Experian Credit Report For Consumer

One of the main documents a lender refers to before determining whether or not they will be offering credit to an individual is a credit report. It is instrumental for individuals to maintain a healthy credit score in order to avail credit. It is also just as important to ensure that your Experian credit report has no inaccuracies or discrepancies as it could hinder your chances of taking loans.

Basically, an Experian credit report complies all of an individual’s credit history, and that data herein is based on the data received by the credit rating agency from their member credit grantors, financial institutions and banks.

Data Contained within the Experian Credit Report

An Experian credit report will hold data regarding the credit accounts of an individual along with details of all credit applications made by the individual. It is a detailed representation of the person’s loan / credit history including data regarding recent enquiries, credit cards / loans / credit accounts, payments, identity, etc. Individuals may access their Experian credit report once the requisite fees have been paid. Lenders can also check the credit report of prospective customers by paying a certain fee.

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.

The Meaning of Experian Credit Score

The Experian credit report will contain data in detail regarding your loan / credit history. It is basically a numeric summary that has been drawn from an individual’s repayment history of existing and / or previously used credit cards and loans. The credit report will also reflect the enquiries carried out by financial institutions and banks based on the individual’s loan application. An individual’s Experian credit score will be derived from the information contained in their Experian credit information report. Most financial institutions, banks and other lenders prefer individuals who have a higher Experian credit score.

What You Can 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 all the total number of accounts, active accounts, closed accounts and settled accounts. This is the 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 offers 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).

Getting your Experian credit Report

1. How can I apply for my Experian credit report?

You will have to fill up the Credit Report Application Form and send it to Experian. Once the application is received by them and the information on it validated, the credit report will be sent to you.

2. How will the report be sent to me?

Once the application has been accepted, and the payments made, the copy of the credit report will be sent to you via speed post.

3. Do I have to pay for the credit report?

Yes you will have to pay for the credit report. The current cost is about Rs. 138 of which Rs. 100 will be the charge for the report itself and the remaining Rs. 38 is used to cover the cost of sending the report via speed post.

4. How do I pay for the credit report?

You will have 3 options for the payments. The first is a demand draft, the second is NEFT using net banking and the third is an NEFT through a bank.

5. How do I pay for Experian credit report with a demand draft?

You can get a demand draft for the appropriate amount from your bank. The details you need to remember are that it must be made in favour of “ECICI Private Ltd” and that it should be payable in Mumbai.

6. 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
7. How do I pay through a bank?

Experian has tie-ups with over 65,000 branches of various banks. All you have to do is go to one of these banks and ask for the NEFT form. Fill up the form with the same details as those for NEFT through net banking and pay the money in cash to the bank. They will do the rest.

8. Do I need to submit any documents other than the application form for the credit report?

Yes you will be required to submit certain documents along with the application form for the credit report. They will include an identity proof and an address proof. In case you are paying via NEFT then ensure that you send a copy of the Id proof that you have used for the transfer.

9. What documents can serve as ID proof?

You can use a passport, voters ID card or a PAN card.

10. 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
11. How long will it take the report to get to me?

It will take up to 20 days from the day they receive your application, to send the report to you, provided, of course, your application is accepted.

12. Can I cancel a request for a report once the papers are sent?

You will not be able to cancel the request. The company will process the application and send you your report in due time.

13. How many times can I ask for my credit report?

There is no limit on the number of times you can ask for the report. However, you will have to pay for each report that you ask for.