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Experian Credit Information Company of India Private Ltd. is one of the most popular credit bureaus in India. Established in 2006 with the license granted in 2010, the company provides credit reports to its customers by assessing their credit history.
The Experian credit report takes around 20 days to generate a new report. Similar to the other bureaus, the scoring system of Experian ranges from 300 to 900 where 300 is the lowest score and 900 is considered the perfect credit score.
As mentioned above, the Experian credit report provides credit information after assessing the customer’s credit history information provided by the banks. Along with the loan records and credit card payments, the Experian credit report is mainly divided into the following categories:
The current application information of the Experian credit report displays all the personal information of the customer. This mainly includes:
This information is provided by the customer when they apply for the credit report.
The most important part of the free Experian credit report online is the section where your credit score is given. This section shows the current credit score of the customer on the basis of various factors. As per the report, the factors that affect the calculation of the credit score are:
As the category name says, this category gives a summary of all the credit accounts. This includes total credit accounts, current balance accounts, a brief summary of your credit and non-credit inquiries. There are four sub-categories of report summary which are as follows:
This mainly states the total credit accounts you have or had since your credit profile was built. The section also shows the number of active accounts, closed accounts, and accounts that are wilfully defaulted, suit filed and others.
The current balance account summary shows the total current outstanding amount of your credit accounts. This is then detailed into sub-categories the amount outstanding in secured accounts and unsecured accounts. This also shows if you have an amount remaining in any of the settled accounts.
This section shows if you have made any credit or non-credit inquiries to any lender. This is sub-divided into inquiries made in the last 7 days, 30 days, 90 days, and 180 days.
The summary section of credit account information shows a little information of your credit accounts from the Experian credit bureau database. The database gets updated as soon as a lender informs the bureau about your credit activities.
The following information is given about any credit account:
This section provides detailed information about the different credit accounts. The information is mainly provided by other banks and financial institutions with whom the customer has had a credit history.
This mainly includes the credit account details including the address, account terms(account number/date opened/ownership/collateral details), and account description. This section also shows the payment history and the consumer personal details on the credit account.
The credit inquiries section shows the names of the credit institutions that have processed a loan application for you whereas the non-credit inquiries show the authentication requests made by you to check your free Experian credit report online.
|0||Up-to-date||This means the payments are made within the agreed payment due date|
|> 0||Overdue by the respective number of days||This number indicates the number of days past due reported by the lender|
|S||Standard||An account which is overdue for less than 90 days|
|B||Substandard||An account which is overdue by more than 90 days but less than 12 months.|
|M||Special Mention||The accounts are standard but for some reason are monitored closely for any discrepancy|
|L||Loss||An account where loss has been identified but has not been written off, wholly or partially|
|D||Doubtful||An account which is overdue by 90 days for more than 12 months|