Experian is one of the leading companies in the world that provides both credit score and report for free. Experian credit report represents your overall profile and details provided by you. A good credit score could help you grab the finest credit cards or low-interest rate loans. In this article, we have covered the necessary information such as how is the report generated, how can you get your report and check the score online for free.
What is an Experian Credit Report?
A credit report from Experian is generated by keeping into account the details such as whether you have missed any payment, how many credit accounts do you have, what is the total debt (if any), and how many applications you have put in last 6 months. Based on these, your credit report is generated which includes your credit score and other necessary information.
How can you get the report?
You can sign up at the official website of Experian for free and provide your personal details, Permanent Account Number (PAN), residential address, and other information. The report would be generated including the score. Experian report is then sent to the email ID that you have mentioned in the form.
What is the Experian score range and its importance?
At Experian, the score ranges from 300 to 900. The higher your score is, the better is your chance to get desired deals. A higher score helps you get the best deals on loans and credit cards.
How can you check your Experian score?
If you want to check your score, you can follow the simple steps involved in the process:
- Provide your Full Name, Mobile Number, and Email ID and click on the ‘Submit’ button.
- You will then receive an OTP on the registered mobile number
- Submit that OTP and click on ‘Verify & Continue’ tab
- Mention your Date of Birth and Gender
- Provide your Permanent Address including the state, city, Pincode
- Enter your Permanent Account Number (PAN) and submit.
After the completion of above process, there is a Q & A round which is the final step before you get your score. On the basis of the details you have provided, the credit score would range from 300-900.
Why is a good credit score important?
In India, top lenders such as banks and NBFCs would approve your application for a credit card or a loan only if you have a good credit history. As mentioned above, whenever you apply for any credit facility, loans and credit cards being the most common demands, the lender would ask for your credit score. The applicants who have a score above 750 (generally) are considered to be eligible for the best deals.
Can you improve your credit score?
There are different measures with which you can create or improve your credit score such as you can apply for a consumer durable loan, get a credit card for small purchases and pay the bill on time, take a personal loan with a lower amount, etc.
What about those who have zero score?
Most of the people who have no credit history or zero credit score use a credit card or have taken a loan. The fact, however, is that the card or the loan they own would not be the one as per their desire which means the card would not have great features such as higher reward points and cashback offers, etc. and the interest rate on the loan would be higher as compared to the person who has a good credit history. Thus, maintaining a good credit score becomes important. There are some effective ways (mentioned above) you can follow to upgrade your credit score instantly.