Experian credit score; Well what is this? How this score is different from other credit scores?
I know you might have questions like that in your mind. However, there is nothing new about Experian credit scores. Experian credit scores are like other credit scores but the process of analyzing the credit history of the people might be somehow different.
Like credit score by TransUnion CIBIL, Experian credit score range is also 300-900. The higher the score, the better it is for the individual to get sanctioned his loan or credit card.
So, before moving further, let have a quick glance at what is Experian and the services it offers.
What is Experian?
Experian is a well known multinational company that is popular in providing consumer services, credit services, data quality and decisioning and analytics. In India, it operates as Experian Credit Information Company of India Private Limited.
It’s headquarter is located in Dublin, Ireland. Experian is one of the credit information companies certified by RBI.
What Is Experian Credit Report?
Experian credit report is a report of multiple sections that relate to an individual whose credit history is being reviewed.
The report includes all the things that are essential to justify an individual is a responsible person and he could pay back all the debts. The sections of the reports and what they emphasize is given below.
1. Current application information: This part is the initiation of the report. This section provides various details of an individual like name, gender, current address, contact numbers, pan card, etc.
2. Experian credit score: In this section, the credit score is provided based on the credit history of an individual. Here the factors of credit score calculation are also provided.
3. Report Summary: In this section of the report, credit account summary, current balance account summary, credit inquiry summary, and non-credit inquiry summary are provided.
4. Summary: credit account information: in this part of the report, credit account information of various loans and credit cards are summarized. This summary is provided based on the available data of an individual at the Experian credit bureau.
5. Credit account information details:
This part of the report consists of details of various credits to an individual as provided by member banks and credit grantors to Experian. This section provides key information about the credit history of an individual. Here, the number of active or closed credit/loan accounts of a person are shared in details. You can also found here how many credit cards or loan accounts a person has and what is his behavior in paying back of the bills.
6. Credit inquiries: In this section, the names of credit institutions are provided which have sanctioned credit/loans.
7. Non-credit inquiries: Information regarding non-credit inquiries is shared here. If you have made any request for Experian credit score, such things are recorded here.
8. Contacting Us. This section has contact information to Experian in case you need any help.
9. Legend: abbreviations and other such things are explained here which help in reading the Experian credit report more precisely.
How Experian credit score is calculated?
However, there is no exact formula or algorithm provided to calculate Experian credit score but the following factors play a key role in determining the score.
1. If there is any credit default reported recently.
2. If the individual is burdened with multiple credits.
3. The number of credit account applications in the last 30 days.
4. Defaulting on credit accounts in current and recent periodic intervals.
5. Delinquent and Non-delinquent credit accounts.
Experian Vs TransUnion CIBIL Score:
Here is a comparison of my Experian and CIBIL score. If you look at the following figure you could see my CIBIL score is 814 however my Experian credit score is 821. Both the credit bureaus measure credit scores in the range of 300-900. And both of my scores fall in the excellent category.
So, I don’t think that there is any difference in measuring the credit score.
How to Check Credit Score for free at Experian
Yes, you can get a free credit report and credit score from Experian. You can follow the below guidelines to get one for you.
1. Login to https://consumer.experian.in/ECV-OLN/signIn
2. Fill all the required details
3. Enter the OTP received and you would be directed to the dashboard where you can see your score and download your credit report.
Have you ever checked your credit score at Experian? What is your score? Don't forget to leave your comment below.