Things You Need To Know About Experian Credit Report

Experian is a multi-national credit reporting company/bureau providing both individual and business credit scores. Experian credit score ranges from 300 being the lowest to 900 being the highest. The suggested scores are allotted on the basis of the detailed credit history of the user.

The marking system with Experian can be a little different from CIBIL, its competitor. Just like any credit report, Experian credit report holds all the data regarding credit accounts and applications of individuals and businesses. It is represented in a detailed way so that the lenders can conclude whether or not they should move forward with the applicant’s request.

The credit report can play a crucial role in the lenders determining the creditworthiness of the individual. The credit score will also help the lender to conclude on what should be the terms and conditions along with financial charges you can get the request approved. Moreover, the lenders can access your credit score and credit report anytime they wish once you have made any request to them.

The Experian credit report – a detailed report, can help the lender gain access to your report and help the lender in understanding your credit history more critically. Not just the lenders, but even you get a detailed structure on your report which can help you can control your finances. This will allow you to make more informed decisions protecting you from a lot of issues including errors in your credit history and identity theft.

Things mentioned on your Experian Credit Report

Your credit reports consist of all your financial and credit information. This report is generated based on your history with your finances, how you have managed them so far, how you made purchases and how often you exceeded your credit limit, how much debt you have right now, how much you have paid, any missed payments, etc. All this information is present in your credit report. Here is a detailed view of what information is present in your credit report –

1. Personal Information – The column has all the basic information related to the individual –

• Full Name
• Address – Current/ Permanent
• Date of Birth
• Gender Identity
• Current Employer
• Spouse’s Name / Father’s Name / Mother’s Name
• Email Address
• Mobile Number / Alternate Mobile Number
• PAN Card Number

You will always have to make sure that every detail present in your report is current including the spelling of your name and other personal information.

2. Credit Account Summary – This column shows the total number of accounts the individual, has or had including the active accounts, closed accounts, and even the settled accounts. This is an important part of your credit report as it has your whole credit history of every credit, loan, and repayment. Through this, the lender can check your spending pattern along with your repayment pattern.
3. Current Account Balance Summary – This part includes the summarization of your current balance account, settled amount, secure amount, and unsettled amounts as well.
4. Credit Enquiry Summary – This column has all the credit inquiries which you made in the last 180 days, 90 days, 30 days, and 7 days both hard and soft inquiries. Applying for credit and then the type of inquiry raised is a hard inquiry that can bring down your credit score. Whereas soft inquiries do not harm your credit score as this happens when the issuer checks whether you are eligible for any kind of credit card offer, without your permission.
5. Non-Credit Summary – This part includes all the non-credit inquiries you made in the last 7 days, 30 days, 90 days, and 180 days.
6. Experian Credit Score – The Experian report displays the Experian Credit Score, which ranges from 300 to 900. To have your Experian credit score considered by the banks, you will have to have more than 750 credit scores.
7. Credit Account Information – This particular section is dedicated to all your credit account information like the loans and credit cards, you had or have so far. This section includes the details related to the loan or the credit card such as the name of the lender, account type or loan type, account number, ownership, reported date, account status, date opened, highest credit, current balance, and overdue amount.

The above-mentioned information might have a different format and maybe the information is presented in a different way or manner.

Conclusion

Experian, an international credit card processing company, provides credit-related services. These services also include the credit report. Experian credit reports are very well detailed and the mannerism of presentation is formal and easy to understand. The credit report helps the lender to evaluate the individuals and check their creditworthiness.

There are many sections present in the report through which you can get detailed information about what, how, and when you have applied for credits or loans. The report also includes your other information such as name, number, and PAN card number along with your lender’s information. It is wise to say that the information present in the Experian Credit card is presented very systemically which makes the reader understand everything.