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Experian is one of the world’s foremost credit information services companies offering a wide range of business tools to their clients based all across the globe. Widely known to be among the planet’s most innovative companies according to Forbes magazine, the company is licensed by the Reserve Bank of India and assists clients by providing a wealth of analytical as well as data tools, which help them manage their businesses in a more efficient and effective manner. Experian is also the first credit information company to be licensed by Credit Information Companies (Regulation) Act 2005 (CICRA 2005) and currently operate two firms within India, namely:
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Experian has tied up with more than 2,900 financial institutions, counting public sector banks, telecom companies, micro finance institutions as well as non-banking financial companies. The company, which is ISO 27000:2013 certified, provides its customers with credit information as per guidelines issued by the Credit Information Companies (Regulation) Act of 2005.
In addition to business management tools, the firm also assists businesses in the following ways:
The Experian Credit Score and Credit Information Report reflect your creditworthiness and past credit history. These reports represent your eligibility to get an approval for a personal loan, credit card, home loan and other kind of loans. These play a very important role for you to get a credit card and a loan approved.
If you have a high Experian score, then this will improve your chances of getting an approval for a credit card and a new loan. However, this may on the other hand, help you get a lower interest rate for your loan.
Experian offers businesses and individual customers the following services:
Experian assists its customers by providing them with the following consumer based services:
Experian also provides special services to clientele who are members of the company. Some of their member related services are as follows:
Consumer Services Equinox Business Park, Tower 3, 5th Floor,
East Wing, LBS Marg,
Kurla (West), Mumbai 400070.
Experian makes credit information available to their clients by means of a credit report which is generated through the conversion of existing financial information such as loans, personal credit history, credit cards etc. into a set format. This is known as a credit score. Members provide this financial information, which is used to draw up a report that assesses the customer’s credit worthiness based on past financial history.
A credit report thus gives a lender an accurate snapshot of the borrower’s detailed financial position, allowing them to make informed decisions regarding the extending of credit to these borrowers.
An Experian report is calculated based ion certain factors and an Experian score is provided, which corresponds to the customer’s financial position.
An Experian score ranges between 300-900 points, with a higher score indicative of a more financially sound position.
This scale helps lenders to assess the risks associated with lending to a particular borrower and also determines if the borrower will be granted credit at all.
An Experian score is divided into certain categories, as under:
Very Low (ranging between 300-500)- this score indicates that the customer has a poor history of financial management, resulting out of bad debts, payment defaults and poor credit utilization patterns. A customer with such a score is a high risk and lenders will be wary of extending credit.
Low (ranging between 500-650)- this score indicates that the customer has a low score, with instances of payment defaults, unsecured loans, etc. A customer with a low credit score is liable to default and presents a risk to the lender.
Good (ranging between 650-750)- this score indicates that the customer has a healthy credit rating and has a balanced credit history. Credit has been repaid and the report demonstrates a history of financially sound decisions. Loans, if any, have been settled within the period provided. Extending credit to such a customer is a low risk for the lender.
Very Good (ranging between 750-850)- this score indicates that the customer has a very good history of financial management and their financial history demonstrates sharp financial acumen regarding the utilization of credit. Extending credit to such a customer is very low risk to the lender as the customer has a proven record of creditworthiness.
Excellent (850)- this score is the highest allotted by Experian and indicates a customer with an almost perfect credit record. All lines of credit extended to a customer with such a score are very low risk due to their proven financial management.
Like all the other credit bureaus in the country, Experian has a lot of financial institutions that are its members. These institutions include NBFCs and banks and they submit a credit data of the borrowers to Experian. The submissions will be in accordance with the guidelines set by the Reserve Bank of India (RBI) (Credit Information Companies (Regulation) Act, 2005).
Experian makes use of the information creating your credit information report. A lot of the key aspects of the credit history data and an algorithm will generate your 3-digit credit score between 300 and 900.
The 3-digit number will summarise your credit history-Experian score. These are the factors that will affect your credit score:
Experian Indian also provides additional services, as listed below:
Experian also provides its clients with decision analytics, which forms an integral part of the services it provides to other businesses and organisations. The company helps companies in the following sectors with decision analytics:
Experian provides its clients with in-depth, tailor-made solutions that enables clients to make decisions that will increase their overall performance and lead to sustainable organisation-wide growth.
