repayment term, lower interest rates and higher loan amount.
- Protection of Identity
Regularly checking your credit report can help identify any unauthorised access inquiries or discrepancies in personal information. This can help you address the issue immediately by raising a dispute with Experian.
- Financial Management
Your credit information report from Experian summarises your history of credit accounts, payment records and outstanding debts. Going through this information helps you to understand your financial standing better, improving your financial management skills.
- Employment Opportunities
In many job roles, such as a financial advisor or an investment banker, employers may run a credit report check as a part of their hiring process. This helps them to assess how well you can manage financial responsibilities.
Why Do You Need to Have a Good Credit Score
Maintaining a good credit score is beneficial for your financial health as it offers the following benefits:
- Lower Interest Rates
With higher Experian credit scores, you can become eligible for lower interest rates. This will help you save money on loans and credit cards, sustaining your financial health. - Higher Credit Limits
Good credit scores demonstrate your ability to manage finances responsibly. Hence, lenders can offer you higher credit limits. - Increased Chances of Approval
A high credit score increases your chances of getting approved for loans, helping you access funds when needed. - Financial Flexibility
With good credit scores leading to increased chances of approval, you can access funds at the earliest. This can help you meet your financial obligations without straining your financial health. - Better Negotiating Power
With a higher Experian score, you can leverage your strong financial management abilities to negotiate favourable loan terms.
How to Check Experian Credit Score Online
Check your Experian score for free in just 3 steps:
Step 1: Visit Poonawalla Fincorp website.
Step 2: Navigate to ‘resources’ on the top right corner of the screen.
Step 3: Select “Check Experian Score”
Step 4: Enter your details, such as first name, last name, PAN number, mobile no.
Step 5: Verify your OTP and enter your date of birth, PIN code, and gender. Hit the ‘Submit’ button.
Experian Score
How Does an Experian Score Work?
Having a poor credit score may reduce your loan options as lenders may perceive you as a risky borrower.
Having a score between this range will make it a bit tough for you to get a loan as you’ll have only a few options. However, it is not impossible to get a loan, but the interest rate will be higher.
If you have a credit score that ranges between 670 and 739, it shows how well you have managed your credit. You’ll likely get a fair interest rate and decent loan terms.
Having a score in this range denotes you as a low-risk borrower, and this can help you avail of a loan with better interest rates.
This score shows excellent credit management, making it easy for you to get loans at favourable terms and interest rates.
For queries beyond,
Frequently Asked Questions
The Experian Report Number (ERN) is a unique identifier for each credit report that is assigned by a creditor under the guidelines of Experian. It helps in tracking and referencing specific reports.
Your credit score is calculated by considering the five factors including your payment history, credit utilisation ratio, credit mix, new credit applications and length of credit history.
Your credit report is updated once a month, or at least every 45 days, when lenders update your information to Experian.
As checking your own credit score generates a soft inquiry, it does not affect it.
The Experian CIR helps assess an individual's creditworthiness, helping financial institutions assess the risk involved with extending a new line of credit to them.
Experian and CIBIL are both credit bureaus that provide credit scores, but they differ in their data sources and scoring models. Experian collects data from a broader range of sources, including rental payment history and utility bill payments, while CIBIL primarily gathers data from banks and financial institutions.
Yes! Experian India offers a service that allows you to check your credit score for free via WhatsApp. You can do this by sending "Hey" to Experian India's WhatsApp number +91-9920035444, providing basic details, and receiving your credit score instantly.
You can raise a dispute on your Experian credit report online through their official website. Experian provides a dedicated dispute resolution service where you can submit inaccuracies and track the resolution process.
Experian provides one free credit report per year, and additional report comes at a cost. However, at Poonawalla Fincorp you can check your Experian score multiple times for free.
Yes, inaccuracies can occur due to incorrect reporting by lenders or outdated information. If you find errors, you can dispute them online through Experian’s dispute resolution service.
A credit score of 670 to 739 is considered good, while scores above 700 are very good, and 800 or higher is excellent.