Experian Credit Report For Consumer

 Cibil Agents & Consultabts Chennai

Experian is a Dublin, Ireland-based globally recognized Information Services Company engaged in providing data and analytical tools to clients all over the world. Tools and services provided by Experian play a key role in helping companies automate decision making, prevent fraud, manage credit risk and target suitable markets.

Experian was the first Credit Information Company to receive a license in India under the Credit Information Companies Regulation Act, 2005. Through the services of Experian in India, companies can predict and manage risk leading to reduced exposure to fraud and bad debts. With the experience of operating credit information companies in 19 countries worldwide, Experian offers unmatched expertise in the fields of segmentation, risk monitoring framework, optimization, bureau-based hybrid scores, custom scores and analytics.

Experian also helps individuals check their credit score and credit report, while helping them protect against identity theft. Awarded by Forbes Magazine as one of “The World’s Most Innovative Companies” in 2015, this global firm employs an estimated 17,000 people across 37 countries. Apart from its Dublin headquarters, Experian also has operational headquarters in São Paolo, Brazil; California, US; and Nottingham, UK. Experian PLC is listed on the London Stock Exchange and is part of the FTSE 100 index. The company recorded revenues of US$4.8 billion for the financial year ended March 31, 2015.

How Useful is Experian Credit Report?

The Experian Credit Report details an individual’s personal credit history including details of previous and current credit cards, home loans, car loans, education loans and personal loans. The details of this report help prospective lenders confirm your identity as well as assess your reliability as a borrower.

Apart from providing you with key information regarding your credit worthiness, the information contained in the credit report would enable you to gauge if you qualify for additional debt products like credit cards and various loans. Moreover, in case of there are any errors in your report, you can get those corrected as credit report errors are a major cause of loan application rejections. Your credit report would also help you protect yourself from the growing chances of identity fraud.

What is Experian Report Number (ERN)?

It is a unique 15 digit number recorded on every Experian credit information report which is used as a reference number to validate your information. For any communication with Experian, you will need your ERN. If you have lost your credit report then you will have to apply for a new credit report with a fresh ERN. 

How can you get your Experian Credit report?

Use the following steps to get your credit report from Experian through the offline route.

Download the application form from Experian.

Sign the completed application form and send it to following address along with a demand draft of a fee of Rs 138 drawn in favour of ECICI Private Limited. You can also pay the fee by national electronic fund transfer (NEFT).

Address: Experian Credit Information Company of India Pvt Ltd, Consumer Support Department, Platina, 2nd Floor, C-59, G Block, Bandra Kurla Complex, Bandra (E), Mumbai – 400 098. India.

Documents you need to send along with the application

Any one Identity Proof:- Aadhar Card, PAN card, passport, Voters ID

Any one address proof:- electricity bill of not more than 3 months old, telephone bill of not less than 3 months old, latest bank statement, passport, lease or license deed and sale or purchase deed.

How to get my Experian Report Online?

You can also get your Experian credit report and Experian credit score online by paying a fee of Rs399(including taxes). You will have to submit the application online after completing the authentication process. For this you will have to answer certain questions related to your credit accounts and credit cards. After successful authentication you will get your Experian credit report along with the Experian credit score. A copy of the report will also be mailed to you at your verified email address.

How to Correct my Experian Credit Report?

In case of any dispute in your report, you can get in touch with Experian through the Query Application Form, signed by you along with your self-attested address and identity proofs. You will also need to provide your ERN number. Experian is not authorized to make any changes in your credit report, so, it will get in touch with the lender to check if the dispute is valid. In case the lender agrees, Experian will make the change in your report.

About Experian Credit Information Company of India Private Limited

Experian operates in India through the company – Experian Credit Information Company of India Private limited. It has collaborated with Axis Bank, Federal Bank, Indian Bank, Magna Finance, Punjab National Bank, Sundaram Finance and Union Bank of India to provide credit information services.

What are the parameters: There are a number of parameters that will go into making the consumer score. For instance, your existing outstanding amounts, your payment track records as well as your past defaults, if any. The score will measures your propensity to go delinquent within a 12-month time frame.

Range: The Delphi score range will be in the range of 300 to 900. A higher score would mean that you have a higher creditworthiness. Keep in mind, a higher score is look upon as a huge positive by banks when you approach them for a loan.

New borrowers: As mentioned above, the score would be based on you past payment history. But if you are a first time borrower aka first-to-credit customer, you need not worry. Reason being, the credit bureau has also introduced a new scorecard for first-to-credit customers or individuals who have never had a loan in the past. "The new scorecard has been built on a richer credit history thereby producing a more predictive scoring model which will be able to significantly discriminate between the borrowing habits of individuals."

Unlike the credit score, the new scorecard for first-time borrowers will have six grades between one to six, with a score of one representing high risk and six representing low risk. That means anyone with a higher score will be looked uponfavorably as a potential customer by banks.

End note: Currently, the Credit Bureau of India Limited (CIBIL) is the oldest credit bureau inf the country, and there score is also in the range of 300 to 900. In the western world, consumers get their credit score from multiple bureaus as a good score can be used to bargain for improved lending terms. Most financial planners says it's good to get a credit report at least one a year to know your credit worthiness for any future borrowing.

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