Experian Credit Report & Credit Score - Frequently Asked Questions
1. What is an Experian Credit Information Report (‘Experian CIR’)?
Your Experian Credit Information Report (‘Experian CIR’) contains detailed information of your credit/loan history, including identity information, credit accounts, loans, credit cards, payments, and recent enquiries.
Experian CIR lists all the information held about an individual by us as provided by our members. It contains the consumer’s name, address and other individual identifying information, such as date of birth, PAN card number etc. It lists all recorded credit information for that consumer (type of borrowing, date of loan, current balance, payment history, any recorded defaults etc.) Finally it lists when lenders have made enquiries about the consumer – this confirms previous details of credit applications with the associated details of the type of facility requested, amount etc.
2. What does Experian Credit Score means?
Your Experian Credit Information Report (‘Experian CIR’) contains detailed information of your credit/loan history, including your identity information, credit accounts, loans, payments, recent enquiries and credit score.
Experian Credit Score is a numeric summary derived from your repayment history of previous or existing loans and credit cards and from the enquiries performed by banks & financial institutions based on your loan application. Your Credit Score is based on the information in your credit information report. Higher the score, the more favorably it is viewed by banks and financial institutions.
3. What is the use of the ‘Experian CIR’ or how is it beneficial to individuals?
An Experian CIR is a compilation of your credit history. The data contained in the Experian CIR is based on the information provided to us by all the member banks, financial institutions and other credit grantors registered with us. 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.
4. How often is the information in the Experian CIR updated?
In general, members such as banks, financial organizations are scheduled to provide consumer credit information to Experian on a monthly basis. The day of the month that each organization sends updates varies. In other words, Experian might receive an update from member A on the first of every month and from member B on the 11th of every month, etc. Ideally, the Experian CIR will be updated as soon as data is loaded in the database.
5. How important is it to check my Experian CIR on regular basis?
Checking your Credit Report regularly shall help you to make big purchase decisions, such as a new car or a home and can be used for many other reasons. A good credit score may lead to you being offered better rates on common products such as credit cards, car insurance premiums and mobile phone contracts. Additionally, if any errors or if there is any information on the Credit Report that needs to be updated, you can identify it in advance and rectify the same with the help of the Credit Information Company and the respective lender.
6. What should be done to maintain and /or improve my Experian Credit Score?
Some key principles to follow to make your Experian CIR and Credit Score work to your advantage:
I. Review your credit report on a regular basis
Review your credit report regularly to make sure it’s up to date and accurately reflects your circumstances as mistakes can hurt your credit score. In particular, check those credit accounts where you have stood as a guarantor or you are a joint account holder to ensure repayment is as agreed with the lender.
In case of a settlement, it is important for you to know how the loan has been treated. Ask the lender whether it would be considered a waiver since a settlement is considered more negative than a loan repaid in full, but more positive than a default. It is important for you to follow up with the lender and ensure closure of old dues, if any.
Checking your own Experian Credit Report and Experian Credit Score does not impact your credit score.
II. Pay On Time
All repayments – and missed ones – are recorded on your credit report. Pay your EMIs on time and as agreed. Stay within the agreed credit limits and make necessary credit card monthly repayments in full and on time. If lenders see a patchy credit history that shows missed repayments, it suggests that you struggle to manage credit effectively and negatively impact your credit score.
III. Space out credit applications
A lender will likely check and leave a credit application search on your credit report each time you apply for new loan or credit card. Inquiries made by lenders because of an application you made for credit or loan can affect your score. Space out your credit applications and limit making several applications close together. Too many inquiries might mean that you’re taking on too much loan or that you’re in some kind of financial trouble and are looking for credit to help you out.
Shopping around for the best deal in terms of best interest rate for home loan or a new auto loan shouldn’t cause a problem but always make sure that the lender knows you are asking only for a quote and not making an application for loan or credit.
