Consumer Services
Frequently Asked Questions
Experian Credit Information Report
Getting Your Experian Credit Information Report
Loan / Credit Approval Process
Frequently Asked Questions
What is an Experian Credit Information Report?
The Experian Credit Information Report is a report that lists all the information held about an individual by us. This information is supplied to the approved members of the Experian Credit Information Company of India Private Ltd. when they are assessing a credit application from an individual or a business. It will contain the applicants name, address and other individual identifying information, such as date of birth, PAN card number etc. It will then list all recorded credit information for that borrower (type of borrowing, date of loan, current balance, payment history, any recorded defaults etc.) Finally it would list when lenders have made enquiries about the borrower – this confirms previous details of credit applications with the associated details of the type of facility requested, amount etc.
What is Credit Scoring?
As the volume of information held increases, it can become more difficult to assimilate all the information to an accurate and non-subjective determinant of risk – it is therefore common for Credit Information Companies to provide lenders with a Credit Bureau Score – a numeric representation of the risk associated with the applicant based on all of the information held by the Credit Information Company at the time of application. It is important to stress that the Credit Information Company provides the score to the lender but it does not make the decision on whether to extend the credit facility to the applicant – this decision is made by the lender. Lenders will often incorporate the Credit Bureau Score within their own automated risk assessment routines, typically combining it with the information you provide on an application form to give you an overall credit score. The lender will use this credit score to assess the risk of offering you credit and often to determine the terms against which they will extend credit (e.g. amount, term, interest rate).
Can I find out my credit score?
You do not have a single credit score. Different organisations take different information into account when working out your credit score and may have different scores for different products. When you apply for credit, organisations do not have to tell you exactly how they work out their credit scores but should give you a basic explanation of how scoring works and tell you whether your application has been refused because of your credit score and whether this involves the information held on your credit information report. The scores lenders use typically include assessments based on factors other than the Credit Information Report or Credit Bureau Score – e.g. Employment details (Full-time/Part-time, Role, Length of employment, salary) Home tenure (Home Owner, Tenant, Living with Parents), Age, Outgoings, etc.
What is the use of the Experian Credit Information Report or how is it beneficial to individuals?
An Experian Credit Information Report is a compilation of your credit history. The data contained in the Experian Credit Information Report is based on the information provided to us by all the member banks, financial institutions and other credit grantors registered with us. It helps lenders to make fair, consistent, responsible, accurate and effective lending decisions. You can view your own credit information report, as it helps you to guard against fraud and identity theft. You can also point out any discrepancies in your credit information report to your respective lender and have this amended if the lender is agreement
Do you provide information on any saving and current account details?
We do not report your savings and current account details.
Am I on a ‘blacklist’?
No, there is no such thing as a credit blacklist. A Credit Information Company only holds facts provided to it by its members, public records, or by individuals themselves. Lenders will make their own decisions on whether to grant credit based on a number of factors.
If I take a loan from Lender X, will Lender Y know from where I have taken the loan…will it show on my credit report?
The Experian Credit Information Report is only a representation of the latest information about you as provided by our member banks, financial institutions and other credit grantors. Only data provided by our members will show on your credit information report, but if both Lender X and lender Y were members of our Credit information Company then this information would normally be shown to the inquiring lender. The name of the lender who supplied the information is not shown to our members, but is shown to you on your Credit Information Report
How do I apply for my credit information report?
To apply for your Experian Credit Information Report,
1) Download Experian Credit Information Report “Application Form”
2) Complete the required details on the application form (don’t forget to sign it!)
3) Identity proof and Address proof self attested photocopies (a signed and dated photocopy) required
4) Payment of Rs 138 (DD/NEFT)
5) Send us the completed and signed application form along with your identity proof and address proof and either demand draft or receipt for the NEFT payment or receipt for your payment at a bank branch :
Either via regular post at:
Experian Credit Information Company of India Pvt Ltd
P. O. Box. 9096,
Goregaon (East),
Mumbai - 400063.
India
Or via courier / speed post / registered post at:
Experian Credit Information Company of India Pvt Ltd
Consumer Support Department,
Platina, 2nd Floor, C-59, G Block
Bandra Kurla Complex, Bandra (E)
Mumbai - 400 051. India
What are the documents I need to submit to get my Experian Credit Information Report?
To ascertain your identity and ensure that only you have access to your Experian Credit Information Report, we require you to send us self attested photocopies (a signed and dated photocopy) of the following documents:
(a) Identity Proof (any one of the following documents)
(i) PAN card (recommended)
(ii) Passport
(iii) Voters ID
(b) Address Proof (any one of the following documents and the address proof should display your name)
(i) Electricity bill (no more than 3 months old and for your current address)
(ii) Telephone bill (no more than 3 months old and for your current address)
(iii) Latest bank statement (no more than 3 months old and for your current address)
(iv) Passport
(v) Lease / license deed
(vi) Sale / purchase deed
How much do I pay for my Experian Credit Information Report?
We charge Rs.138/- (Rs.100/- for the Experian Credit Information Report + Rs.38 for Indian Speed Post and associated taxes).
What is the mode of payment?
It is now easy to pay for your Experian Credit Information Report. You can pay by either demand draft or using your Net banking facility or just by going to a bank near you and pay by cash.
Along with the completed and signed application form and the required documents, please send us either
a) Demand draft for Rs.138/- payable to “ECICI Private Ltd” in Mumbai and valid for a period of 3 months or
b) Please send the receipt for the NEFT payment using your net banking facility or
c) The receipt for your payment at a bank branch.
Please click on the “Payment Options” link to the right to know more about the various payment options available.
