Experian Credit Score: What it is and How to Check?

Experian is a credit bureau operating in India and worldwide, licensed by the Reserve Bank of India and SEBI to collect and analyze credit data from banks and lenders. It provides credit information reports and credit scores (ranging from 300 to 900) based on an individual’s credit history, helping lenders assess creditworthiness for loans and credit cards. Experian also offers risk management and fraud prevention services to businesses. Consumers can access their Experian credit report and score online, usually for free once a year

An Experian credit score is a three-digit figure ranging from 300-900. Experian, one of the four credit bureaus operating in India, assigns this credit score based on your past repayment history 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.

An Experian credit information report is a detailed summary of your credit behaviour and history. It is also a record of your active credit card and loan accounts, and your repayment history. 

Additionally, it contains 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 Score or credit report from their official portal for free once a year. However, for any additional checks, you need to pay a nominal fee. 

• Steps to Check Experian Score and Report Online for Free:

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

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

  3. After entering your personal details, set up an account using your email and a password

  4. 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 Experian credit scores in India range from 300 to 900. Here's how different score bands are typically interpreted:

• 300 – 669: Below Average; May struggle to get credit approvals

• 670 – 739: Good; Generally eligible for most credit products

• 740 – 799: Very Good; Higher approval chances with better rates

• 800 – 900: Excellent; Strong credit profile and maximum trust from lender

Experian calculates your credit score by collecting information from banks and financial institutions about your loans, credit cards, repayments, and credit limits. They verify this information to ensure accuracy.

Experian then uses a credit scoring model to assess factors like your payment history, credit usage, credit mix, and recent enquiries. Based on this, it generates a score between 300 and 900 and compiles it into your credit report along with a detailed summary of your credit history.

An Experian credit report gives you a complete summary of your credit history and score. It includes your personal details, credit activity, current balances, outstanding loan amounts, and a credit score summary.

The report lists all your credit accounts, such as loans and credit cards, along with hard and soft enquiries made by lenders. It helps lenders assess how you manage credit and repay loans.

Your Experian score shows how well you handle credit and repay loans. Lenders use it to decide whether to approve your loan or credit card. A better score improves your chances of getting credit easily, at lower interest rates, and helps you check your loan eligibility.

A good Experian credit score makes it easier for you to get approved for loans and credit cards. You may enjoy lower interest rates, higher credit limits, faster approvals, and better offers from banks. It shows lenders you are a responsible borrower, making it easier to access credit when needed.

Your Experian report includes your personal details, credit accounts, recent lender enquiries, and your credit score. You need to check each section carefully, especially your repayment history and the list of institutions that have viewed your report.

To improve your Experian score, you need to pay all EMIs and credit card bills on time, keep your credit usage low, and avoid taking excessive new credit. Check your credit report regularly for errors and dispute any inaccuracies. 

Maintain a balanced mix of secured and unsecured loans, and avoid applying for multiple loans or credit cards at once. Consistent and responsible credit behaviour over time will help increase your score.

To dispute an error on your Experian report, first review the report carefully and note any incorrect details. Visit the Experian India website and complete the dispute form with the correct information. Experian will contact the lender to verify the details and update your report accordingly.