7. How is Experian Credit Score different from score provided by other bureaus?
As part of the global Experian organisation, Experian has more than 30 years’ experience of managing bureau data, adding intelligence to that data and delivering scoring solutions. The Experian score is developed with the information received from the bureau members such as banks, financial organizations. This data universe may or may not be the same to the data available to other credit bureaus/credit information companies. In addition, each credit bureau/credit information company may use different data samples and techniques to derive their bureau credit score. Therefore, bureau credit score provided by each of the credit bureau / credit information company have unique meaning.
8. Will my Experian Credit Score change when the Experian CIR gets updated?
Credit Score changes over time, as your circumstances change. For example, paying off a loan could result in a higher credit score, while missing several repayments could reduce it. Every Credit Information Company has a separate range for credit score. There is no standard cut-off for a good score for a loan application.
Lenders set different thresholds for accepting a credit / loan application. These thresholds can also vary according to the type of credit you want, so you could be accepted for a home loan application but your application for a personal loan may be rejected. Lenders may grant someone credit for a credit score of “X” when another bank / lender refuses.
9. If I take a loan from Lender X, will Lender Y know from where I have taken the loan and will it show on my credit report?
The Experian CIR is 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.
Getting Your Credit Report & Credit Score
1. How do I obtain my Experian Credit Information Report and Experian Credit Score online?
You can obtain your Experian Credit Information Report and Experian Credit Score online for a fee of ₹399 (including taxes), by completing the online form and authenticating yourself online by answering certain questions based on your credit/ loan accounts and credit cards.
On successful completion of online authentication, you shall get your Experian Credit Information Report and Experian Credit Score online in real-time, and a copy of the same will be emailed to your verified email address.
2. I want to access Experian Credit Information Report and Experian Credit Score online. With which browsers is it compatible?
You can access the Experian Credit Information Report and Experian Credit Score online through the web browsers: Chrome, Internet Explorer 10 (or above), and Mozilla Firefox.
3. I have not received the verification email sent by Experian.
If you have successfully completed the online form but have not received the verification email to proceed further, it is possible that you may have provided a different or an incorrect email address, or that the verification email link could have landed in the spam/junk folder of your mailbox. It is suggested that you provide an email address that you access regularly.
4. I am unable to go further after making the online payment, the screen is hung up.
Please check the internet connectivity to your computer. If internet connectivity is available and still the screen hangs, please reach out to the Experian Consumer Support team and provide them with the Unique Transaction ID to investigate further.
For any further queries or support, please contact Experian Consumer Support team on email@example.com or call 022-6641 9000 between 9.30 am to 6.30 pm Monday to Saturday.
5. I have completed the online payment and I am getting the message “Unable to Authenticate”. I have not received my Experian Credit Information Report and Experian Credit Score yet.
If you get the message “Unable to Authenticate”, it means that we may have been able to successfully generate your Experian Credit Information Report and Experian Credit Score, however your online authentication could not be done.
In order to authenticate you, and to confirm your identity and address, please send password-protected email with scanned copies of your KYC document for identity proof (PAN card/Aadhaar card/ Passport/ Voter ID) and address proof (Aadhaar card/ Phone bill/ Electricity bill/ Bank statement/ Passport), along with the Unique Transaction ID to “firstname.lastname@example.org”.
Upon successful verification of your documents, we will email your Experian Credit Information Report and Experian Credit Score within 2 business days from the receipt of your documents to your verified email address.
For any further queries or support, please contact Experian Consumer Support on “email@example.com” or call 022-6641 9000 between 9.30 am to 6.30 pm Monday to Saturday.
6. I have completed the online payment and I am getting the message “Authentication unsuccessful”. I have not received my Experian Credit Information Report and Experian Credit Score yet.
If you get the message “Authentication Unsuccessful”, it means that we have been unable to authenticate you online since the answers provided by you are not corresponding with the your credit information available with us.
