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Experian Credit Score

Experian Score

Last Updated 21st Jun 2021

  • The Experian credit report is given by the credit rating agency Experian India.
  • Experian credit score is a numeric figure between the range of 300-900 that indicates a person's creditworthiness.
  • An Experian score of 750 and above is considered a good credit score.
  • The score is based on an individuals' financial history and participation and takes into account various factors like credit utilization ratio, and loans and credit cards borrowed by an individual.
  • You can check your Experian credit score both offline and online.

What is Experian Credit Score?

Experian credit score is a numeric score on the scale of 300 to 900 that reflects an individual's credit history and summary. A score of 750 and above is considered as a good credit score; thus, the higher the score, the better it is. The report is formulated by the credit agency, Experian India. The credit information report as per this agency is based on the repayment history related to loans and credit cards. In addition, it also takes into account an individual's financial relationship with a bank or an NBFC. Thus, the Experian credit report is indicative of an individual's creditworthiness and is also an important aspect when it comes to credit borrowing. Financial institutions such as banks or NBFCs determine the credit amount, interest rate, processing fee and other charges based on the Experian score.

How to check Experian Credit Score Online?

Experian credit report agency provides the online facility for Experian credit report check on its online platform. The online credit score checking facility is time saving, convenient, feasible and accurate. You can follow the below mentioned to check the same:

  • Visit the official website of Experian credit score India.
  • Log into the Experian credit report user login portal.
  • On the portal, enter your details like full name, email address, mobile number, and OTP.
  • Further add details like date of birth, gender, PAN card number, address and PIN code.
  • After entering the information, click on the button 'Get report'.
  • Proceed further by making a payment of ₹ 399 to get your Experian CIBIL score.

Apart from the above-mentioned process, one can also check their free Experian credit score on MyLoanCare. Experian free credit report by MyLoanCare gives accurate results based on the financial habits of an individual, free of costs.

  • For this visit, the MyLoanCare official website and fill the credit score form, by clicking on 'get free credit report'.
  • As you fill the details like gender, occupation, date of birth, pin code, email id, and mobile number, a credit report inclusive of the Experian credits core is sent to the user's registered email id.
  • The file sent to the email id is password protected and can be accessed anytime by the user.

How to get Experian Credit Report and Credit Score Offline?

Apart from the online process, one can also check the Experian credit report India through the offline process. For this, follow the below-mentioned steps:

  • Download the check credit score form from the Experian website and fill out the details by taking out a print out.
  • Attest the form with a photocopy of your valid identity proof such as passport, PAN, voter ID.
  • Further, attest the copies of your address proof such as utility bills such as electricity, water or gas bills, along with bank statements, rent agreements, and sale-purchase deeds.
  • For the offline process, pay the Experian credit check fee via a demand draft or NEFT.
  • After making the payment, post the attested form with all details to the below-mentioned address:

    Experian Credit Information Company India Pvt. Ltd.
    Consumer Services Equinox Business Park, Tower 3, 5th Floor,
    East Wing, LBS Marg,
    Kurla (West), Mumbai 400070.

How is Credit Score Calculated by Experian?

Experian calculates the credit score on the basis of financial transactions that an individual performs with a financial institution like banks or NBFCs. The banks and NBFCs submit all the data related to the loan and credit card to all the credit agencies, including Experian. The credit information report prepared by Experian covers all the repayment, missed payment, borrowed loans, and EMIs that an individual is obliged to go with. Based on these factors, Experian generates a credit score ranging between 300 and 600. The three-digit number is indicative of a person's financial health and is calculated through repayment history, length of the credit history, credit utilization ratio, and loans and credit cards borrowed by an individual.

How can I Improve my Experian Credit Score?

As mentioned above, the Experian credit score is an important factor that determines the creditworthiness of an individual to get a loan or credit card. Therefore, it is important that one ensure managing a good credit score. In case of a low score, one can follow the below mentioned, to improve the Experian credit score.

