We know that the main aim of the credit information companies is to help banks and financial institutions ensure that the loans and credit that they hand out don’t end up in a loss. To ensure this from happening what credit information companies like Experian do is to collect information about a person’s financial habits and present that in the form of a credit report to banks and NBFCs. Over time this report has become a crucial factor in deciding the creditworthiness of a person applying for a loan and that is exactly why you need to keep your credit reports health. It is very important that the credit report you present to a bank is good. There can be times when some red marks might end up on the report but they are not permanent and can be dealt with and here is how you can do that.
Tips to improve the Experian credit report
Improving a credit report is no rocket science. All it calls for is a bit of discipline and a bit of caution. If you were to keep the following points in mind you can be well on your way to a good report. However, before you get started you might want to get your Experian credit report so that you know what exactly is wrong with it.
How you repay your credit is a major contributing factor to the report so ensure that you make payments towards your credit cards and loans on time.
When it comes to taking credit, it is best not to take too much as it might indicate to a bank that you may not have too much of a capacity for yet another loan or credit card.
If you see that your payments are not being made on time, a fact that will be indicated on the report by a number that indicates how many days was that payment delayed, check with your bank about the reason for the delay. If the delay is from your end, make sure you don’t let it happen repeatedly.
If you see a credit account on your report that was closed earlier, raise a query with Experian and get the information rectified.
While Experian will make every effort to ensure that the credit reports are accurate, there are times when there can be a few mistakes in the information contained in them. To counter this, the best thing to do is to check your report regularly and make sure all disputes about its contents are resolved at the earliest possible.
Should you apply for a credit product like a loan or a credit card and it gets rejected, do not keep applying to other banks for the same product since each query from the bank will be recorded in the credit report and be visible to the other banks.
If you want your report to improve, another thing you can do is to use your credit cards very sparingly. If you come too close to your credit limit too often, it reflects poorly on your score.
If you have a situation like the loss of your job or a death in the family or even an illness, which precludes you from keeping up payments, get in touch with the banks you have taken products from. They might be able to help by providing solutions that could ease the payment burdens on you. Do Not let your payments go into defaults since those just ruin a credit report.
Experian assigns a score of 300 to 900 based on the credit information that they get from their members. Should your score start approaching 300, it would be wise to implement these steps to ensure that the score improves over time. Should you ignore your credit report, you may land up in a situation where your credit report will deteriorate and prevent you from taking fresh credit when you really need it.
News About How to improve your Experian Credit Report
Applying for a Home Loan? Know Your Credit Score
When you are applying for a home loan, you need to consider several factors like credit score, pre-approved loan, EMI calculation among others. The first thing lenders check when you apply for a loan is your credit score. It helps lenders like banks and non-banking finance companies measure your ability to repay the borrowed sum. A credit score is a numerical presentation of your creditworthiness. It is computed by credit bureaus after taking into consideration factors like credit history and repayment behaviour. A credit score ranges between 350-900. Majority of lenders consider credit scores of 700 and above as ideal. If you have a high credit score, you become eligible to get a loan and credit card. Moreover, several lenders offer preferential pricing for interest rates on loans to customers with a high credit score. With a high credit score, you are also in a position to negotiate for discount on loan as well as waiver for processing fees and other charges. There are several banks that offer up to 10 basis points lower interest rates to people who have high credit scores. Lenders trust people with high credit scores as they have a good track record of repaying the credit.
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