Understanding Experian Credit Information Report

Experian is a company that provides data and information to clients around the world. It is a leading global information services company that helps businesses target marketing offers, prevent fraud, manage credit risk and automate decision making. Experian also caters to individuals helping them protect themselves against identity theft. It also provides credit reports and credit scores to the individuals. Experian entered India in December 2006 and established itself as two companies:

  • Experian Credit Information Company of India Private Ltdis a joint venture with Federal Bank, Punjab National Bank, Axis Bank, Magna Finance, Indian Bank, Sundaram Finance and Union Bank of India. In accordance with the CICRA Act, 2005, the company provides credit information services.
  • Experian Services India Private Ltdcaters to Indian businesses providing a world of insight with complex data and ways to leverage the available data to minimise risk and maximise revenue.

Experian Credit Information Report

The Credit Information Report issued by Experian Credit Information Company of India Private Ltd. contains information about an individual regarding his/her credit history. The information is procured through approved members and is then stored with Experian. The same members can access your credit information when you make an application for credit from them.

Experian Credit Score

The Experian Credit Score is a number given to an individual which is derived from a summary of the different aspects of their credit history. The higher your score, the more favourable you are as a credit customer to banks. All the information in your Credit Information Report will impact your score.

Benefits of the Experian Credit Information Report

  • Credit information plays an important role in getting credit.
  • It can also impact the terms and conditions of the credit granted in the form of loans and credit cards.
  • Credit Information Reports help you control your financial situation by understanding where you stand in the credit world.
  • It also helps you make informed decisions financially.
  • It helps you shield yourself against identity theft.

Contents of the Experian Credit Information Report

The credit information report will contain all information related to your credit history such as loans, credit cards, credit accounts, repayment history and the enquiries recently made in your Credit Information Report, you will get the following information:

  1. Information identifying the individual

    This information is provided by the individual to Experian during the application for the Credit Information Report.

    • Applicant’s name
    • Address
    • Date of Birth
    • Gender
    • Email ID
    • PAN card number
    • Passport Number
    • Voter ID
    • Aadhar Number
    • Telephone
    • Mobile Phone
    • Driving Licence
    • Ration Card
  2.  
  3. Experian Credit Score

    Your Credit Information Report is summarised in numeric terms ranging between 300 and 900. The higher your score, the more favourable you are. Your score will be indicated on a scale that indicates your credit position between red and green. Red is an undesirable score. Orange is tipping on the lower end. Yellow indicates that your score is in the middle of the spectrum. Light green is a good score, whereas dark green is an extremely favourable score. The following factors influence your credit score and will be mentioned in your report.

    1. Recency: Any Credit Account Defaults recently recorded
    2. Leverage: Credit Accounts that have a history of on-time re-payment
    3. Coverage: Delinquent and Non-delinquent Credit Accounts
    4. Delinquency Status: Defaults on Credit Accounts (Recent and current periodic intervals)
    5. Credit Applications: Applications for Credit Account over last 30 days
  4. Report Summary

    Your Report Summary will contain details such as the number of credit accounts, the current balance, number of credit enquires and non-credit enquiries made. The summary is displayed in a table format and contains the following information:

    • Credit Account Summary- This section will contain the number of accounts you hold under the following categories:
      1. Total number of accounts
      2. Active accounts
      3. Closed accounts
      4. Suit filed (SF)/ Wilful Default (WD)/ Written Off (WO)/Settled accounts
    •  
    • Current Balance Amount Summary -This will depict your balance standing in different accounts under these categories:
      • Total Current Balance amount
      • Suit filed (SF)/ Wilful Default (WD)/ Written Off (WO)/Settled amount
      • Secured Accounts amount
      • Unsecured Accounts amount
    •  
    • Credit Enquiry Summary -This gives you a summary of credit enquiries made within the last 6 months under the following categories:
      • Credit enquiries in the last 7 days
      • Credit enquiries in the last 30 days
      • Credit enquiries in the last 90 days
      • Credit enquiries in the last 180 days
    •  
    • Non-Credit Enquiry Summary -This gives you a summary of enquiries made for purposes not related to credit within the last 6 months under the following categories:
      • Non-Credit enquiries in the last 7 days
      • Non-Credit enquiries in the last 30 days
      • Non-Credit enquiries in the last 90 days
      • Non-Credit enquiries in the last 180 days
  5.  
  6. Summary of Credit Account Information

    This section will depict a summary of any reported credit account you hold that is found in the database of the Experian Credit Bureau. This summary will give you the information related to each account that includes:

    • The lender/bank name
    • The account type held such as credit card, home loan, car loan, et cetera.
    • The account number
    • The ownership of the credit account whether it is individual or joint
    • The date it has been reported
    • The account status whether it is active or closed
    • The date on which the account was opened
    • The sanction amount or the highest credit amount
    • The current balance outstanding
    • Any amount that is overdue
  7.  
  8. Credit Account Information Details

