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Experian Credit Score

What is 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!

What is the Importance of Experian Credit Score & Report?

 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.  

How to Check Your Experian Credit Score?

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

Here are the steps to generate Experian Credit Report

Overview of Experian Credit checks:

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