Check Your Experian Credit Score Now

By Ravish kumar - January 22, 2018

Check Your Experian Credit Score Now

Every year, tons of loan and credit card requests flood the bank desk. People bank on loans and credit cards to fulfill different financial goals or needs. While one may want funds to experience the heaven-like feel of Switzerland, the other fellow would like to drive the all-new SUV to kick out the hassles of public transport. The bank, upon receiving the application, first checks the credit score of an individual, besides investigating income and job-related retails.

So often, the banks and other financial institutions deny a debt to the budding borrowers owing to their poor credit score. Obviously, the denial leads to frustration among the people who fail to realize their wants and needs. However, there are many credit informers in India like Experian, which analyzes your credit behaviour before assigning you the score and a report showing your debt-servicing activities and the necessary recommendations, if required. Let’s check the details of Experian Credit Score in this article.

Experian Credit Score Free

So if you are new to experience the Experian, you first need to sign up which you can do online. Let be told that the sign up is free. You can visit the website of Experian and find ‘Sign up for Free’ link. Mention a few personal information such as your name, date of birth, e-mail ID, contact number and some credit-related details, upon clicking the link. You then get a chance to create a login selecting a User ID and password. The moment you login, a credit score will be shown on the screen.

What Does Experian Credit Score Mean?

Experian credit score is a result of your loan or credit card repayment track. So more the score you have, greater is the chance to access loans in the future. Experian, a UK-based credit information company, has given different tags for scores ranging from 0-999.

961-999 - An individual with such a score range will be deemed ‘Excellent’ by Experian, thereby creating a bundle of opportunities to get the best loan or credit card deals available.

881-960 - This range of score is termed ‘Good’ which can help you win low-interest rate deals, if not the best deal available

721-880 - You can get a ‘Fair’ tag for achieving a score in this range. This can help you fetch a reasonable interest rate deal even as the credit limit won’t be much.

561 -720 - If your score falls under this range, it will be treated as ‘Poor’. You may be granted loans, credit cards or other forms of debt but a higher rate of interest.

0 - 560 - This is viewed as ‘Very Poor’ and make it difficult to access loans, credit cards, etc. 

How Does Experian Calculate Your Credit Score?

Experian calculates the credit score taking into consideration the repayment history an individual may have. The history takes into account the payment of card bills or loan EMIs, credit limit utilization, late payments, if any. Keep your credit limit utilization to below 50% in order to boost your score.

What Does an Experian Credit Report Entail?

You can also request for a full-fledged credit report which contains credit account related information, any financial connections like a joint mortgage or bank account holder, and also an address summary featuring both the present and past addresses. 

Credit Account Related Information

Information regarding the utilization of credit limits, the amount of loan getting serviced, the details of EMIs in respect of several credit accounts you have or had in the past, will be shown in the credit report. Skipped or late payments for the last six years would be there in the report.

Financial Connections

The credit report of a joint mortgage or bank account holder may not appear in yours. But the lenders will view that when you apply for a credit, as varying situations can affect your repayment potential.

So, you can see what all you need to know about Experian Credit Score. You can check the remarks of different score range. First, you should check credit score online to know as to which category of scores you have. And if the score turns out insufficient for loans or cards, you then need to improve your repayment by making some changes to your saving pattern. The best way to do is by prioritizing the spends correctly.

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