Through effective credit risk management techniques, Experian helps its clients to improve their chances of mitigating risks associated with bad debts and loan loss reserves through its analytics that offer insight and lead to better decision making.
Experian provides its clients with the best-in-class automation software that provides them with effective tools to manage their debt portfolios and provides them with the necessary tools to take informed decisions based on current market environments, allowing for higher efficiency through collections management.
Experian’s range of products enable clients to manage fraud at all levels through effective screening at all levels that provides continued access through a single platform to ensure fraud is detected instantly.
Experian is one of 4 credit rating companies that operate in India, the other being CIBIL, Highmark and Equifax. All 4 agencies provide similar information, though CIBIL is the most prominent. However, as per an RBI directive, the credit information provided by all four carry equal merit.
Experian is a credit information company that started operating in India in 2010. It is registered as Experian Credit Information Company of India Pvt Ltd and is a part of the global company called Experian that has operations in multiple countries.
For the purpose of credit reports, Experian will collect information regarding credit, both offered and applied for, along with basic details of the person. These details may include things like names and Permanent Account Numbers.
The information collected by Experian is assimilated under the person’s name and serves to create a credit profile that shows the payment/repayment behaviours of the individual.
The information collected is made available to those members who need access to such information for the purpose of offering credit or checking the identity of a person. No non-member has access to this information.
These credit scores are important because the help financial institution like banks and other lenders decide on whether they can offer a loan or credit card that has been applied for by an individual. The main purpose of this score is to help prevent bad debt and fraud.
The effect of a good/bad credit score is seen in the approval or rejection of a credit score. Should the score be low and payment history bad for other credit products, the banks can reject a loan or credit card that has been applied for. Should it be good then the banks can go ahead and offer the loan or credit card to the individual.
A credit score which is offered by Experian Credit Information Company of India Pvt Ltd. is known as an Experian Credit Score. It is a numerical representation of your credit worthiness. The Experian credit score is calculated by the bureau after taking into consideration factors like debt amount, credit exposure, credit history, repayment behaviour, loans, credit cards, among others. All the above information is present in your Experian credit report. A higher Experian credit score makes you eligible to receive quicker loan approvals and better credit cards.
You can check your credit score as many times as you wish. There is no limit on checking your credit score.
No. When you check your credit score, it is referred to as a soft inquiry. A soft inquiry is harmless and does not bring down your credit score.
A high credit score makes you eligible for getting credit cards with better rewards and benefit, loans with attractive interest rates. Moreover, lenders like banks and non-banking finance companies (NBFCs)also offer preferential pricing to consumers who have a credit score of 750 and above. A high credit score gives you leverage at the time of negotiating for better interest rates for loans.
Yes. You can access your Experian credit score from web and mobile browsers. It is compatible with Google Chrome, Mozilla Firefox, and Internet Explorer (10.0 and above) browsers.
You can check your Experian credit score online after you fill the online form and verify your identity by answering a couple of questions. You have to pay a fee of Rs.399 (including GST). After successfully completing the online authentication, you will instantly get your Experian Credit Report and Experian Credit Score online on your verified email address.
Your Experian credit score is available in your credit report. In order to get your Experian credit score online, you will have to pay Rs.399 (including GST).
For obtaining a physical copy of your Experian credit score, you will have to pay Rs.138 (Rs.100 for the Experian Credit Report + Rs.38 for Speed Post).
Yes. You can access your Experian credit report without the Experian credit score.
Your Experian credit score changes in respect to your credit card usage. Therefore, if you have missed some payments or have paid the minimum amount due, it might have a negative impact on your score. However, if you have maintained discipline for paying your bills, your credit score might be the same or a bit higher.
On 13 August 2019, Experian announced its new configurations for the Ascend Analytical Sandbox which will help fintechs, banks, and credit unions do better by being ahead of the changing nature of consumer behaviour. These new configurations to the program will provide rich data sets and advanced analytics for the companies and all of this will be available for everyone.
Small and large financial institutions will have access to model development, benchmarking along with forecasting and much more with this update from Experian. Companies can up with better-informed decisions with the data enriched platform about consumer and market trends.