In order to authenticate you, and to confirm your identity and address, please send password-protected email with scanned copies of your KYC document for identity proof (PAN card/ Aadhaar card/ Passport/ Voter ID) and address proof (Aadhaar card/ Phone bill/ Electricity bill/ Bank statement/ Passport), along with the Unique Transaction ID to “firstname.lastname@example.org”. After successful verification of your documents, we will email your Experian Credit Information Report and Experian Credit Score within 2 business days from the receipt of your documents to your verified email address.
For any further queries or support, please contact Experian consumer support on email@example.com or call 022-6641 9000 between 9.30 am to 6.30 pm Monday to Saturday.
7. What is the fee for obtaining my Experian Credit Report and Credit Score online?
You can obtain your Experian Credit Information Report and Experian Credit Score online for a fee of ₹399 (including taxes) that can be paid online via debit card / credit card / net banking.
8. How do I apply for my Experian Credit Information Report without the Experian Credit Score?
To apply for your Experian Credit Information Report,
2) Complete the required details on the application form (don’t forget to sign it!)
3) Provide self-attested photocopies of Identity and Address proof (a signed and dated photocopyis required)
4) Make payment of ₹138 (via DDor NEFT)
5) Send us the completed and signed application form along with your identity proof and address proof, and either the demand draft or receipt of the NEFT payment
Send the above either via:
a) Regular post at:
Experian Credit Information Company of India Pvt Ltd
P. O. Box. 9096,
Mumbai - 400063.
b) via courier / speed post / registered post at:
Experian Credit Information Company of India Pvt Ltd
Consumer Support Department,
East Wing, Tower 3,
Equinox Business Park, LBS Marg,
Kurla (West), Mumbai -400070.
9. 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)
(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)
(v) Lease / license deed
(vi) Sale / purchase deed
10. How much do I pay for my Experian Credit Information Report?
You can obtain your Experian Credit Information Report for a fee of ₹138 (₹100/- for the Experian Credit Information Report + ₹38 for Indian Speed Post and associated taxes).
11. What is the mode of payment for Experian Credit Information Report?
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 ₹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.
12. How do I pay using NEFT through net banking for Experian Credit Information Report?
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: ₹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.
13. 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 ₹138/-(₹100/- for the Experian Credit Information Report + ₹38 for Indian Speed Post and associated taxes).
14. 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 ₹138/- (₹100/- for the Experian Credit Information Report + ₹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 firstname.lastname@example.org 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
15. Is ₹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 ₹ 138/- (₹100/- for the Experian Credit Information Report + ₹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.
16. How often can I apply for my Experian Credit Information Report and Experian Credit Score?
As often as you wish, we apply no restrictions to this.
17. I had requested for the Experian Credit Information Report, sent my documents and demand draft for ₹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.
18. 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.
1. What are the major myths or common misconceptions regarding credit history?
Knowledge is power when it comes to getting the credit/loan you want. Following are some of the common misconceptions regarding credit information company (‘CIC’) and credit history.
Myth 1: CIC decides who gets credit
Fact: CICs do not make judgments about the information in credit information report (‘CIR’). CICs simply collate and compile information that is provided directly by member credit institutions. The CIR is comprised of data derived from credit cards, home loans, auto loans, or such other monthly credit payments. Lenders use that the credit information to help them assess the risk of lending to any individual.
Myth 2: CIC denied you credit
Fact: CICs collate and compile your credit report. CICs do not make decisions; they only provide credit information to lenders/ credit institutions. The lenders/ credit institutions check the information in your CIR along with other information such as items from your loan application.
Myth 3: CIC holds a credit blacklist
Fact: CICs do not hold any credit blacklist. CICs only provide credit information to lenders/ credit institutions. Some factors that lenders do consider include your repayment history and how much you already owe.
Myth 4: Once a credit score is bad, it can never be rebuilt.
Fact: Credit Information Report contains detailed information of your credit history, including your identity information, credit accounts, loans, payments and recent enquiries. Your CIR indicates which credit accounts are closed or inactive, but the history remains nonetheless. Late or missed payments stay on your CIR as payment history. However, credit can be rebuilt over time. Rebuilding credit means paying on time, and the longer a credit history is without negative information (such as late payments) the better. The older the negative information is, the less significant it becomes.
