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  • Experian Credit Report For Consumer

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  • One of India's four credit bureaus is Experian, a Credit Information Company (CIC) with international recognition. Consumers' Experian credit scores and credit information reports are calculated and generated by the credit bureau. Experian credit reports and scores reflect past loan and credit card payback behaviour, and as a result, they have a decisive impact on whether your new credit application is approved or denied.

    Experian Credit Report Components

    The various components of Experian credit report are mentioned below -

    Component Detail
    Recent enquiries The inquiries that various financial institutions conducted in response to your credit applications are detailed in this area, along with information regarding the type of credit facility (loan or credit card), the loan amount or credit card limit, etc.
    Loan/credit history Credit score includes details regarding the type of credit (secured/unsecured), current balance, loan information, payment history, and any prior defaults on credit card dues or loans, among other things.
    Information of identity Includes the consumer's name and address, birth date, PAN card, etc.

    Importance of Experian Credit Report

    The Experian credit report, along with its counterparts Equifax, CIBIL, and CRIF High Mark in the Indian context, plays a pivotal role in the financial ecosystem by providing vital insights into the creditworthiness of individuals or prospective borrowers seeking credit from banks and Non-Banking Financial Companies (NBFCs). These credit reporting agencies collect, compile, and analyze a wide array of financial and credit-related data about individuals.

    One of the most crucial aspects of these credit reports is the credit score they generate. This credit score is a numeric representation of an individual's creditworthiness, based on their historical financial behavior, including their credit repayment patterns, outstanding debts, and credit utilization. This score serves as a quick snapshot for lenders to assess the risk associated with extending credit to an applicant.

    For banks and NBFCs, the credit report and score act as a valuable tool for making lending decisions. When an individual applies for a loan or credit, the financial institution can request their credit report from one of these agencies. By analyzing the report, the bank gains insights into the applicant's financial history, including their past loan performance, credit card usage, and any defaults or late payments. This information enables the lender to gauge the level of risk involved in lending money to that individual.

    A high credit score indicates that the individual has a history of responsibly managing their credit obligations. Regular and timely repayment of loans, responsible credit utilization, and a clean payment history contribute to a higher credit score. This implies that the applicant is more likely to honor their financial commitments and poses a lower risk to the lender. As a result, individuals with high credit scores are often offered better loan terms, lower interest rates, and higher credit limits.

    Conversely, a low credit score suggests that the individual has exhibited inconsistent repayment behavior, missed payments, or defaults on loans. This signals a higher level of risk for the lender, as there's a higher likelihood that the individual may not fulfill their credit obligations in the future. As a result, individuals with low credit scores might face challenges in obtaining credit or loans, and if they are approved, they might be subject to higher interest rates and stricter terms.

    In essence, these credit reporting agencies and their associated credit reports and scores provide an efficient and standardized way for banks and NBFCs to assess an individual's creditworthiness. By evaluating an applicant's credit history and score, financial institutions can make more informed decisions about whether to approve a loan application and what terms and conditions to offer. This system promotes responsible borrowing behavior and helps lenders manage their lending risks effectively.

    Benefits of Attaining your Experian Credit Report

    If you wish to avail credit, your credit history will play a crucial role in helping lenders determine whether or not you are a safe bet. Credit history also helps in determining the terms, conditions and interest rates that may be available to you. Moreover, the fact that lenders can also access your credit report means that it is an essential factor in your hopes of taking out loans or credit.

    The Experian credit report helps you gain a fair understanding of your credit history, thereby allowing you to cease control of your finances and helping you make informed decisions that can help you remain protected from contingencies such as identity theft.

    Key Factors that Affect your Experian Credit Report

    The following factors mentioned below affect your Experian credit report -

    • Existing balances and credit
    • History of borrowing and repayment
    • Credit Utilization Ratio (CUR)
    • Credit history length
    • Credit option ranges
    • Joint accounts (Co-applicant or guarantor)

    What Can You Expect to See on Your Experian Credit Report?

    A credit report offers you a snapshot of your credit status and overall financial health. It is a good habit to keep a tab on your credit score and review your credit report from time-to-time. Your credit report has a lot of information and keywords.

    1. Personal Information: The credit report has basic information such as:
      • Full Name
      • Current Address
      • Date of Birth
      • Gender
      • Current Employer
      • Spouse’s Name
      • Email Address
      • Mobile number
      • PAN number

      Note: Make sure the spelling of your name, mobile number and other personal information are correct in your credit report.

