Experian is a globally recognised information services company and is one of the major credit bureaus in India. It provides credit score and credit reports to both the lenders and the consumers. The Experian credit report and scores are reflective of one’s repayment history, and hence play an important role in being approved for a new loan or credit card.
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What is an Experian Credit Information Report?
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 as made by various lending institutions of India.
The following table gives a section-wise summary of the information present in the Experian credit report:
|Credit History||Information about the type of credit (secured/unsecured), current balance, date of loan, payment history, details of any prior defaults on credit card dues/loans, etc.|
|Personal Information||Includes name and address of the consumer, date of birth, PAN card number, etc.|
|Enquiries||This section contains information about the enquiries made by various financial institutions as a result of credit applications made by you along with the type of credit facility (loan/credit card) and loan amount/credit card limit, etc.|
What is Experian Credit Score?
“Experian Credit Score” refers to the numeric summary of your credit information report (CIR) as calculated by Experian India. This score varies between 300 and 900. The close your Experian score is closer to 900 (such as 750 and above), the greater your chances of being approved for a new loan or credit card.“Experian Credit Score” refers to the numeric summary of your credit information report (CIR) as calculated by Experian India. This score varies between 300 and 900. The close your Experian score is closer to 900 (such as 750 and above), the greater your chances of being approved for a new loan or credit card.
Your 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, such as banks and non-banking financial companies (NBFCs).
It should be noted that one’s bank balance and monthly earnings have no impact on their credit score. You may be earning a humble salary and your score may get close to 800 if your credit history is good and a person with a handsome salary but bad credit history may suffer from a bad credit score.
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How to Check Experian Credit Score Online?
You can either get the Experian credit information report and score for free from Paisabazaar.com along with free monthly updates or you can avail the same from the official website of Experian India but after paying a fee.
How to Check Experian Credit Score for Free?
Step 1: Visit Paisabazaar.com and click on “Get Free Credit Report”.
Step 2: Enter the online form with your details (full name, gender, PAN, mobile number, etc.)
Step 3: Verify your mobile number with the OTP that you will receive on your mobile number.
Step 4: Allow Paisabazaar to receive your credit information from Experian by clicking on the check-box.
Step 5: Submit the details by clicking on “Get Your Credit Score”.
You will be able to check your credit score as well as the credit report in the dashboard thus opened. You can check your personal information using the options given to the left of the page.
Note: We have updated our product and temporarily stopped updating your Experian Score. Though, your CIBIL Score is the most recent. Most of the banks prefer CIBIL Score.
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Key factors affecting your Experian Score
The following are some of the key factors that are may affect your credit score:
- Repayment history,
- Credit utilization ratio,
- Length of credit history, and
- Total number of loans and cards availed by you
Suggested Read: What are the top 4 factors that affect your credit score?
How can I Improve my 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
Suggested Read: 9 Tips & Tricks to Establish a Strong Credit Score
Frequently Asked Questions (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 CIR 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 CIR 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 CIR 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.