    This section will display all details related to your credit or loan account. This information is provided to Experian by their members that include banks, credit institutions, financial institutions and any other grantors of credit. This section is divided according to the number of credit accounts you have. Under each account, you will have the type of account and the credit provider name as the title. The address of the credit provider will be provided. You will receive the following information:

    • Credit Account details
      • Account terms
        • Account Number
        • Date Opened
        • Date Closed
        • Ownership
        • Rate of Interest
        • Value of Collateral
        • Type of Collateral
      • Account description
        • Date reported
        • Loan Type
        • Account Status
        • Highest Credit
        • Current Balance
        • Amount Overdue
        • Last Payment Date
      • Account Details
        • Credit Limit amount
        • EMI amount
        • Repayment Tenure
        • Total Write-off amount
        • Principal write-off
        • Settlement amount
    • Payment History
    • This table will depict your payment each month which will be categorized according to the year. In this table, your Days Past Due (DPD) is depicted as explained below. DPD is the number of days that have passed since you have missed your EMI due date. The table can also have letters which indicate different situations.

      Indicator Meaning Explanation
      0 Up to date  If a number 0 is present in the cells, this indicates that you have paid all your EMIs by the due date and your credit account id up to date.
      >0 Overdue This number can change according how many days past due has been reported by the credit institution.
      S Standard As per RBI guidelines, if your account which is overdue for less than 90 days, it is considered as a Standard asset.
      M Special Mention This indicates that your account is Standard but due to some discrepancy, the lender will monitor your account.
      B Substandard As per RBI guidelines, if your account is overdue for 90 days for a period of 12 months or less, then the account is considered substandard.
      D Doubtful As per RBI guidelines, if your account is overdue for 90 days for a period exceeding 12 months or less, then the account is considered as doubtful.
      L Loss As per RBI guidelines, this account has been identified as a loss, but has not been wholly or partially written off.
    • Personal Details of the Consumer on the Credit Account
    • This section will contain the information you provided the bank or lender. It will include your date of birth, gender, occupation, contact details, and the ID details.

  9.  
  10. Credit Enquiries

    This section will contain any enquiries made by credit institutions for purposes related to credit. This is generally done when you apply for a credit card or loan. Your score decreases when you have searches listed in the last 6 months. Many enquiries lead to a “credit hungry” image and thus lowering your score. These searches will stay on your report for 12 months and then be removed. This information is essential to lenders to help them decide whether to sanction your loan or not.  It will contain your personal details provided by you and the following information:

    • ERN
    • Search type
    • Credit Institution Name
    • Application date
    • Amount applied for
    • Duration of agreement
  11.  
  12. Non-Credit Enquiries

    These enquiries show on your report but do not affect your score. These can be request for authentication purposes. Credit report requests made by you are also counted here. It will contain your personal details provided by you and the following information:

    • ERN
    • Search type
    • Credit Institution Name
    • Application date
    • Amount applied for
    • Duration of agreement

Accessing My Credit Information Report

You can get your Credit Information Report from Experian via two methods.

  1. Online

    1. You can apply for your Credit Information Report and Credit Score on the Experian website.
    2. You will be charged Rs. 399 only for this service. This amount is inclusive of taxes.
    3. To get the report, you must fill out a form online verifying your identity through questions asked based on your credit cards and loan or other credit accounts.
    4. Once you have successfully completed your authentication, your Experian Credit Information Report and your Experian Credit Score will be available to you online.
    5. A copy of the report will be sent to your verified email address.
  2. Post

    1. Download the Application Form from the Experian website.
    2. Fill in the form and sign in.
    3. The payment required for this service is Rs. 138 (Rs. 100 for the report + Rs. 38 for postal charges + taxes). You can make the payment with a demand draft or through NEFT.
    4. Send the DD or the receipt for NEFT payment, with the application form along with the documents required to the postal addresses mentioned.
      1. NEFT - Login to your net banking account and access Funds Transfer to Third Parties. You need to add a beneficiary with the following details:
        Particulars Details
        Name of the Bank Citibank
        Bank Branch Fort
        Beneficiary Account Name Experian Credit Information Company of India Private Limited or ECICI Pvt Ltd
        Account Number EXPN + (The number of the Identity proof you submit such as your PAN, passport number or Voter ID number. PAN is preferred. For example, EXPNABC123456PN)
        Account Type Current
        Amount INR 138/-
        1. Please follow the instructions for NEFT transfers given by your bank.
        2. After the transaction is successful, you will receive a receipt with a transaction number.
        3. Take a print out of this receipt or take a screenshot and send it to the postal address with the form and the documents.
        4. You can also make the payment at more than 65,000 branches of the 89 banks that participate in the NEFT facility. You will receive a receipt from the teller which you need to send with your form.
      2. Demand Draft - The DD should be made payable to “ECICI Private Ltd” in Mumbai and valid for a period of 3 months. Along with your application form and supporting documents, you can post the DD to the addresses mentioned below.
        Type of post Address
        Regular post

        Experian Credit Information Company of India Pvt Ltd

        P. O. Box. 9096,

        Goregaon (East),

        Mumbai - 400063.

