How Critical Experian Credit Score & Report Would be to Loan or Card Approval?

How Critical Experian Credit Score & Report Would be to Loan or Card Approval?

Experian is arguably the leading credit bureau operating across the globe, with its credit score & report being widely recognized by the banks and other financial institutions to approve the credit application. And, if you want to fulfill your financial goals riding on the power of loans or credit cards, you would need a good credit score and repayment history to make it a reality for you. So, before applying for a credit, you must know your Experian credit score​ and its significance. The article has thus come with a set of information to let you know all that.

What is Experian Credit Score?

The score is a numerical representation of your repayment history, arrived on the basis of how you have served your debts, be it the loans or credit cards. Normally, credit bureaus like Experian would want a repayment history of at least 6 months to assign you a score. The score also takes into account the number of hard enquiries made by banks or non-banking financial companies (NBFCs) on the back of the loan or credit card applications you have made.

What is the Experian Credit Score Range?

The score ranges from 300-900 for customers having serviced or are servicing the debt at banks or NBFCs located in India. Anything around 700 and past can lead to an approval. But, to make the deal appealing with attractive interest rates or best ​credit cards​, financial institutions may want a score of more than 750. Anything below 700 can be under intense scrutiny and most probably, the concerned individual having such a score won’t see the light of the day.

Credit Applications Can be Denied Even with a Good Experian Credit Score!

Yes, it’s a possibility. It’s because lenders apart from the score also check your repayment history, which would comprise the dates on which you have made a payment, any late payment record, etc. If the lenders see a greater patch of late payment even though you may have paid all the outstanding dues to make the score

good, chances are that the application can be rejected. So, not only the score but even the repayment history needs to be good for a fresh credit approval.

How to Access Credit Score & Report?

You can check the score on the official website of Experian. All you need to do is to fill the application form by clicking on the appropriate link. You then need to share some personal details such as your name, date of birth, PAN, mobile number and click on ‘Submit’ at the bottom to proceed to the next stage wherein credit details have to be filled in. These details can be your loan or credit card account number and even the expiry date of ​credit card​ or loan, etc. Once the details are submitted, you can get a login for you by selecting a User ID and password as per the instructions. Once the login is made, you can check the score online. However, it will cost you ₹ ​ ​399.

Similarly, there’s an application which needs to be filled to get a credit report. Just download the form, take its printout, fill the form and submit the same along with self-attested photocopies of the following documents as proof of your identity and address.

Identity Proof ​- Voter ID/PAN Card/Passport Address Proof​ - Electricity or telephone bills of not more than 3 months old/last 3-month bank account statement/registered sale or purchase deed/registered leave and license agreement You must send the form and documents to the address shown on the page to get the report, which would be sent to you via speed post. Presently, the cost of availing this service amounts to ₹ ​ ​138.