What is Experian Credit Score?
Experian credit score represents the repayment history of an individual. When you apply for credit cards or loans, your credit history is taken into account. On the basis of the score, it is decided whether you are suitable for the product or not.
Experian score calculation:
The Experian credit score is calculated on the basis of the payment history which includes certain factors such as on-time credit card bill payments, credit limit usage, and EMI deductions. If you pay the bills and EMIs regularly, do not use more than 50% of your credit limit, and avoid over limit expenditure, your credit score is going to be on a good side.
Information your Credit Information Report covers:
Credit information report plays a key role in a lender’s decision when you apply for credit, so it is important to monitor it on a regular basis. The Experian Credit Information Report is a compilation of your credit history. The data in the Experian Credit Score Information Report is based on the information provided to us by all our member banks, financial institutions.
Your Experian credit score Information Report contains information regarding your credit accounts. Experian is a leading credit report provider in the world.
The credit report is generated by keeping into account the information such as:
- How many credit accounts you have
- How much you owe in total in credit
- Whether you have missed any payment
- How many credit applications you have made in last 6 months
Benefits of obtaining a copy of your Experian Credit Report:
Your Credit history plays a key role in your ability to obtain credit and determining the terms, it is important to understand the information that is shared by the lenders with a credit information company, such as Experian, Cibil .By your credit history it enables you to take control of your financial situation.