Experian is a global Credit Bureau having presence in the US, Europe and Asia. It is one of the 4 Reserve Bank of India approved credit bureau companies which accumulates credit data from all banks and NBFC’s to generate a report to indicate the credit worthiness of a customer.
It started its operations in 2006 and applied to operate as a credit information company. In February 2010, Experian Credit Information Company of India Private Limited became the first Credit Information Company to be awarded a license under the Credit Information Companies (Regulation) Act (CICRA) 2005.
It has credit bureaus registered in 32 countries across the globe. It is considered to have the second most data for customers in India after CIBIL.
Experian Credit Scores Meanings
An Experian score is divided into multiple ranges:
300–500: This score indicates that the customer is very risky, and the lenders will probably not be lending to such customers.
500–650: This indicate that the customer may have some payment delays and defaults. Lenders are expected to consider customers in this range as risky and some lenders may not extend their loans to such customers.
650–750: Customers with a score in this range are considered to be good customers. They are considered to have reasonable credit history and good repayment behaviour demonstrated. Lenders consider this category as less risky.
750–850: Customers with a score in this range are considered to have very good repayment behaviour. In addition, they are expected to have multiple loan types and have exhibited good behaviour across multiple loan accounts. Lenders consider these customers as safe customers.
850+: Customers having this score are considered to be excellent and they need to have an impeccable record to get scores like these. All type of loans and all types of banks should extend loans to such customers.
How can I access my Experian Credit Score?
Follow the steps below to access your Experian credit score:
- Go to https://consumer.experian.in/ECV-OLN/#/experianHome#scrollId.
- Click on the “Get your Credit Report and Score” button.
- Enter the required details and click on the Submit button.
You should be able to login and check your Experian score once this is done.
