- HOW IT WORKS?
- Credit Score & Report
- Credit Bureaus
What is Experian credit information Report?
Experian credit information report is a statement prepared by Experian Credit Information Company of India Private Ltd. that tells one about the credit history in detail. All the details in the report are thoroughly verified and approved before generating the report. A score is generated out automatically after summarizing different aspects of every individual credit you have taken previously and every single credit account is taken into consideration. When you get a higher score, the possibility of you being a good credit customer for a bank or lender increases.
What will a report contain?
An Experian credit report is like your loan/credit bio-data. It will include all identification data basically that includes
- Your name
- Date of birth
- PAN card details
- Passport number
- Aadhar card number
- Driving license, and
- The Contact information like phone number and E-mail id.
Experian credit information report provides a credit score that ranges between 300 to 900 précised from the other parts of the report. A color scale indicating where you stand will be marked according to your score. For example,
- If your credit score falls on the red scale then you are less likely to be a good credit customer
- If your score comes from light to dark green then you are more likely to be a good credit customer.
- Orange color indicates that you are in a more of unfavorable position
- Yellow is neutral.
The scores are based on five criteria namely recency, leverage, coverage, delinquency status and credit applications, which mention about your recent credit accounts, its repayment status, punctuality maintained for the payments, fraud committed if any, recent status of fraudulent credit accounts, and other credit applications that are recently sent which accounts from past 30 days.
A report summary will also be provided with data that includes, about all the credit accounts that contains both active and closed credit accounts. Status of the accounts, present balance in the active accounts, the security status of the accounts, credit and non-credit enquiry summaries for 6 months categorized into for past 7 days, 30 days, 90 days and 180 days.
Then a credit account information summary section is added that talks about any reported credit account that is found in the Experian Credit Bureau database. They basically include the bank or lender name, account type, account number, ownership of the account, account opening date, its status, amount sanctioned, outstanding credit balance, amount overdue and the date it got reported to them.
A section that tells about credit or loan account is provided to disclose the information provided by the bank, credit institutions, finance services, or any other lender. All the information will be sub-categorized into account terms containing the account type, status, number, date of opening, a rate of interest, date closed, and its value. An account description saying reported date, loan type, highest credit, amount overdue, last payment date, and current balance. Lastly account details that inform the EMI amount, credit limit amount, repayment tenure, total write-off amount, principal write-off, settlement amount.
Classifying Your Payment History Following RBI Guidelines
The report will also provide a payment history table, that explains about the days past due with a specific indicator. Days past due is the number of times you have missed to pay the EMI on scheduled date. The indicators are 0, >O, S, M, B, D, and L,
- where 0 means up-to-date which indicates that you have paid all the EMI right on time
- >0 means overdue for few days; the number here changes according to number of days of overdue that has been reported by the lender,
- S means Standard asset with overdue of less than 90 days
- M means special Mention in which you are a standard customer, but due to some reason your account is being monitored
- B means sub-standard in which your account has overdue for more than 90 days for less than 12 months
- D means doubtful in which your account is overdue for 90 days for more than 12 months
- L means Loss which indicates that the account is identified as Loss but is not completely or partially written off.
It will also have information regarding the contact and personal information that you have provided to the specific lender. The indicator mentioned here is strictly followed according to the RBI guidelines.
Credit Enquiry History
The report contains both your credit and non-credit enquiries made by credit institutions for past 6 months, while the former affect your score as when there are more enquiries the result may tag you as credit hungry individual and in turn reduces your credit score; the later has no specific effect on it. It’s just like additional information provided. Credit enquiries will be shown in the report for a year and then it will be removed. Enquiries section will also reflect the ERN, search type, lender/bank name, application date, amount applied for and duration of the agreement on the report.
All the information provided on a credit report will be considered by a lender to decide whether to sanction credit to you or not.
Advantages of generating a credit report:
A credit report can help in getting a credit card easily, and can alter the terms with which a credit is provided to you. It can give you security against identity threat or theft. Personally, by having a Credit Information Report you can self-monitor your credit accounts and activities. You also can manage your finances wisely, and take a well-planned loan or credit decisions.
How to Apply for Experian Credit Report
So in case you want to apply for Experian Credit Information Report, you have to log in to Experian site and pay Rs.399 for a Credit Information Generation service. You must fill in all the necessary details that requested from the site and submit you need to wait for about 20 days. A credit information report along with a credit score will be sent to the submitted E-mail ID and you can access your information on Experian site too. To access the report, you need to submit a valid identification proof and address proof. All the information submitted are protected securely and cannot be accessed by unauthorized and unidentified persons.