Understanding your Experian Credit Score

Speculating why your Experian credit score and credit report is so significant. Let’s look at some of the key facts and figures.

Just like your CIBIL score, Experian credit score holds equal importance in determining your eligibility for availing credit instruments, such as loans, credit cards, etc. Experian India is one of the four leading Credit Information Companies (CICs) or credit bureaus that calculates, generates and issues your Credit Information Report (CIR) containing your credit score, besides various other components. It also generates and issues Company Credit Report (CCR) for your companies and businesses.

Besides Experian, the other three leading credit bureaus operating in India include TransUnion CIBIL, Equifax India and CRIF High Mark. These credit bureaus depict your creditworthiness, payment history and much more. To be credit healthy, you can check your free Experian credit score online from multiple online platforms with no impact on your credit score.

What is Experian Credit Score?

Experian credit score is a 3-digit figure that ranges from 300-900 that is determined by your credit history. Your credit score highlights the possibility of credit approvals from various lenders, such as banks, credit card providers and NBFCs. The higher your Experian credit score, the better are the chances of loan or credit card approvals at competitive interest rates. Therefore, try improving your credit score to avail hassle-free loans, credit cards and various other credit products at ease.

Experian Credit Score Range

Experian credit score is categorized and gathered from its range from 300-900. The further bifurcation and significance is below stated:

Credit Score Range with its significance

  • 300 – 579           Poor
  • 580 – 669           Fair
  • 670 – 739           Good
  • 740 – 799           Very Good
  • 800 or above      Excellent

Any credit score above 750 and as close to 900 is usually considered good by most of the financial institutions in the credit approval process. This also highlights you as a credit responsible borrower in the eyes of potential lenders.

Experian Credit Information Report

Experian Credit Information Report (ECIR) is a detailed summary of your payment history, as well as your personal, contact and account information. It also consists of details related to your recent and past enquiries regarding any loan or credit card. The potential lender may always request and check your credit report from Experian before any loan sanctioning.

Experian Bureau Membership

You can also get a free Experian Credit score from various online platforms, as well as get it from Experian’s official website. Just remember that while checking your credit score from Experian, the service is free of cost only once in a year and for the rest, you shall have to subscribe to a yearly plan. Below-mentioned is the annual membership pricing for you reference:

Membership fee: ₹ 10,000

Annual fee: ₹ 5,000

Note: Additional Taxes @ 18% shall be applicable on the membership and annual fees.

Experian Credit Information Company of India Pvt. Ltd. (ECICI)

Consumer Care

Call: 022 – 6641 9000 (Monday to Friday – 9:30 am to 6:30 pm)

Email: consumer.support@in.experian.com

Consumer Grievance Redressal Policy (CGRP)

The Consumer Grievance Redressal Policy (CGRP) is designed by the Experian Credit Information Company of India Pvt. Ltd. to ensure a dependable service experience.

At Experian, you can also raise a dispute if you find any error in your credit report. The dispute can be raised with the help of the Consumer Grievance Redressal Program at three different levels as further stated:

Level 1

You can raise a query or complaint by contacting the Experian customer care department or emailing your concern at consumer.support@in.experian.com

Level 2

If in case your query or complaint is not resolved within 7 to 30 working days, then you can email at nodal.officer.india@in.experian.com

Level 3

Still if there is no response from the Nodal Officer within 7 working days from the date of email sent, then you can email directly at principalnodalofficer.india@in.experian.com

Note: Experian Consumer Dispute Resolution service is free of cost.

Know more about Experian

Experian is a leading global credit information services company that offers data and analytical tools to its clients and customers worldwide. The company helps individuals to access various financial products and services, as well as assists businesses in making informed decisions.

Key Facts & Figures

  • Approx. 17,800 employees in 44 countries
  • Supported 3.5 billion credit decisions
  • Close to 4,00,000 fraud victims supported
  • 158 innovations launched in the last year
  • Approx. 60 million people reached through Social Innovation projects

Source: Experian India

Key Takeaways:

Always try to remain in the good books of credit rating providers, as well as lending institutions. This can definitely help you in availing credit products at competitive interest rates and probably at discounted fees and charges. Moreover, do not forget to download and check your credit report for both minor and major errors and get them rectified at the earliest. Any delay in resolving these errors may drastically lower down your credit score. Always remain credit aware to be credit fit.

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