Companies that issue reports about the credit performance of individuals and corporations are called credit information companies. In the realm of credit information, Experian is one of the world’s biggest credit information companies. Credit scores given by Experian are widely accepted by member institutions. These institutions are clients of Experian. Member Institutions are normally banks and non-banking finance companies (NBFCs). In India, the Reserve Bank of India has licensed Experian as a credit information company. Many banks and NBFCs accept credit scores provided by Experian.
What is Experian Credit Score?
Like, CIBIL score is a credit score provided by TransUnion CIBIL, Experian score is a credit score provided by Experian. Experian score is assigned to individuals to reflect their creditworthiness based on how they have serviced the debt in the past. If an individual has missed to pay an EMI in the past, this will surely put a dent on their Experian credit score. This also applies to missing your credit card bill payments. Experian credit score ranges between 300-900, where 300 being the worst and 900 representing the best. An ideal score of 750 and above is considered as a good Expreian credit score. Excited about how to get Experian Credit Report? In a few minutes, you’ll be knowing how to.
Importance of Experian Credit Report
You’ll be wondering why is it necessary to maintain a good Experian score. You’ll only realize the importance until you haven’t applied for a bank loan or credit cards. Checking the Experian credit report is on the top of the priority list of banks and NBFCs while giving out loans and credit cards. Especially, in the case of secured loans and credit cards. Secured Loans or credit cards do not ask for any kind of collateral to be submitted against it. So, the banks gains confidence in you by means of Experian Score. They do a thorough check of the Experian credit score to see how your credit track record has been over the years. If the score is low, the bank then denies the low. Whereas, with a good score of 750 and above, you’re through.
Free Experian Credit Report for Individuals:
Experian provides a delightful facility where you can check your credit score for free on their website. All you have to do is just fill in some details and you’ll receive the credit score report on your email. But this free facility is offered only once in a year. However, if you want to check the score more than once in a year, you’ll have to opt for a paid subscription. You can go for the monthly. Bi-annual, annual or quarterly reports subscription. To get your Experian score for free, you just have to enter the following details:
- Name as per PAN
- Email Address
- Mobile Number
- And the OTP sent to your mobile number.
Some fintech companies also give Experian Free Credit Score report anytime throughout the year. All you have to do is fill the Personal Details Form, followed by OTP Verification, then, a user details form should be filled and lastly, Q&A forms should be filled.