Experian Credit Score


Experian is an RBI and SEBI approved credit rating agency that stores consumer information and retrieves it in an Experian credit report. The report covers your credit information, such as borrowed loans, outstanding balance, payment history and more. Apart from your debt information, it also includes information of when a lending institution enquired about you and your previous credit applications.
The Experian credit score is a numeric summary determined by Experian India and derived from your credit history of previous and ongoing loans, enquiries received from lenders, and more. In a nutshell, it offers a sneak peek into your repayment history and whether your credit availing facility is stable.
The Experian score value can range from 300 to 900, and the higher the value, the better are your chances of getting loan approval. Thus, if your score is closer to 900, you can expect that your credit card or loan application will be approved without much fuss.
You can do an Experian free credit score check online by simply entering your personal details and an OTP that you must authenticate. After filling the required information in the forms, you will receive your Experian credit report that consists of the credit score. It's that simple!
Wondering why the credit score and report by Experian is so important? Let’s dive deeper to understand.
Since Experian compiles all your credit-related information to create the Experian credit report, it aids financial institutions to understand your creditworthiness. It can also help you understand how much amount you can expect from the lending institution and know whether you need to build your score up or postpone the purchase till your score improves.
Here are a few more features and advantages of the Experian free credit score:
You can point out discrepancies and errors and rectify them before applying for a credit option.
It zeroes in on any marketing offers.
It helps you manage your credit risk with ease.
It automates your decision-making process.
The Experian free credit report prevents you from instances of fraud, theft, and identity misrepresentation.
Tracking and maintaining your Experian credit score India gives you a better chance of negotiating with your lender and securing a loan at lower interest rates.
Therefore, we can say that if you are considering borrowing a loan for a big-ticket purchase or any other financial requirement, your Experian credit score helps the lender determine if you are a good candidate for the loan.
Now, let’s find out how you can check your Experian credit score online in a few simple steps. You must fill the following forms with relevant details:
Personal details form
OTP verification
User details form
Q&A form
Category | Bank Name/NBFC | Credit Score Cut-Off | Loan Amount | Loan Tenure | ROI |
---|---|---|---|---|---|
Home Loan |
HDFC |
640+ |
Rs. 60 Lacs |
20 years |
9.60% - 9.70% |
ICICI Bank |
640+ |
Rs. 60 Lacs |
20 years |
9.76% - 9.95% |
|
India Bulls |
550+ |
Rs. 50 Lacs |
20 years |
9.55% - 10.25% |
|
DHFL |
550+ |
Rs. 50 Lacs |
20 years |
7.55% - 10.25% |
|
Auto Loan | HDFC |
700+ |
Rs. 5 Lacs |
5 years |
9.65% - 10.25% |
L & T Finance |
640+ |
Rs. 5 Lacs |
5 years |
11% - 12% |
|
AU Financiers |
550+ |
Rs. 6 Lacs |
6 years |
16% |
|
Axis |
750+ |
Rs. 5 Lacs |
5 years |
9.05% |
|
ICICI |
750+ |
Rs. 5 Lacs |
5 years |
9.05% |
|
Education Loan |
Avanse |
- |
Rs. 25 Lacs |
10 years |
12.75% |
Credila |
- |
Rs. 25 Lacs |
10 years |
13.50% |
|
Business Loan |
HDFC |
720+ |
Rs. 15 Lacs |
5 years |
17% |
Personal Loan |
Bajaj Finserv |
700+ |
Rs. 5 Lacs |
5 years |
11.05% - 15.25% |
ICICI |
720+ |
Rs. 5 Lacs |
5 years |
15.80% |
|
HDFC |
720+ |
Rs. 5 Lacs |
5 years |
|
|
Axis |
720+ |
Rs. 6 Lacs |
6 years |
13.50% |
Like many other credit bureaus in India, Experian has collaborated with a bunch of financial institutions. Your Experian credit report is generated with the help of information shared by different institutions and NBFCs with Experian.
The Experian credit score is generated by considering a lot of factors. Here are a few crucial points that are considered:
Number of credit accounts the applicant holds
The total amount the applicant owes in credit
Whether the applicant has missed any payment
Number of credit applications made by the applicant in the last 6 months
Besides, while Experian free credit report are usually updated, keeping a close eye can help you rectify any mistakes or errors timely.
Wondering what an Experian credit report consists of? Let us help you out! Here are the things you can find out through the report:
No, Experian credit score checks done personally do not impact your score. However, the following factors do:
Errors or missing updates in CIR can lower Experian credit score
Frequent credit enquiries by lending institutions
In fact, checking your score from time to time can help you keep your credit report updated.
Most consumers without a credit history usually do not have an Experian credit score. Some other reasons might be:
Insufficient information in your credit history
You took a loan recently
Your lending institution(s) does not report your accounts to Experian
Credit accounts have been inactive for the last 24 months
To view your Experian score, you can do the following:
Maintain at least one or two active credit accounts for 3-6 months
If you have taken a loan recently, wait for a few months to see the updated score.
With the above tips, you can view your Experian credit score India easily.
As a global information services company, Experian offers a broad range of analytical and data tools to clients worldwide. They help businesses manage credit risk, prevent identity fraud and crime, and automate decision making. Moreover, Experian credit bureaus India offer credit scores and reports to individuals upon request, which lenders use to assess your creditworthiness.
Your Experian credit score is a summary of your credit history. It covers your previous loans, credit accounts, and repayment records. Naturally, if you have a high Experian score, you are deemed a favourable candidate by the lenders, increasing your approval chances. So, before applying, make sure your Experian credit score India is good.
Experian credit scores range between 300 and 900. Experian scores are categorised as follows:
300 – 579 is Poor
580 – 669 is Fair
670 – 739 is Good
740 – 799 is Very Good
800 – 850 is Exceptional
When it comes to Experian credit scores, Indian lenders consider scores of 700 or above as good. However, the closer your score is to 900, the better.