Experian Credit Information Report

Experian is a globally recognised Credit Information Company (CIC) and is one of the four credit bureaus in India. It calculates and generates credit score and credit reports of both the lenders and the consumers. The Experian credit report and scores are reflective of one’s repayment history of loans and credit cards, and hence play an important role in your new credit application approval or denial.

Experian Credit Information Report, also known as “Experian CIR” refers to a detailed record of your credit history i.e. details of your past loans and credit cards that you have availed or applied for. It also contains information about your identity and the requests for your credit score.

Here you can check and download CIBIL and Experian credit score for free with monthly updates with no impact on credit score. Further discussed are the components of CIR, Experian Credit Score, Steps to check online and tips to improve your credit score.

Components of Experian Credit Information Report

The following table gives a section-wise summary of the information present in the Experian credit report:

Experian Credit Score

Experian Credit Score refers to the numeric summary that varies between 300 to 900 that depicts your creditworthiness. It is one of the major components of your Credit Information Report (CIR) as calculated by Experian India. The closer our Experian credit score is to 900 (such as 750 and above), the greater your chances of loan or credit card approval. 

Your credit score is calculated from the repayment history of your previous and existing loans and credit cards, including the details of enquiries made by various lending institutions, including bank and NBFCs. It should be noted that checking your credit score or downloading your credit report have no impact on your credit score. 

Also Read: 10 best ways to build your credit score?

How to Check Experian Credit Score Online?

Here, you can check and download the Experian credit information report and score for free along with free monthly updates or you can avail the same from the official website of Experian India but after paying a fee.

Steps to Check Experian Credit Score for Free

Step 1: Click here to get the free credit score/report

Step 2: Enter your basic details, such as gender, full name, email address and mobile number to verify using OTP authentication by clicking on ‘Get Free Credit Report’ button.

Step 3: After you click on the ‘Get Free Credit Report’ button, you will get credit scores from all 4 credit bureaus

Step 4: On Experian tab, click on ‘Download Report’ to further choose the language and month and click on the ‘Download’ button to download your CIBIL report

Step 5:Your Date of Birth (DDMMYYYY format) is the password of your CIBIL report

Key Factors Affecting Your Experian Score

The following are some of the key factors that are may affect your credit score:

• Borrowing and repayment history
• Existing credit and balances
• Credit utilization ratio
• Range of credit options (mix of secured and unsecured loans)
• Length of credit history
  
• Joint accounts – Being a co-applicant or guarantor

Suggested Read: What are the top 4 factors that affect your credit score? 

Tips to Improve your Experian Credit Score

If your Experian score is low, your chances of getting credit in time of need from a bank or other lenders may also go slim. To avoid such a situation, adhere to the further mentioned tips to improve your credit score: 

• Start paying your loan EMIs and credit card dues on time 
• Maintain a low credit utilization ratio, preferably less than 30% of the total credit limit available to you
• Do not close your old credit accounts as they help build a strong credit history 
• Regularly check your credit report and credit score
• If you find any discrepancies in your credit report, inform the credit bureau immediately and get them corrected
• Do not submit multiple loan/credit card applications within a short time as this may portray you as credit hungry and decrease your creditworthiness

FAQs

Q. What is Experian Report Number (ERN)?

Ans. Experian Report Number (ERN) refers to a 15-digit unique identification number present on the top right of your credit information report. You need to quote this number on any communication with Experian, as the credit bureau uses it to validate your information.

Q. How often is the Experian Credit report updated?

Ans. Generally, member financial institutions submit data on a monthly basis. For example, Bank A might submit an update to Experian on 1st of every month while Bank B might submit an update on 20th of every month. Hence, your Experian Credit report gets updated on a monthly basis as soon as the data gets uploaded in its database by the applicable financial institution(s).

Q. Does Experian credit score changes with monthly updates in the credit report?

Ans. Yes, your Experian credit score may change with monthly updates in the credit report. For example, your score may increase on paying off a loan or may decrease on missing loan EMIs.

Q. Will checking my own credit score result in a lower score?

Ans. No, checking your own credit score and credit information report constitutes as a soft enquiry and this does not impact your credit score in any way. You can check your credit score as many times as you want and you can do it for free at Paisabazaar.com. (Banner will go here)

Q. How can I initiate a dispute online with Experian?

Ans. You can raise an online dispute with Experian, in case there are discrepancies/errors in your Credit Information report by following the steps mentioned below:

• Log into your Experian account
• Go to the “Dispute” tab and click on “Raise a Dispute”
• Fill out the credit report information required and details of the dispute you wish to raise
• Click on “Submit”. You will receive a tracking number after your dispute request is submitted. Preserve this number and use it for further communications with Experian India

After submission you should receive a response from Experian India within 48 hours. However, actual rectification/dispute resolution may take longer depending on the complexity of the issue.

Q. Why do I not have an Experian credit score?

Ans. You may not have an Experian credit score or a credit score from any other credit bureau in India in the following cases:

• You have never taken a credit card or a loan, i.e., you are new to the credit
• You have recently taken a credit card (e.g. in a span of less than a month)
• You are an add-on credit card user and not the primary account holder of the credit card account

Q. What is the meaning of a credit enquiry?

Ans. A credit enquiry refers to a request made by an institution to access your credit information report from a credit reporting agency. While an enquiry made by a lender constitutes a hard enquiry, an enquiry made by an individual for their own credit score (either directly from Experian or through an official partner of Experian such as Paisabazaar.com) constitutes as a soft enquiry.

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