Excellent Credit Score

Here’s Everything You Need to Know about an Experian Score

Finance

If you have ever been on a financial journey, you will surely agree on the fact that how important an experian score is. Don’t you agree on the same? Well, if you are wondering how and why, all you need to do is just read this article below. That’s Right! Today, in this edition, we are going to clear your confusion and give you more updates on your score. So what are we waiting for? Let’s not waste any time further and get started…

Let’s just start from the basic…

What is an Experian Score?

This score basically represents the credit history and repayment record of an individual. You can say that it is nothing but a complete cheat sheet of all your credit-related activities. This three-digit numeric summary ranges between 0-999 and it gets generated soon after taking into account an individual’s credit profile.

Significance of a Credit Score

The moment an individual applies for a loan/credit card, what do you think the first step would be? Well, just for your kind information, the first and foremost thing which most of the lenders do is to check credit score of the applicant/s. And, after the deep analysis and evaluation, the lenders finally decide the score of the applicant/s. Now you must be wondering why they do so?

Well, in order to know the creditworthiness and reliability of an individual, no route is better than checking the score. It basically gives the quick access to know an individual’s credit profile better, allowing lenders to know whether he/she is reliable/capable enough to repay the loan without any default. Moreover, after getting convinced by an applicant’s credit profile, the next step for the lenders is to decide the score by looking at the credit history and repayment record.

Did you know that now it is possible for you to check the score online?

That’s Right! With so many reliable and trustworthy sites available on internet these days, it has now become a hassle-free task to know your exact score. All you need to do is search some reliable sites and after comparing many, pick the best one. So, take a look at the steps below, letting you know how you can check your score online.

Steps to Check Score Online

Step 1: Mention your Full Name, Mobile Number, and Email ID and click on the ‘Submit’ button
Step 2: An OTP is sent to the registered mobile number
Step 3: Submit the OTP and click on ‘Verify & Continue’
Step 4: Select your Date of Birth and Gender
Step 5: Provide your Permanent Address including the state, city, pincode
Step 6: Enter your PAN Number and submit.

These steps are simple as all you need to do is just enter your personal details followed by an OTP Verification. Then there is a user detail form, which you need to fill. And, finally comes the Q&A form. Soon after you complete all the steps, you would be glad to know that within few minutes, your score will come out on the screen in front of you. Now after getting your score, you can easily evaluate whether you would be able to fulfill the loan/credit card requirement or not.

That’s Right! Different lenders have different score criteria when it comes to offering the loan or credit card. If we talk in general, a score of 961 to 721 out of 900 is considered to be a good score that can help you in grabbing the best deal. However, this criterion may differ from lender to lender, in fact, there are some NBFCs that offer loan to those individuals who have a score below 560. But while offering loan to such individuals, these NBFCs have certain conditions such as higher interest rates, lesser loan amount, hidden charges, etc.

Thus, in order to avoid such a condition, it is always advisable to maintain an experian score so that you would able to enjoy the great deals and offers on your loan and credit card application.

Juhi Walia is an expert financial writer having years of experience in writing for various financial products such as personal loan, home loan, credit cards debt and others.

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