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About Experian CIBIL Score

A credit score is one of the most important identifiers for a person when it comes to matters of finance. A credit score helps lenders and other players in the financial sector evaluate whether a borrower can be safely issued credit to, without any worries about them defaulting.

Credit scores are generated after calculating a range of parameters including the potential borrower’s previous financial transactions and history. The Experian score is one such score that denotes a person’s repayment history, and offers a sneak peek as to whether their credit availing facility is stable.

This score is then used by lenders to decide whether the person is eligible for availing financial products such as loans and credit cards. 

How to Check your Experian Score

Experian reports can be generated free of cost online. You simply need to input your personal details, post which you will receive an OTP which needs to be authenticated. Once you have filled out all the requisite details and forms, you will receive your Experian report which will include your Experian score and more details on your financial health.

The details you are required to share include your full name, mobile number, email ID, date of birth, gender, permanent address and PAN number.

Once you have shared these details, you will also have to complete a short Q&A round wherein the inputs you provide will go towards deciding your score. The Experian score will be a whole number between 300 to 900, wherein the closer you are to 900, the better it is.

Factors Which Impact your Experian Score

While different organisations use some different parameters to arrive at a credit score, some of the factors impacting this score remain the same. Read on to learn about the different factors which are considered for generating your Experian report.

1. Payment History:

Your payment history includes details of the previous loans you have taken, the repayments you have made towards them and the time you took to make the repayment. If you missed some due dates, your credit score is bound to take a hit.

2. Credit Utilisation Ratio:

Your credit utilisation ratio refers to the amount you have utilised from the credit line available to you. Usually, a ratio of 30% is considered good by lenders and anything more than that may be perceived negatively.

3. Credit History Length:

This demonstrates the longevity of your credit history, and the length of time you have held onto the same instrument. For instance, within this, it would be analysed as to how old is your oldest credit card, your newest credit card and the amount of time you have held each of them. An average age is calculated, and the longer it is, the higher your Experian score will be. 

4. Credit Mix:

A high amount of combination of different financial instruments will guarantee you a high Experian score. This could include different types of loans, including for a home, a vehicle or even education. Any credit cards or mortgages you have will also feature here. 

5. New Credit:

Your Experian score is also dependent on the number of new lines of credit you have opened recently and the number of enquiries you have made for credit. Too many of these will result in a lowered Experian score.

How to Improve your Experian Score

A high Experian score will ensure that you are able to easily avail credit whenever you require it. Since you can easily check your Experian report at any time through online means, it is best to keep an eye on it and assess your strengths and weaknesses on a regular basis. If you notice that your Experian score is slipping, it is essential that you take remedial steps to improve it. Otherwise, you will be left struggling for credit when you most require it. Read on to learn how you can best improve your Experian score.

1. Pay Bills in a Timely Manner:

Your ability to make repayments is what lenders are most interested in, and to ensure that your Experian score is high, it is essential that you pay your bills in a timely manner. This includes not just repayment on your financial instruments, but also your rent and other utilities.

2. Pay off Pending Debt:

Any dues that are pending or if you are in any kind of debt at all, it is best to pay those off before you apply for a new line of credit. Debt usually causes the credit score to drop and if you have just applied or are planning to apply for a new line of credit, it is best to clear out your pending debts before you do so. 

3. Don’t Raise Unnecessary Credit Queries:

Each time you approach a lender for a new line of credit, whether a loan or a credit card, the lender checks your Experian score. And each time they check it, your score drops a little. As a result, if you raise too many queries, your score is bound to be low. That is why, it is essential that you only raise a credit query when you genuinely require funds.

It is essential to keep your Experian score high in order to remain stable financially. If by any chance, your Experian score drops at any time, use the tips mentioned above to bring it back up and ensure you maintain it to the best of your abilities. 

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