Experian Credit Score

Hidden Factors You Need to Know about Experian Credit Score

Finance

Many of you will surely agree on the fact that at the time of availing a loan or credit card, the first and foremost thing that most of the lenders do consider is none other than your three-digit numeric summary. If we talk more about the same, it is nothing but the experian score of an applicant that matters the most. For your better understanding, let’s just talk more about the same in the article below:

What is an Experian Credit Score?

When it comes to the same, it represents the credit score history and repayment record of an individual related to the loans and credit cards. Moreover, the lenders after taking your credit history into account decide whether you are eligible for the loan/credit card or not. Talking about Experian, it is nothing but a globally recognized platform or you can say a credit rating bureau in India that collects and maintains the credit-related data of the individuals, thus evaluating their score.

How to Check the Score Online?

There are many reliable websites available online that allow you to check your score in just a few seconds. Wanna know the steps, go through the article below:

  • Fill your Personal Detail Form
  • Do OTP Verification
  • Provide User Details
  • Fill Q&A Form

What are the Details Required to Check the Score?

There are a lot of factors that all together give their contribution towards generating a report. Let’s just take a look at the details below:

  • Mention your complete Name, Mobile Number & Mail ID and then Click on the submit button
  • An OTP will be sent to the registered number
  • Submit the OTP by clicking on ‘Verify & Continue’
  • Select your Date of Birth & Gender
  • Mention your Permanent Address
  • Give Your PAN Number and Submit

Why is It Important for the Lenders to Check the Score?

With the help of checking the score, it would be easy for the lenders to decide the actual credibility of the applicant/borrower. Usually, a score of 700 or above out of 900 is considered to be good enough in grabbing the best deal. Moreover, a score says a lot about an applicant’s credit profile and a good credit history shows that he/she is trustable and the profile is considered to be non-risky as far as giving loan/credit card is concerned. And, after the evaluation of all the factors, a score gets marked in the report of an individual.

How Report Gets Generated?

The generation of the report depends on many factors. Yes, the same has been generated after taking into account many parameters like :

  • How many credit card account does one holds
  • How much you owe as a total credit, i.e. is there any liability
  • Is there any payment missed by you
  • How many loan/credit card enquiries you have made in the last 6 months

How your Score is Calculated?

Talking about the experian credit score calculation, it is basically done on the basis of the credit history of an individual such as one-time credit card bill payment, credit limit usage and EMI deductions. These factors contribute a lot towards your healthy score.

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