What is Experian Score?

Curious about Experian credit score meaning?
Read ahead to know about what is Experian credit score and what is a good Experian credit score.

What is Experian Credit Score?

Experian is a credit information company that generates credit scores of borrowers.

Whenever you take a loan and start repaying it, the loan company sends information about your credit behavior to credit information bureaus like Experian.

Experian then interprets the information and assigns a rating or number to you, referred to as your Experian credit score. This 3-digit number is a gist of a borrower’s repayment behavior. This is the Experian credit score meaning.

Experian acquired the license to operate in India in 2010 and is recognized by the Securities and Exchange Board of India (SEBI) and the Reserve Bank of India (RBI). It provides credit scores for both individuals and companies and has been operating in about 39 other countries for the past 125 years.

What is a Good Experian Credit Score?

The Experian credit score ranges from 300-900, and a higher score is considered better. But exactly what is a good Experian credit score?

The following table will tell you about the various sub-ranges and the Experian credit score meaning of numbers in that range -

Experian Credit Score Range	Creditworthiness
750 - 900	Excellent
700 - 749	Good
650 - 699	Fair
600 - 649	Doubtful
Below 600	Immediate Action Needed

Importance of having a Good Experian Score

After being clear about what is Experian score and what is good Experian credit score, let’s take a look at the benefits of a good Experian credit score. Here is how a good credit score can help you -

Easier loan approvals
Higher loan amounts
Lower interest rates
Negotiating a longer tenure
Reduces the need for documentation
Proves you as responsible and less risky

How to Check Your Experian Credit Score Online

You can check your Experian credit score for free by yourself. Here are the steps you can follow to do the same -

STEP-1: Go to the official Experian website and click on the ‘Free Credit Score’ button on the top left. Click on ‘Register Now’.

STEP-2: On the next screen, enter your mobile number and click on the ‘Send OTP’ button.

STEP-3: Enter the 6-digit OTP on the next screen and click on ‘Verify’.

STEP-4: On the next screen, fill in your details like your name, email ID, date of birth, etc. You can choose any ID type from your PAN card, Voter’s Card, Ration Card, Driving License, or Passport. Enter the number of the selected ID proof.

STEP-5: Finally, click on the declaration checkbox and click on ‘Get Report’.

STEP-6: Your Experian Credit Report will be shown on the screen. You can also download the report by clicking the ‘Download Report’ button.

Conclusion

A credit score is an important factor when applying for loans. Experian credit score is one of the top most used credit scores in India.

Having a high credit score can drastically improve your chances of getting a loan. Thus, you must start working on improving your credit score.

Here are a few tips and tricks for improving your credit score -

Pay your ongoing EMIs and credit card bills on time
If you are facing a financial crunch, consider paying the minimum due amount of your credit card bill within the due date
Don’t take too many loans or credit cards
Monitor your Experian score regularly, and raise disputes to rectify any errors that your spot
Diversify your credit by having a good mix of credit cards, secured, and unsecured loans
Maintain a credit utilization ratio of under 30%
Plan your loans in advance and calculate EMIs, so that they don’t become a burden later
Try to not settle your loans

But you can still get loans if you have a low credit score. At moneyview, you can get instant personal loans from Rs.5,000 to Rs.10 Lakh with an Experian score of just 650.