Alex Lintner, Group President. Experian Consumer Information Services mentioned that innovations such as the Ascend Analytical Sandbox and Experian Boost helps the way businesses operate and thrive in society, today by understanding the unique challenges faced by small institutions.
Limited data sets, analytical tools, and resources are some of the challenges faced today but with the new configurations of the Ascend Analytical Sandbox which can be customised, financial institutions will have access to advanced analytics, Artificial Intelligence and various machine learning tools which will help them make better-informed decisions.
With this new update, Experian’s Ascend Analytical Sandbox will have all the analytical tools which various financial institutions will have access to in order to gain valuable information and insight from data. Some of the tools include R, Python, H2O, Tableau, SAS, etc.
The program was launched in 2018 and now is recognised as one of the most successful programs globally due to its secure hybrid-cloud environment nature of the program. This allows the users to combine their own sets of data with the exclusive data assets from Experian. The program also allows its users to set their portfolios as a benchmark to compare it against the industry credit trends and explore new product opportunities.
16 August 2019
According to Edward Altman, the brains behind developing the Z-score method, India needs to improve its credit culture. He said that as it is easier to get high credit rating in the country, it can be misleading to the investors. The credit market situation in the country has been difficult as a result of defaults and credit weakness in the company. Indian banks are sitting on more than Rs.10 lakh crore in bad debt, a large proportion of which is being resolved under the IBC. Altman stated that the modern financial history is currently in the ninth year which is the longest benign cycle. A benign cycle is the one which comprises low default and interest rates, high liquidity and spreads over the government rate charged to lenders and borrowers, added Altman. He said that the benign cycle is likely to continue for another 12 months at least. As per a data collated by the Insolvency and Bankruptcy Board of India (IBBI), around 1,500 companies had been admitted for insolvency proceedings as of December 2018, reported Bloomberg.
12 February 2019
Experian, the credit rating agency, has launched a new product that will enable banks to operate a single platform with multiple fraud management solutions.
Called CrossCore, the product will provide banks with all the information they require in a single platform, aiding identity service activities.
This will also lessen the bank's’ reliance on third party vendors for their software needs, which could make it difficult to integrate since the software would have their own platform and node.
Another advantage of the product is its ability to check the asset/deposit business side for fraud. This would curb fraud occurring on the deposit side such as money laundering.
The software is unable to save any of the data for verification in the future as it functions as a live platform, but Experian has stated that modifications could be made at a later stage.
28 June 2016
Experian Credit Bureau of India has partnered up with Life Insurance Council to provide a platform to the Life Insurance industry to share customer related data from life insurance companies, banking companies and Aadhaar. Here on, life insurance companies will be a part of Experian National Hunter Closed User Group. This will help life insurers in CUG to cut losses on account of fraudulent claims. According to the industry experts, the insurance industry is hit by 20-22% fake claims every year.
15 June 2016
The information services company Experian, which operates in India as well, providing credit information services, reported that over the last year it had made a profit of US $1 billion. The information about the company shows that the profit was earned in the period between March 2015 and March 2016. Even though it has made such a big profit, its revenue did come down from US $4.8 billion to US $4.6 billion but this drop has been attributed to fluctuating currency exchange rates. Expressing satisfaction with the profits the company’s CEO, Brian Cassin, said that they are now looking into a wider range of investments that will help the company achieve its target of another year of good growth.
23 May 2016
Experian India has released a new product aimed at identifying fraud in the banking and insurance sectors. The product was launched in March 2016, with 6 insurance companies slated to use the tool from April 2016.
Called the “Hunter Fraud Score”, the analytical tool will measure credit applications’ fraud possibilities across the two sectors. Using the score, applications that have a high score has a lower chance of being fraudulent.
This would benefit insurers in the country raise their fraud detection as they will be able to identify high risk applications and have these screened for fraud. This will in turn lower losses due to fraudulent applications and allow businesses to direct their attention to legitimate applications.
This is in addition to the Experian Fraud Bureau, which has over 47 banks and 15 life insurance companies as members. Group members share data on fraud with the company, who in turn provide them access to fraud detection services.
12 May 2016
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