How do I pay using NEFT through net banking?
To use this mode of payment you will need access to net banking. You will also have to enable third party money transfer facility for your account. Having done this please follow the steps given below to pay using NEFT:
Step 1: Please login to your net banking account and click on Third Party Money Transfer or NEFT payments as the case may be.
Step 2: Please add the beneficiary account for Experian Credit Information Company of India Private Limited using the details provided in the next step
Step 3: Fill in the following details for Beneficiary account:
Centre / IFSC Code: CITI0100000
Name of the Bank & Branch: Citibank, FORT
Beneficiary account name: Experian Credit Information Company of India Private Limited or ECICI Pvt Ltd
Account No: EXPN + (The number of the Identity proof you will submit along with your application which is either your PAN number or your Passport number or your Voter ID number. It is preferable to use the Pan Card number.) e.g. EXPNABC123456PN
Account Type: Current
Amount: Rs.138/- (One hundred and thirty eight rupees)
Step 4: Follow the steps as per your net banking facility for completing NEFT
Step 5: After NEFT is successfully completed, a Transaction ID will be generated. Please take a print out of this receipt or a snapshot of the screen and send the same to us with the Experian Credit Information Report application form, address proof and identity proof documents.
How long will it take you to send me my Experian Credit Information Report?
Your Experian Credit Information Report will be dispatched to you within 20 business days from the date of receipt of your complete set of documents with the demand draft of Rs.138/-(Rs.100/- for the Experian Credit Information Report + Rs.38 for Indian Speed Post and associated taxes).
I have already sent my documents but am still awaiting my credit report
At Experian we have a rigorous process, which enables us to despatch your Experian Credit Information Report within 20 working days of receiving your completed and signed application form along with the required documents and a payment of Rs.138/- (Rs.100/- for the Experian Credit Information Report + Rs.38 for Indian Speed Post and associated taxes). However, if you have not received your Experian Credit Information Report after 20 days, please call us at 022 6641 9000 or send us an email to consumer.support@in.experian.com or write to us at Experian Credit Information Company of India Private Limited, P.O. Box 9096, Goregaon (East), Mumbai 400 063 and we will do our best to find out what the problem is with your application
Is Rs. 138/- a one-time charge for taking multiple reports or every time I’ll be charged for the report?
We charge a nominal fee of Rs 138/- (Rs.100/- for the Experian Credit Information Report + Rs.38 for Indian Speed Post and associated taxes) per report. You’ll be charged the same amount every time you request for your Experian Credit Information Report.
Can I see my credit report online?
Not yet, but we will announce when this service is available.
How often can I apply for my Credit Information Report?
As often as you wish, we apply no restrictions to this.
Can you give me the Experian Credit Information Report if I walk in to your office?
Unfortunately we are unable to do this for security reasons, your Experian Credit Information Report will be sent only via speed post to the address mentioned in our database.
I had requested for the Experian Credit Information Report, sent my documents and demand draft for Rs.138/-, but now I want to cancel it. Can you refund my Demand Draft and send back my documents?
Unfortunately, since we have already processed your request for a copy of your Experian Credit Information Report, we are unable to refund the money or return your demand draft. Any documents provided by you will be securely stored by us, we do not return documents, which is why we only request photocopies. You will receive your Experian Credit Information Report shortly.
Can anyone search my report?
No, only members of the Credit Information Company, Specified Users as defined by the Credit information Companies (Regulation) Act , 2005 and to whom you have given consent while applying for a loan or a credit card and you yourself.
Will the lender decide to grant the credit facility solely on the basis of Experian Credit Information Report?
Experian Credit Information Report is one of the factors on which a bank, a financial institution or any other credit grantor will decide to grant you a credit facility. However, this is not the only factor that they would consider before sanctioning your request. Every bank, financial institution or other credit grantor will have its own policy and criteria for granting credit.
Why was I turned down for credit?
The lender you applied to made this decision. Experian Credit Information Company of India is not told why you have been refused – only the lender can tell you this. The lender may have turned down your application for credit because of the information in your credit information report or as a result of other information they have (such as the information you provided on your application form). Lenders should give clear explanations about why they refused credit and they should tell you if their decision was based on:
• Information on your credit report;
• Other information you gave them;
• Other information they hold on you as a customer; or
• Their policies on providing credit.
If one organisation has turned me down for credit will others do the same?
Not necessarily. Different organisations take different things into account when deciding whether to provide credit. If a lender turns down your application, get a copy of your Experian Credit Information Report before you make further applications. If you make several applications over a short period of time, lenders may think you are trying to get too much credit, or even that a fraudster is using your details. So find out why you have been refused before applying to another lender.
If my Experian Credit Information Report shows a good credit bureau score...will it help me at the time of applying for second loan in future?
A good Experian Credit Information Report is always helpful if you are looking for further credit. However, the Experian Credit Information Report is just one of the factors used by the banks, financial institutions and credit grantors to decide whether or not to grant credit to you. The loan approval also depends on many other factors and is based on the discretion of the credit grantor.
Does making several applications for credit reduce my chances of getting credit in the future?
Making several applications for credit over a short period of time can influence a lender’s decision. If you are shopping around for the best deal, you should ask for a quotation, rather than making a formal credit application. Asking for a quotation should not affect your chances of getting credit in the future but remember this is not an agreement to offer you credit. If you need to know whether you will get the credit (for example, a loan), you will need to apply for it. The lender should tell you if they are going to search your credit information report and what sort of search they will make. If one lender turns down your application, it is best to find out why you have been turned down before you contact other lenders.
