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What is Experian Score?


Overview of Experian

Experian Credit Information Company of India Private Limited, popularly referred to as just Experian, is a commercial financial institution which is jointly operated by a group of companies including Axis Bank Ltd, Federal Bank Limited, Sundaram Finance Limited, VIC Enterprises Private Limited, Punjab National Bank, Indian Bank, Union Bank of India, Magna Fincorp Limited, Indian Bank and GUS Holdings BV (Netherlands). 

The company was formed in the year 2006, and in 2010 became the first one to receive license under the Credit Information Companies (Regulation) Act 2005. Ever since its incorporation, Experian quickly made a name for itself and emerged as one of the most innovative companies of the world.  It was even recognized by the Forbes Magazine in 2014, in this regard. 

Experian provides detailed and comprehensive credit reports of individual borrowers to its member organizations, and the Experian credit score, which is a part of this credit report ranges from 300 points to 900 points. The company has tie-ups with over 2900 financial institutions, micro finance institutions, telecom companies, public sector banks and several nonbanking financial companies.

Who all use Experian score?

Your Experian credit score which ranges from 300 points 900 points is a straightforward means for lenders to ascertain your creditworthiness, and decide whether they should extend you loan/credit facility or not. The better your Experian score is, the more will be the chances of you getting a loan or a credit card at attractive interest rates.

This credit score is actively used by banking establishments, nonbanking financial companies, telecom companies and even employers to gauge the financial health of the concerned person.

Some of the ways in which the individual credit information report and credit score generated by Experian helps its member organizations are as follows:

  • Helps the member banks and financial institutions in better predicting and forecasting their credit risk
  • Helps all such organizations in lowering the chances of bad debts
  • Protects them from the possibility of credit fraud
  • Enables them to effectively and efficiently manage credit risk

Apart from lending establishments, Experian score is also regularly checked by individuals themselves. It helps them to stay on top of their credit profile and how they get projected in front of potential lenders. Based on this information, one can also take remedial measures to improve his/her credit score.

Understanding Experian Report

The Experian Credit Information Report (CIR) consists of detailed information related to your loan and/or credit history, including the recent enquiries, identity information, credit card details, loans, payments and credit accounts. It lists out each and every information on an individual, as passed on by the member organizations. You will see a record of your credit information (type of loan/credits, current balance, recorded defaults, payment history, date of loans etc.). In the end it lists out all the instances when lending establishments have made enquiries about the concerned person, including the details of earlier credit applications, type of credit requested, amount requested for and more.

How to get Experian Report?

You can access your Experian credit information report as well as Experian credit score on the Internet, by paying a fee of 399 (inclusive of taxes). You will need to complete an application form available on their official website and authenticate yourself by answering some questions based on the credit cards and loan accounts held by you in India. 

Once you successfully complete this online authentication, you’ll receive your Experian report and credit score instantly. A copy will also be emailed to the email address provided by you in the form.