Experian Credit Score: How To Check, Benefits & Importance

The Experian credit score is the numeric representation of the loan repayment capacity of an applicant. It is analyzed and calculated by considering various factors like credit accounts, loan history, bank statements, etc., to determine the financial health and stability of the applicant applying for a loan in a bank or financial institution.

According to the Experian Credit Information Report standards, the credit score ranges from 300 to 900; however, banks and financial institutions consider 750 or above as an ideal credit score to get loan approval. If an applicant has a low Experian credit score, they can improve it by making timely bill payments, reducing credit amount usage, etc.

Steps to Check Experian Credit Score Online

For checking your Experian credit score online, follow these quick and simple steps –

  • Click on the official portal of Experian credit score
  • Enter primary details like name, mobile number, etc.
  • The portal will send an OTP for verification on the registered mobile number. Enter the OTP
  • You will be directed to a new page, where you will have to enter other mandatory details like bank account number, PAN details, etc.
  • Once the details are submitted, the portal will ask some questions. Answer the questions correctly to get an accurate Experian credit score
  • Click on ‘submit’ to complete the process
  • Your Experian credit score will be displayed on the screen.

Steps to Check Experian Credit Score Offline

  • To check Experian credit score offline, follow these quick and simple steps –
  • Visit the official portal of Experian credit score to download the Experian Credit Information Report Application form
  • Fill out the form by entering your primary and financial details
  • Attach mandatory documents like Identity proof (Aadhaar card, PAN card, etc.), Address Proof (Utility bills, Aadhaar card, etc.), and bank account details
  • Make a payment for the Experian credit score report via DD or NEFT
  • Attach a copy of the payment receipt with the Experian Credit Information Report Application form
  • Courier the form with all the documents to the below-mentioned address-
  • Experian Credit Information Company India Pvt. Ltd

In the Equinox Business Park, Tower Three,

Fifth Floor, East Zone Wing,

Lal Bahadur Shastri Road, Kurla , Mumbai,

Maharashtra Pin Code- 400070

  • Once received, the concerned executive will check and revert your credit score to the registered contact address.

Benefits of Experian Credit Score Report

There are various benefits of the Experian Credit score report –

  • It helps in identifying the errors that are negatively influencing the credit score.
  • It constantly tracks financial activities to deliver an accurate credit score.
  • The Experian credit score report has a systematic and detailed description to avoid confusion among the customers.
  • It eliminates the possibilities of fraudulent activities by securing the financial details of its customers.
  • It offers assistance in debt management, investment portfolio management, etc., to its customers to improve their Experian credit score.

Why Is Experian Credit Score Important?

An Experian credit score certifies an individual’s financial health and loan repayment capacity. Banks and financial institutions rely on Experian’s credit score to determine an applicant’s creditworthiness, and therefore, the credit score plays a crucial role in the loan approval.

If an applicant has a credit score of 300 or below, there is a high chance that the banks and financial institutions will reject their loan application. To get your loan application approved without hassle, ensure that your Experian credit score is around 750 or more.

FAQs

  • What are the charges to be paid to get an Experian Credit Score report online?

According to RBI guidelines, the customers can get a free Experian credit score online report once a year; however, if the customer wishes to generate the credit report more than once a year, they can pay an annual subscription fee amount of Rs. 399.

  • Will Experian’s credit score affect my loan application?

Yes, Experian’s credit score significantly affects the approval of every loan application. A low credit score will lead to the rejection of a loan application.

  • Are the CIBIL score and Experian credit score the same?

CIBIL score and Experian credit score are similar as they both help the lending institution determine the loan applicant’s financial health.

  • Can I re-apply for a loan after improving my Experian credit score?

The applicant can choose to re-apply for a loan after improving their credit score by making timely bill payments, reducing credit amount usage, etc.

  • How often can I get an updated report of Experian’s credit score?

The database gets updated every month, and therefore customers can check an updated  Experian credit score every month.

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