        India

        Courier / speed post / 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

Documents Required for the Experian Credit Information Report

To access your Credit Information Report, you need to identify yourself to Experian. You need to submit self-attested copies of your identity proof and address proof. Your address proof should display your name.

Identity Proof (Any one of the following)

  • PAN card (recommended)
  • Passport
  • Voters ID

Address Proof (any one of the following documents)

  • Electricity bill (For your current address, which is no more than 3 months old)
  • Telephone bill (For your current address, which is no more than 3 months old)
  • Latest bank statement (For your current address, which is no more than 3 months old)
  • Passport
  • Lease or license deed
  • Sale or purchase deed

Security of Credit Information Reports

You credit information is private. No one can access your information except for the organisations who are members of the Experian information sharing system. As per the Credit Information Companies (Regulation) Act 2005, this system is under strict regulation of the Reserve Bank of India. Rules are in place to govern the methods of accessing credit data and the data held by Experian.

Frequently Asked Questions (FAQ) about Experian Credit Report

  1. How long will it take to receive the Experian Credit Information Report?

    Once your application, the payment, and the set of documents required is received, it will take up to 20 business days to dispatch the report.

  2. How do I know who has accessed my information?

    Every check or search done on you through Experian will be recorded. This footprint will show you who has searched for your information, the purpose and time. So you can find out which organisation accessed your information, when and why as well. This system helps lenders process credit applications and prevents fraud.

  3. Can my Information be accessed for non-credit related purposes?

    Yes, there is a list of unrecorded enquiries which shows you the organisations which accessed your information for purposes not related to credit, such as verifying your identification. These queries are recorded but not available for other lenders to view.

  4. Do I have to pay the fees every time I access my report?

    The fees payable for the report is charged each time you request for your Credit Information Report. The fees for generating and posting the report will remain the same.

  5. How many times can I apply for my Experian Credit Information Report?

    There is no limit on the number of applications for your Credit Information Report.

  6. Can I cancel my Credit Information Report Application?

    Once you have applied for the report, there is no option to cancel it. The payment is non-refundable. Any documents sent to Experian will be maintained securely.

  7. What is an Experian credit report?

    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.

  8. How will the Experian credit report help me?

    Your credit report has all the records of your loans, credit cards and payments. This helps you understand what is the current state of your credit health. Moreover, checking your credit score from time-to-time will also help you spot any errors and that can be disputed with your lender. Also, if there is fraud or identity theft in your report, you can take quick measures and get them resolved at the earliest. If you check your credit report and it is high, you can be eligible for getting preferential pricing for interest rates on loans as well as credit cards with a higher limit and better benefits.

  9. How can I get my Experian credit report online?

    Head to the Experian website, you will have to fill in your personal details, contact information, PAN number, address and other details. After providing all the necessary details and paying the fees, you will receive the report via your email.

  10. Does credit information in my Experian credit report gets updated every month?

    Generally, members such as banks and financial organizations provide credit information to the credit bureau on a monthly basis. Your Experian credit report will be updated as soon as data is updated in the database.

  11. Does my Experian credit score change when the credit report gets updated?

    Yes. Your credit score changes in respect to your credit 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.

  12. What are the charges of accessing my Experian credit report?

    You can get your online Experian credit report for Rs.399 (including GST). It also includes your credit score. You can make the payment via debit or credit card as well as net banking. If you want a physical copy of your Experian report, you have to pay Rs.138 (Rs.100 for the credit report + Rs.38 for speed post.)

  13. Is my Experian credit report accessible to anyone?

    No. Only you and authorised members of the Experian credit bureau have access to your credit report. These authorised members are defined by the Credit Information Companies (Regulation) Act, 2005. Also, only those people whom you have granted consent to check your report when you apply for a loan or a credit card have access to your credit report.

  14. What are the documents required to generate my credit report?

    In order to get your Experian credit report online, you will have to head to the Experian website and fill all the necessary information such as personal details, contact information, PAN number, address details and others. Once you complete the process, you will have to verify your identity in order to ensure that only you have access to your Experian Credit Information Report.

  15. Can I access my Experian credit report free of cost?

    Yes, you can get one Experian credit report for free. In 2017, the Reserve Bank of India (RBI) made it mandatory for all the credit bureaus in the country to offer one free credit report in a calendar year. You can visit the Experian website and follow the necessary steps to get your free credit report.

  16. In how many days will I get my credit report?

    An online credit report is delivered to your registered email ID as soon as you successfully complete the payment. In case, of a physical report, Experian will take 20 business days to dispatch your credit report after receiving your duly-filled form and all the necessary documents.

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