  • Ensure that you make timely payments of your credit card and EMIs.
  • Ensure maintaining a low credit utilization ratio that should not exceed 30%. Thus, it is advisable that one uses not more than 30% of the total funds available to him or her.
  • Further, keep a constant check on your Experian credit report. At times, the credit report may miss an important financial detail such as repayment. Missing out on these can create a negative impact; thus, it is important that regular updates are checked upon.
  • Lastly, ensure that you do not apply for multiple loan applications or for credit cards. This might make you seem credit hungry and can lower the credit score.

FAQs

What is a good credit score with Experian?

Experian offers a credit score on the scale of 300-900. A credit score of 750 or above is viewed as a good credit score.

What is Experian Report Number (ERN)?

The Experian report number is a fifteen digit number that is mentioned at the top right corner of the Experian credit report. The ERN is unique to all individuals and is used to validate an individual's information.

Is Experian credit score the same as CIBIL?

Experian and CIBIL are two different credit report companies in India. Both these credit report agencies range a credit score on the scale of 300 to 900.

How do I get my credit score from Experian?

You can get your credit score from Experian through both the online and offline method. For the online method, it is required to visit the official website of Experian and log into Experian credit report user login portal. For the offline process, you can download the form from the website and then can post it to the postal address:
Experian Credit Information Company India Pvt. Ltd.
Consumer Services Equinox Business Park, Tower 3, 5th Floor,
East Wing, LBS Marg,
Kurla (West), Mumbai 400070.

Score from which bureau is considered most important?

There are many credit reporting agencies in the country such as Equifax, Experian, Transunion CIBIL, and CRIF Highmark amongst others. All of these credit reporting agencies are believed to give accurate credit reports. However, to confirm more on the accuracy, it is important that an individual keeps an eye on the credit report regularly.


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Our News - Jun 2021
  • 2021-01-07 : 66.66% of borrowers unaware of their CIBIL score
    A report stated that two out of three borrowers in India are unaware of their CIBIL score. CIBIL Score is the indicator of creditworthiness, CIBIL score helps in gauging the creditworthiness of borrowers.
  • 2019-07-08 : Bank of Baroda and CRISIL signs MoU to assess the credit quality of SMEs
    To assess the credit quality customers in the small and medium enterprises (SME) segment, Bank of Baroda and CRISIL have signed a memorandum of understanding (MoU). CRISIL will assess the SMEs by analyzing the data streams through its digital platform its proprietary platform for data and analytics. This facility will be available for both existing and prospective customers from the SME segment, the lender said.
  • 2019-05-27 : Allahabad Bank offers a concession on home loan interest rate to those having a good credit score
    Private sector lender, Allahabad Bank is offering a concession of 10 basis points to its home loan borrowers. The discount is available to only those borrowers who are having a credit score of above 750 from CIBIL and CRIF Highmark. Currently, the lender is offering 8.85% on home loans up to Rs. 25 lakh and 9.10% above Rs. 3 crores.
  • 2019-04-18 : Womens are taking lead in buying homes, shows TransUnion CIBIL report
    As per the 2019 TransUnion CIBIL report, shows that more number of womens are buying home as compared to male members. The rise in the number of buying more houses by womens is due to availability of preferential home loan schemes and convenience of co-borrowing. However, there has also been a rise in the number of successful credit applications by women borrowers which has marked a 48% growth between 2015 and 2018 as compared to 35% growth by male borrowers.
  • 2019-04-09 : Unsecured loans are growing at a faster pace, beats overall credit, says TransUnion CIBIL
    According to the latest borrower data analysed by the TransUnion CIBIL, growth in the unsecured loans like personal loans and credit cards grew 31.3% year-on-year basis as on December 2018 which is more than double the growth recorded by the overall bank credit. However, the secured loan category like a gold loan, home loan, auto loan, and mortgage loan has witnessed moderate growth. The reason for the sharp growth in the unsecured segment is due to the improved ability of lenders to extend loans to the borrowers.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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