Your past can have a bearing on your present and future. Believe it or not, it holds relevance for many seeking a fresh credit as lenders check one’s credit history before saying ‘Yes’ or ‘No’ to a loan or credit card application. When it comes to accessing your credit history, you can’t take your eyes off from Experian, one of the leading credit information companies in India.
With a tie-up wi keeps with itself a credit record of many borrowers in India by joining hands with numerous lenders across the country. Not only Experian generates credit score but also provides a credit report free to let you check your repayment track. Now, Experian Free Credit Report is accessible online. Stay with us to know more about that.
How to Access Experian Free Credit Report India?
All set to access the report? Visit the official website of Experian, fill all the personal details such as your name, date of birth, mobile number, residence address, e-mail address, etc. Also, you need to select the reason, from the dropbox, for checking your credit report. Subsequently, click on ‘Submit and Continue’ button to sign up. Afterward, you can create a login online by choosing a distinct User ID and password.
How Does Experian Prepare Your Credit Report?
Experian prepares your credit report based on the summary that the member banks and non-banking financial companies (NBFCs) send to the credit bureau month-on-month. The report is likely to include the schedule of repayment, the amount of loan or credit outstanding, the rate of interest at which the debt is getting serviced, credit utilization ratio, the instance of late or skipped payment, etc. What Experian will do next is to analyze your credit activities deeply by checking each element thoroughly. A team of experts will be in to prepare a holistic credit report depicting your credit behaviour.
What Does Experian Credit Report Entail?
The report will throw an insight into how well you have managed the credit. If there are instances of late payment, it would be shown on the report, which could recommend suggestions to avoid such an incident. Besides, the report can point to the credit utilization ratio if it’s on the higher side. A higher credit utilization is a sign that a default is about to happen. And so, you can see the credit bureau warning on that front through the report. You can thus adopt the suggestions recommended to improve your credit profile.
What is Experian Credit Score?
Experian credit scores range from 300-900 in India. Those having Experian score of 750 and above would most probably get a nod on their credit application. The nod can even be given to those with a score of 700-749. But it’s doubtful whether applicants with a score below 700 would see the light of the day.
How Can You Check Experian Credit Score?
After signing up with Experian by providing your personal details correctly, you can create a login. You can thus login to check your Experian score. This is a good exercise as you get an idea of whether or not the lender will answer to your application in affirmative. Many just apply before checking the credit score, which if turns out bad, could dash away hopes of a credit approval. But do keep in mind not to check the score frequently to prevent it from dropping.
How to Improve Your Experian Credit Score?
If you have displayed a poor credit behaviour, chances are that the credit score can come below the desired level. But that’s not the end of the road. Yes, you read it right! You can get the score raised to 750 or even beyond. There are few tips that you can take into account to make a turnaround.
Pay Your Dues on Time - One of the biggest nemesis to a good credit score is the failure to pay loan or credit card dues on time. Now, you have to find the reason for a delayed payment. If spending beyond the budget contributes to late payment, you better stop doing so. You need to be hard on your impulsive urge to save enough for a smooth repayment. Maintain a regular flow of payment to take your credit score past 750 and above.
Keep a Control on Credit Utilization Ratio - Credit cards do lead shoppers to spend excessively using the purchasing power of the plastic money. Since one can buy almost everything on the planet with a credit card, incidences of overspending can’t be ruled out, potentially creating a situation of default. It leads to a poor credit score eventually. Therefore, it’s advisable not to go overboard with your card spends to keep the bills under control and thus raise your credit score.