Myth 5: Checking your own individual CIR affects your rating.
Fact: If you access your own Credit Information Report it does not have any effect on your credit score since it is a non-credit enquiry. Your review of your own CIR will be viewed as a personal CIR enquiry.
When you apply for credit/loan you provide consent to the lender/ credit institution to review your credit information. When a lender/ credit institution views your credit information, an enquiry is added to your CIR. Such credit enquiries are shown to other lenders/ credit institutions because they may represent new credit that may not yet show on a CIR as a loan/ credit account. Credit enquiries may affect credit scores.
It is good credit management practice to check your CIR at least annually.
2. 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.
3. 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.
4. 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.
Tips for improving your credit information report
There are a number of things that you can do to improve your credit profile and thereby your chances of getting credit
• Always make your payments on time. If you cannot do this, contact the lender as soon as possible to discuss what options are available to you, it is always better to speak to your lender immediately if you are experiencing any difficulties in maintaining your payments
• If you have paid off a debt but your report doesn’t show this, contact the organisation concerned and ask them to make the necessary changes or contact us and we will contact the relevant organisation for you
• Close any accounts you no longer use
• Check your credit information report regularly. It always makes sense to get a copy of your credit information report before you apply for credit or if you are refused credit as a result of information held by a credit information company
Managing credit and credit profiles during important life events
When you apply for credit, for example a credit card or a loan, you will probably give the lender permission to do a check with Experian or another credit information company. This check helps the lender know that you can afford to repay the money you want to borrow. Experian does not decide who should get credit, but the information we provide may help the lender to decide.
Our 'Credit Crossroads' guides help you look after your credit history at particular times in your life. You can download electronic copies of the guides here. We hope these guides will help you cope with credit during important life events.
Things to do when your loan or credit card application is rejected
Loans and credit cards enable us to access financing to fulfil our wishes and those of our near and dear ones. They also help us tide over difficult times. However, the rejection of a loan or a credit card application leaves us disappointed and confused on the path forward. Here is how you can handle a situation of a credit application rejection.
Lessons for students on credit management
Students access credit for various reasons including financing college education and meeting other personal expenses. Credit can lighten the financial load on parents by spreading the cost burden over a longer period. Regular repayment of loans will help you to establish a good credit profile, however irregular repayments may make it difficult for you to access credit in the future.
Managing credit as you get married
It is wedding season and many couples will be looking forward to a fulfilling life of togetherness. Shopping, wedding planning, invitations, decorating homes or in some cases moving to new homes in anticipation of the big day will be on in full swing. Through all this, it is also important to discuss and plan finances. Here are a few words of financial wisdom for couples to avoid stress later.
Managing Credit and Credit History while Moving Homes
Buying a home is a dream come true for many of us which is accompanied by the operational detail of ensuring updating our records with our lenders and often with expenses associated with furnishing etc. to convert the house into a home. This latter may involve accessing credit. Here is a note we hope will help you better manage your credit commitments and the operational tasks to keep in mind while you enjoy moving into your new home.
Managing credit in the event of job loss or reduction in income
In the current volatile global economic environment job losses or business eventualities may force a situation of reduced income. Managing existing credit commitments in the context of these situations of reduced income poses a financial challenge and presents another likely credit crossroad that we may need to understand how to handle. Let us see how Jayant our imaginary friend managed his credit history when faced with such a job loss situation.
Managing credit in the event of separation or divorce
Separation and divorce are those difficult times when you have to take a break from a not so happy relationship or in some cases even end it. It is important that you sort out your finances include any joint loans or credit cards to avoid further agony in the future. Here is what you can do to prevent yourself from getting into uncomfortable financial situations.
Managing Credit in the event of serious illness or bereavement
Illness and bereavement are events which test our emotional strength. The last thing we think of is managing finances. It is however important to manage any credit obligations of the affected person. Here is a note we hope will help you better manage credit commitments in the case of illness or bereavement.