Understanding Experian Credit Information Report


 Cibil Agents & Consultabts Chennai

Your Experian Credit Score is a straight forward way of showing how lenders may view you, based on information in your Experian Credit Report. The better your credit score the better your chances are of getting a credit card, a loan or even a mortgage, along with great rates for each. Your Experian Credit Report allows you to see the information lenders use when carrying out a credit check. If you have a low score or there is room to improve, checking your credit report can help you see whether the information on it is correct and understand what could be affecting your score.

Experian Credit Report & Credit Score

  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.

  1. 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.

  1. 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.

  1. 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.

  1. 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.

  1. 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.

  1. 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.

  1. 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.

  1. 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.

  1. How do I apply for my Experian Credit Information Report without the Experian Credit Score?

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) 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:

  1. a) Regular post at:

Experian Credit Information Company of India Pvt Ltd

  1. O. Box. 9096,

Goregaon (East),

Mumbai - 400063.

Or

  1. b) via courier / speed post / registered post at:

Experian Credit Information Company of India Pvt Ltd

Consumer Support Department,

5th Floor,

East Wing, Tower 3,

Equinox Business Park, LBS Marg,

Kurla (West), Mumbai -400070.

  1. 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

  1. 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).

  1. 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

  1. a) Demand draft for ₹138/- payable to “ECICI Private Ltd” in Mumbai and valid for a period of 3 months or
  2. b) Please send the receipt for the NEFT payment using your net banking facility or
  3. 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.

  1. 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.

  1. 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).

  1. 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 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

  1. 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.

  1. 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.

  1. 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.

  1. 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.

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