Experian Credit Information Report for Consumers

What does Your Experian Credit Report Include?

An Experian Credit Information Report (CIR) is a detailed summary of your credit history. It includes all the records of your payments, debts, defaults, loans, credit cards, recent enquiries and length of credit history. It gives lenders like banks and non-banking finance companies (NBFC) an idea of your creditworthiness.

The contents of the Experian Credit Information Report are mentioned below in detail:

  • Current Application Information
  • This section has all the details about your personal information including full name, gender, birth date, PAN number, email address, and mobile number.

  • Experian Credit Score
  • In this section, the report will display your Experian credit score. An Experian credit score ranges from 300-900 and it is summarized from your Experian Credit Report. An Experian credit score of 750 and above is considered as ideal by most of the lenders.

  • Report Summary
    • This is an important section of the credit report. It contains detailed information of your accounts:

    • Credit Account Summary: It shows all the total number of accounts, active accounts, closed accounts and settled accounts.
    • Current Balance Account Summary: It shows the current balance account, settled amount, secure amount and unsettled amount.
    • Credit Enquiry Summary: It shows all the credit enquiries made by you in the last 7 days, 30 days, 90 days, and 180 days.
    • 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.
  • Credit Account Information
  • This section has the 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.

Experian Credit Score

An Experian Credit Score 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, age of the credit, credit exposure, credit history, repayment behaviour, number of credit enquiries, loans, credit cards, among others. All the above information is present in detail your Experian credit report. An Experian credit score ranges from 300-900. A score of closer to 900 (750 and above) is considered great by the Experian credit bureau. A higher Experian credit score makes you eligible to receive quicker loan approvals and better credit cards.

How to Improve your Experian Credit Score

If you have a high credit score, you become eligible to get better deals on interest rates for loans as well credit cards with better benefits and reward points. Given below are some of the ways that will help you improve your Experian credit score:

  • Pay all the bills on time: Timely payment of all the EMIs and utility bills will help you boost your credit score. The repayment history is responsible for 35% of your credit history. If you make late payments or don’t pay them at all, it will bring down your total credit score.
  • Maintain low credit exposure: You should always try and maintain a low credit utilisation ratio which means use lesser than your credit card limit. Ideally, spending only 30%-40% of your credit limit is beneficial for your credit score.
  • Monitor your credit report periodically: Checking of your credit report from time-to-time gives you a fair idea of your current credit health. By monitoring the credit report periodically, you can learn about the areas where you need to work in order to maintain a high credit score.
  • Higher credit limit: Request your credit card lender to increase your credit limit. Once, the credit limit is increased, you should continue to maintain a low credit utilisation ratio.
  • Avoid closing old accounts: Old accounts generally have a good credit history and therefore, closing them will have a negative impact on your credit score. The length of the credit history accounts for 15% of your total credit score.

Benefits of Checking Your Experian Credit Report

  • Credit health status: When you check your credit report regularly, it helps you understand the current state of your credit health. Once you understand what are the areas where you are falling back, you can work on them and take measures to improve your credit health.
  • Identity theft: Checking your credit report from time-to-time helps you ensure that there are no fraudulent activities on your credit account. It also allows you to check for possible identity theft as your report has information about all the accounts that are opened and activated.
  • Incorrect information: Your Credit Report can have incorrect information in terms of your personal information like name, contact details and others. Moreover, there could be errors related to your credit accounts which could bring your score down.

How to Check Your Experian Credit Information Report and Experian Credit Score Online

In order to get your Experian Credit Information Report and Experian Credit Score online, you will have to complete the online application form by filling up basic personal details like first name, last name, birth date, PAN number, email ID, and mobile number. After duly filling all the aforementioned details, you will have to answer a couple of questions based on your credit accounts like loan or credit card. This process is necessary to verify your identity. Once all the application process is completed, you will have to pay a fee of Rs.399 (including GST). After successfully completing the payments and online authentication, you will get your Experian Credit Information Report and Experian Credit Score online in real-time. You will also receive a copy of report and score on your verified email address.

News About Experian Credit Information Report for Consumers

  • RBI’s norm to help create Rs.1.4 lakh crore headroom for bank credit, says CRISIL

    The Reserve Bank of India’s (RBI’s) move to align risk weights of banks’ exposure to non-banking finance companies (NBFCs) with their respective credit ratings will help banks create a headroom of Rs.1.4 lakh crore for the baking system, according to a latest report from CRISIL. Last month, the RBI had eased its guidelines for banks to maintain risk weights for non-banking finance companies (NBFCs). The credit rating agency’s report stated that the release of capital for banks should increase deployment opportunities for banks as it enhances funding access for NBFCs. 

    Vydianathan Ramaswamy, Associate Director, CRISIL Ratings stated that as per the agencies’ analysis, the top 30 NBFCs which cover more than two-third of the NBFC asset base suggests that around 60% of them will be benefited from the RBI move. The will happen mainly because NBFCs risk weights will drop to in the range of 20-50% as compared to 100% earlier. Of the Rs.1.4 lakh crore headroom, banks could deploy a major chunk towards higher rated NBFCs given the lower risk weight for these entities. 

     As of December 2018, the bank debt to the NBFC sector has registered a compound annual growth rate of 20% in the past decade. It has touched a high of 55%. The first half of the current fiscal, saw a sharp increase in bank credit to NBFCs as bond yields spurted significantly, making market borrowings costlier thus spurring a rush for bank credit. 

    5 March 2019

  • Public Sector Banks Luring Home Buyers with Attractive Interest Rates

    A number of public sector banks are taking measures to lure prospective home buyers with lower interest rates, as per a report from the Economic Times (ET). Lenders like Bank of Baroda and State Bank of India (SBI) have launched special schemes to woo customers from private banks and non-banking finance companies (NBFCs) who are at present facing a liquidity crunch and higher cost of funds. Bank of Baroda has rolled out a new campaign called ‘switch karo, save karo’ that enables customers to switch their home loans without showing any income proof. However, the customers should have a credit score of 725 and above and have also paid minimum of 12 monthly instalments. As these customers already have a repayment record, the public sector banks can offer them loan are lower interest rate. Customers with credit scores in the range of 725-759 can avail home loans at 9% from Bank of Baroda. In comparison, Dewan Housing Finance Corporation (DHFL) is ofering home loan at the starting rate of 9.75%.

    Virendra Kumar Sethi, head mortgages at Bank of Baroda told ET that, the scheme has received a good response. He added that several NBFCs have done the due diligence and given loans to the customers who have no income certificate. Meanwhile, SBI cut its home loan rate up to Rs.30 lakhs to 8.70% from 8.75%. The largest lender in the county has a Rs 3.80 lakh crore home loan book.

    27 February 2019

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