Experian credit score are determination after accessing all the aspects present in the Experian credit report. So, the Experian report will have all the details compiled of the concerned individual. For instance, their credit history, a complete record of current and past repayment history, and usage of personal loans or credit cards. Also, reports will contain the number of enquiries made by an individual. However, it will include the enquiries made by banks and other lending institutions about the individual in the report.
People planning to apply for any kind of credit must know that most lenders will accept borrowers with good credit scores. Note that Experian's credit score is in this range:
- 850 to 300 is the Experian range
- A range from 850 to 780 is a good score. People owning this range of scores can get good chances of approval of credit, with low-interest rates compared to others. Also, they can negotiate and get the best interest rates.
- A range from 660 to 300 is a bad score. This range of scores can give borrowers loans with high-interest rates and no chance of negotiation. Also, people here can face rejection often because lenders might not trust them to lend them money because of their past credit mistakes in the credit records of history.
However, the suggestion is for Individuals to check Experian credit scores from Buddy Score. Buddy Loan provides this feature of getting credit reports. It's for free, so try to avail of it twice or thrice a year to keep a check on your creditworthiness.
Let us know better about what Experian credit scores contain.
What Does Experian Credit Reports Carry?
A credit report will contain personal and financial information. It will determine your financial credit health. Follow along to know:
Personal Information:
- Full Name
- Current Address
- Date Of Birth
- Gender
- Current Employer
- Spouse's Name
- Email Adress
- Mobile Number
- PAN number
Credit Account Summary:
It will show the total number of accounts, active accounts, closed accounts, and settled accounts. It also contains information on loans and credit cards.
Current Balance Account Summary:
balance account, settled account, a certain amount, and unsettled amount.
Credit Enquiry Summary:
Displays credit enquiries done in the past 7,30,90, and 180 days. However, there are two types of enquiries.
Hard Enquiry:
When anyone applies for a credit, it will stand as a hard enquiry by credit card issuers or lenders. Also, please know that a hard enquiry can bring your scores down.
Soft Enquiry:
Its an enquiry made by lenders on borrowers to check if the individual passes the credit worthiness and if the person has good scores. These enquiries will not make any difference in credit scores, so it's harmless.
Non-Credit Summary:
Displays non-credit enquiries made previously in 7,30,90, and 180 days.
Experian Credit Score:
Experian reports will display Experian credit scores. It ranges from 300 to 850. Individuals will have credit scores, a summarisation of their credit worth from the credit report. Most of the lenders provide individuals with 780 and above scores.
Credit Account Number:
A complete list of information about credit accounts such as credit cards and loans. It is a division of sections like the name of the lender, account type, account number, ownership, date reported, account status, date opened, highest credit, current balance, and overdue amount.
Thus, these are some of the factors that Experian's credit report will contain.
The Bottom Line:
Experian credit scores are the best credit scores to avail in India. Buddy Scores will avail people, Experian scores, and reports for free within 2 minutes. However, It might be chargeable on other platforms. Thus, pull out your credit report from here and get the most accurate, helpful credit reports.
