Experian Credit Score

An Experian credit score is a three-digit figure ranging from 300-850. Experian, one of the four credit bureaus operating in India, assigns this credit score based on your repayment capability 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 (CIR) is a detailed summary of a borrower’s credit behaviour and history. It is also a record of your active credit card and loan accounts, and your repayment history. Additionally, it is home to 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.

You can easily get your Experian Credit Report or Experian Credit Score from the official portal of Experian for free once a year. However, for any additional checks, you will be required to pay a nominal fee of ₹399 (inclusive of taxes).

Steps to check Experian Score and Report Online for Free:

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

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

• 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 credit score of individuals ranges between 300 and 850. Check the below table to understand how financial institutions interpret your Experian score:

Experian calculates credit scores with the help of the FICO credit scoring model. It means that it takes certain aspects of your credit information into account and assigns each one of those variables a weightage. The elements that Experian takes into account are as follows:

The Experian credit report showcases your overall credit history, including your credit score. The report consists of the following details:

• Your personal information, as provided by you.

• A summary of your credit history.

• Information regarding your current balance amount, settled/unsettled loan amounts, and more.

• All hard and soft credit enquiries against your report that were made over the years.

• All non-credit enquiries you made in the past 7, 30, 90 and 180 days.

• A summary of your credit score

• Details pertaining to your credit accounts, such as loans and credit cards.

• Your Experian credit score basically is an indicator of your loan repayment capability. It is, in fact, one of the first things that lenders check when you submit a credit card/loan application.

• If your Experian credit score is in a range that lenders consider ideal (between 750-850) you could get the required credit easily at low interest rates and with higher tenures.

• If you obtain your Experian credit information report, you will find out exactly where you stand in terms of loan eligibility.