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Understanding Experian Score
Experian is one of the four major credit bureaus in the world (along with Equifax, CRIF and TransUnion CIBIL). Similar to the other credit bureaus, Experian is a numerical indicator of your creditworthiness often ranges between 300 to 900. It reflects your creditworthiness, determining your ability to repay. This score is calculated using data from your credit report, including payment history, credit utilization, the mix of credit types you hold, and any recent credit activity like new applications or accounts. In short, your Experian Credit Score is a straightforward way of showing how lenders may view your 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
Monitoring your Experian credit report helps maintain financial health and security. Here are four key benefits of having a credit report:
- Errors Detection
- Accuracy in Credit information
- Chances to Improve Credit Score
- Loan and Credit Applications
Factors Influencing Your Experian Score
Your Experian credit score is influenced by repayment history, credit mix, and your credit history. Take a look at the following points to learn how these key factors affect your score:
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Payment History
This factor adds up to 35% of your Experian credit score, placing immense significance on timely repayments. Late payments, defaults, or recent enquiries can significantly harm your credit score, while timely or early repayments can boost it.
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Credit Utilization
A high Credit Utilization Ratio (CUR) can strain your financial health, while maintaining a low credit utilization ratio is beneficial. Hence, maintaining a CUR of 30% or below demonstrates your strong financial management abilities.
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Credit Mix
Exhibiting a healthy mix of credit in your credit profile demonstrates strong management skills. Having a healthy mix of credit cards, mortgages, instalments, and personal loans helps to boost your credit score.
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New Credit Applications
Multiple applications for new credit in a short period generate multiple hard inquiries, reducing your score. Avoid applying for several new credit facilities within a short time, as this can raise concerns among lenders.
How to Check Experian Credit Score Online
You can obtain credit reports online by filling out an online form and providing verification documents. Here is the step-by-step guide for a free Experian credit score check:
Step 1: Click on ‘Resources’ in the top right corner of the screen.
Step 2: Select “Check Experian Score”.
Step 3: Enter your details, such as first name, last name, PAN number, and mobile number.
Step 4: Verify your OTP and enter your date of birth, PIN code, and gender. Hit the ‘Submit’ button.
Importance of Experian Credit Report
Having a high Experian credit score can help you get quick loan approval. Here are some factors highlighting the importance of a good Experian score:
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Assessment of Creditworthiness
Lenders or various financial institutions assess your Experian credit report before extending you any new loan or credit card. A favourable credit report and a good score can help you obtain better loan terms from various lenders, banks, and financial institutions, including a flexible repayment term, lower rates and a higher loan amount.
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Protection of Identity
Regularly checking your credit report details can help identify any prior defaults, unauthorised access inquiries or discrepancies in personal information. This can help you raise a dispute with Experian without delay.
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Financial Management
Your credit score information report summarises your Experian credit history, including credit account history, repayment records and outstanding debts. This helps you to understand your financial standing better, improving your financial management skills.
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Employment Opportunities
In many job roles, such as a financial advisor or an investment banker, employers may run a credit report check as 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 Experian Credit Score
Maintaining a high score is beneficial for your financial health as it helps customers access various credit products and offers the following benefits:
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Lower Interest Rates: A higher score can qualify you for lower rates, helping you save on loans and credit card repayments while supporting long-term financial stability.
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Higher Credit Limits: Your credit score demonstrates your ability to manage finances responsibly. Hence, lenders can offer you higher credit limits.
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Increased Chances of Approval: A high credit score increases your chances of getting approved for loans, helping you access funds when needed.
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Financial Flexibility: With high 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.
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Better Negotiating Power: With a good score, you can leverage your strong financial management abilities to negotiate favourable loan terms.
Understand Your Experian Credit Report
An Experian report contains a detailed record of your credit history and personal information, which is used by lenders for identification. Let's understand these contents in brief:
Personal Information
The information found on your Experian report consists of:
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Name Associated with Your Credit
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Social Security Number Variations
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Address Associated with Your Credit
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Year of Birth
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Phone Number
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Spouse or Co-applicant
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Current or Former Employee
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Personal Statements
Accounts
The accounts section on the credit report includes revolving credit accounts, instalment loans, up to 24 months of reported monthly balances, and your payment history for those accounts. However, the specific details shown can vary depending on how you access your report.
It’s also important to note that lenders are not obligated to report account details to all credit bureaus. As a result, some of your accounts might not be listed on your Experian credit report.
Collections
This section on your credit report includes the account information about the type of collection that has been made and your payment information for those collections.
Public Records
The public record section is the only place where your bankruptcies are recorded. The credit report may include the name of the court where your bankruptcy was filed, record type, reference number, filing and status dates.
The record also includes any personal statements that you may have made to express your disagreement.
Credit Inquiries
A detailed record of any credit inquiries is recorded in this section. Whenever someone checks your credit score, the credit bureaus log it as a hard or soft inquiry.
Soft inquiry is a type of credit check that does not affect your credit score negatively. It occurs when you check your credit score for any informal purpose.
On the other hand, a hard inquiry happens when you apply for any type of credit. When you apply for multiple credit in a short period, it can lead to a drop in your credit score.
Boosting Your Score with Experian Boost
Experian Boost is a free feature that allows you to enhance your credit score by adding positive payment history from everyday household bills, including payments that you can address to improve your score. This includes payments for utilities, telecom services, internet, streaming subscriptions, insurance, and even some rent payments.
By linking your bank account, Experian can identify qualifying payments and include them in your credit report, potentially increasing your score instantly. This is especially helpful for individuals with limited credit history, as it provides a way to demonstrate financial responsibility using non-traditional data.
Experian Score
How Does an Experian Score Work?
A low credit score indicates inconsistent repayment behaviour and a higher risk for lenders.
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 current balance and 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 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 information report shows that your score is calculated by considering the five factors - payment history, credit utilization ratio, credit mix, new credit applications and length of credit history.
Your credit report is updated at least once a month, or at least every 45 days, when lenders update your information, which you can track through an Experian credit report check.
No, checking your Experian credit score regularly won't affect your credit report or credit rating.
The Experian CIR, provided by Experian Ltd, helps assess an individual's creditworthiness, helping financial institutions assess the risk involved with extending a new line of credit to them.
Both credit bureaus 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 under Experian Consumer Services that allows you to check your free credit report and Experian credit score for free via WhatsApp. You can do this by sending "Hey" to Experian India's WhatsApp number +91-9920035444, providing your mobile number and basic details, and receiving your credit score instantly.
You can raise a dispute on your Experian credit report online through their official website. It provides a dedicated dispute resolution service where you can submit inaccuracies along with a firm reference number and track the resolution process.
Experian provides one free credit report per year, and additional report comes at a cost. However, you can check your free Experian credit score with Poonawalla Fincorp.
Yes, inaccuracies can occur due to incorrect reporting by lenders or outdated data, often leading to higher rates. If you find errors, you can resolve them online through Experian’s dispute resolution service.
A credit score of 670 to 739 is considered good, while scores above 740 are very good, and 800 or higher is excellent, especially if you manage your credit card dues properly.
Yes, you can get a free credit report from Poonawalla Fincorp's "Check Experian Score". Just enter the required personal details such as your name, PAN number, registered number (mobile) and email ID to get your Experian credit information report.