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What is Experian Credit Score?

An Experian credit score is a three-digit figure ranging from 300-850. Experian, one of the four credit bureaus operating in India, assigns this credit score based on your repayment capability and overall creditworthiness. Essentially, it helps lenders decide whether you are eligible for a credit card or a loan. The higher your Experian score, the better your chances of getting credit.

What is an Experian Credit Information Report?

An Experian credit information report (CIR) is a detailed summary of a borrower’s credit behaviour and history. It is also a record of your active credit card and loan accounts, and your repayment history. Additionally, it is home to the records of all the enquiries made by financial institutions where you have applied for credit. These bits of information help the credit bureau determine your Experian credit score.

How to Check Your Experian Credit Score Online?

You can easily get your Experian Credit Report or Experian Credit Score from the official portal of Experian for free once a year. However, for any additional checks, you will be required to pay a nominal fee of ₹399 (inclusive of taxes).

Steps to check Experian Score and Report Online for Free:

  • Visit the official Experian website and log in to the user portal.

  • Enter your personal details like full name, email address, mobile number, date of birth, gender, PAN, and address.

  • Verify your identity using the OTP which will be sent to your registered mobile number

 

Once your identity has been successfully authenticated, your Experian Credit Information Report and credit score will be displayed on the screen. A copy of the same will also be sent to you at the registered email address.

Experian Score Ranges

Experian credit score of individuals ranges between 300 and 850. Check the below table to understand how financial institutions interpret your Experian score:

Experian Credit Score Range

Meaning

300 - 579

Poor

580 - 669

Fair

670 - 739

Good

740 - 799

Very Good

800 - 850

Exceptional

How Does Experian Calculate Your Credit Scores?

Experian calculates credit scores with the help of the FICO credit scoring model. It means that it takes certain aspects of your credit information into account and assigns each one of those variables a weightage. The elements that Experian takes into account are as follows:

Factors

Weightage

Credit Mix (ratio of secured loans and unsecured loans)

10%

Credit History (loans and credit cards availed by you in the past)

15%

New Credit (loans and credit cards that you have availed in the recent past)

10%

Payment History

35%

Amount Owed

30%

What Does an Experian Credit Report Consist of?

The Experian credit report showcases your overall credit history, including your credit score. The report consists of the following details:

  • Your personal information, as provided by you.

  • A summary of your credit history.

  • Information regarding your current balance amount, settled/unsettled loan amounts, and more.

  • All hard and soft credit enquiries against your report that were made over the years.

  • All non-credit enquiries you made in the past 7, 30, 90 and 180 days.

  • A summary of your credit score

  • Details pertaining to your credit accounts, such as loans and credit cards.

Why is Experian Score Important

  • Your Experian credit score basically is an indicator of your loan repayment capability. It is, in fact, one of the first things that lenders check when you submit a credit card/loan application.

  • If your Experian credit score is in a range that lenders consider ideal (between 750-850) you could get the required credit easily at low interest rates and with higher tenures.

  • If you obtain your Experian credit information report, you will find out exactly where you stand in terms of loan eligibility.

FAQs on Experian Credit Score

What is a good Experian credit score?

When your credit score falls under the range of 670 to 739, it is categorised as a good Experian credit score. However, having a score of over 740 can considerably improve your chances of getting a loan at more favourable terms.

What is Experian?

Experian is one of the four credit bureaus that operate in India. Experian provides services such as credit behaviour analysis, credit rating, and services related to detecting potential instances of identity theft and fraud.

What is an Experian Report Number?

An Experian Report Number (ERN) is a 15-digit numerical code which is unique to every Experian credit information report. It can be found on the top-right corner of every Experian credit information report. It is the reference number that the credit reporter holder must keep handy at the time of raising a credit report-related query or dispute with an Experian official.

How often is the Experian credit score updated?

The Experian credit score is updated whenever the bureau receives credit-related information pertaining to an individual from member banks and financial institutions, which typically happens every month. However, the date on which each financial institution may share credit information can vary.

How is Experian credit rating different from that of other bureaus?

The Experian credit rating system generates a credit score of only up to 850, whereas other credit bureaus typically issue scores within the range of 300-900. Additionally, Experian assigns different kinds of weightage to several aspects of an individual’s credit-related information to compute their credit score.

How to check your Experian credit score for free?

You can check your Experian credit score for free once every year through Experian’s official website. For this, fill in some basic information, provide the necessary documents, and validate your identity through an OTP.

How will the Experian credit score affect my loan applications?

The higher your Experian credit score, the better your chances of getting a loan. If your Experian credit score is above 750, you stand a decent chance of getting a loan at favourable interest rates. On the other hand, if your Experian credit score falls below a certain threshold (say 650), your loan applications may get rejected.

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