    2. Credit Account Summary: It shows the total number of accounts, active accounts, closed accounts and settled accounts. This is an important part of your credit report as it comprises your entire credit history and repayments. The section also has information about your credit cards and loans.
    3. Current Balance Account Summary: It shows the current balance account, settled amount, secure amount and unsettled amount.
    4. Credit Enquiry Summary: It shows all the credit enquiries made by you in the last 7 days, 30 days, 90 days, and 180 days. There are two types of inquiries- hard inquiries and soft inquiries. When you apply for a credit, it triggers an inquiry from the lenders or credit card issuers and this is termed as hard inquiry. Hard inquiries can bring your credit score down. On the other hand, a soft inquiry is harmless and does not affect your credit score. A soft inquiry is offered when a credit card issuer/lender checks your credit without your permission to see if you qualify for certain credit card offers.
    5. Non-Credit Summary: It shows all the non-credit enquiries made by you in the last 7 days, 30 days, 90 days, and 180 days.
    6. Experian Credit Score: Your Experian report displays your Experian Credit Score. An Experian credit score ranges from 300-900 and it is summarized from your Experian credit report. At large, lenders like banks and non-banking finance companies (NBFC) consider an Experian credit score of 750 and above as.
    7. Credit Account Information: This section has information about all your credit accounts like loans or credit cards. It has sections such as - name of the lender, account type, account number, ownership, date reported, account status, date opened, highest credit, current balance, and amount overdue.

    How to Attain Your Experian Credit Report Online?

    Individuals can attain their Experian credit reports on the internet by paying a charge of Rs.399. All you will have to do is fill in an online form to authenticate yourself and then answer the questions and provide data regarding your credit cards, loan / credit accounts. Once you have completed the requisite steps, your Experian credit report will be displayed onscreen and a copy of the report will be sent to you via email.

    To ensure authentication, the individual will have to send a few documents to the credit rating agency. These documents include identity proof (voters ID or passport or PAN card), address proof (latest bank statement or telephone bill or electricity bill or purchase / sale deed or license / lease deed or passport).

    How do I get the credit report from Experian?

    Once you have filled out the form, made the relevant payments and prepared the suitable documents, you will need to send the whole lot to Experian. You can do so via the India Postal Services or vial courier. The address that you need to send the documents to is:

    • Experian Credit Information Company of India Pvt Ltd
    • P. O. Box. 9096,
    • Goregaon (East),
    • Mumbai - 400063.
    • India
    • OR (couriers and speed and registered post)
    • Experian Credit Information Company of India Pvt Ltd
    • Consumer Support Department,
    • Platina, 2nd Floor, C-59, G Block
    • Bandra Kurla Complex, Bandra (E)
    • Mumbai - 400 051. India

    How do I pay using NEFT?

    To make payments through NEFT using net banking you will need to use the following details.

    • The account number will be EXPN+id proof number. Example If you use a PAN card (ABCDE1234F) then the account number will be EXPNABCDE1234F.
    • The name will be ECICI Pvt Ltd
    • The bank will be Citibank, FORT
    • The IFSC code will be CITI0100000
    • The type of account will be Current

    FAQs on Experian Credit Report For Consumer

    1. How do I request a copy of my Experian credit history?
    2. You don't need to request an Experian credit report because you can obtain one for free and get updates every month right here. The credit bureau views checking your Experian credit score as a "Soft Inquiry" from the lender and does not affect your credit score.

    3. What does an Experian Report Number mean?
    4. Your credit information report's top right corner contains a 15-digit unique identifying number called an Experian Report Number (ERN). Since Experian uses this number to verify your information, you must include it in all communications with the credit bureau.

    5. How frequently is the Experian Credit Report updated?
    6. Financial institutions that are members typically submit data once every month. For instance, Bank A might provide a monthly update to Experian on the first, whereas Bank B might send a monthly update on the twentieth. As a result, your Experian Credit report is updated each month as soon as the relevant financial institution(s) uploads the necessary data to its database.

    7. Will my credit score drop if I check it myself?
    8. No, checking your own credit score and credit report is considered a light inquiry and has no negative effects on your credit score.

    9. What is the purpose of the "Experian CIR" and how can people benefit from it?
    10. Experian Credit Information Report (CIR) aids lenders in evaluating applicants' creditworthiness and payback records. When approving a loan, the lender asks the credit bureau for an Experian credit report check. An applicant with a good credit score has an easier time obtaining credit products, such as loans and credit cards, at favorable interest rates and yearly fees.

    11. Is it possible for inaccuracies to exist in my Experian credit report
    12. Certainly, discrepancies can arise in credit reports, highlighting the significance of regularly reviewing your report. If you come across any inconsistencies, you can initiate a dispute with Experian to have them rectified.

    13. How long does positive information, such as properly managed loans, remain on your credit report?
    14. Positive information, such as properly managed loans and on-time credit card payments, will stay on your credit report indefinitely.

    15. How does a credit report influence your credit score?
    16. Your credit scores are generated based on the information contained in your credit report. Within your credit report, you'll find details about the elements that could be affecting your credit scores, such as your track record of payments and the variety of credit accounts you have.

    17. What is the duration for negative information like late payments to remain on your credit report?
    18. Negative information, like late or missed payments, remains on your credit report for a period of 7 years.

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