Experian Credit Report & Its Relevance Explained Here
In today’s world when expenses are going skywards, people often fall back on loans and credit cards to fulfill their big ticket desires. The loans, with monthly installments, make it easier for you to fulfill your travel, home and other aspirations. On the other side, a credit card helps shop the best of the accessories, movie tickets and other needs. But all that is possible only when you are creditworthy.
Yes, you read it right! You must have a greater credit score to get your loan or credit card application approved with ease. But the question remains, how can you can you know your credit score? Let me tell you that it’s all possible at Experian, one of the most reliable credit information companies in India engaged in providing credit scores and reports to individuals with a track record of loan and credit card repayment.
Experian Credit Report would not only let one know their credit score but also suggest them the measures to improve the score if found on the lower side. So, it’s something you should know in detail, right? So, come and know about it in this article.
What Does Experian Credit Report Entail?
Experian Credit Report entails the following details.
- How many credit accounts do you have?
- What is the total outstanding loan or credit card dues at a given point in time?
- A detail of skipped or late payment
- The number of applications you may have made in the last 6 months
All these information are scrutinized, analyzed and interpreted to generate a credit report that demonstrates whether you are eligible for a fresh credit or not. Even if you are, how much can lenders finance you?
Needless to say, the report has the all-important credit score, which could be anywhere between 300-900. One should have a score of 700 and more for a hassle-free loan approval. Those falling below may struggle to snap a loan or credit card deal with the lender. Reiterating as to what said earlier, the report comes with a host of measures to improve your score if that’s on the lower side.
You Can Check Your Experian Score Online
Checking Experian score online is easy as you just need to visit the official website of the bureau, click on ‘Check it Now’ under ‘Get Your Credit Report & Score’. After that, you should click on ‘Get Your Credit Report and Score’ button before dropping at ‘Sign Up’ page. Fill all your personal and credit details correctly before creating a login. Log on with your chosen & authenticated User ID and password to check your Experian Credit Score.
How Can You Improve Your Experian Credit Score?
So your score falls below the acceptable mark of 700, right? You then need to seriously consider improving the score. First of all, you need to know the exact reason for a poor score before going to improve it. The reasons for a poor score can be many. You may have a record of late payment or default of loans or credit cards for a fairly greater length of time. These can be due to injudicious spending that you may get trapped under. Here, you need to prioritize your spends to leave with a reasonably good amount to service the debt on time without any delay.
Plus, you may have settled the debts using the debt settlement option. Yes, the debt settlement can reduce your debt to a considerable degree. But the downside is a lower credit score that results from the same, almost shutting the door for any fresh loan or card in the future.
Also refrain from making too many credit applications within a shorter period of time as it gives an impression to the lenders that you are credit hungry, a perception you can ill afford if you want to apply for a loan or card in the future.
Don’t utilize more than 60% of the credit limit when using the credit cards to prevent the score from falling down. For that, you need to keep a lid on the temptation of overspends that many fall under when they have a credit card.
Following all these measures can lead to a gradual improvement in your Experian credit score.