Experian – See How to Easily Check Your Credit For Free

Experian is a multinational consumer credit reporting company based in the United States and Ireland. It collects and aggregates data on over 1 billion people and businesses, including 235 million individual US consumers and over 25 million US businesses.

Overview of Experian

It is probably best known in the United States as one of the three major credit reporting bureaus (the other two are TransUnion and Equifax). However, that service is only one component of this multinational corporation headquartered in Dublin, Ireland, and listed on the London Stock Exchange (EXPN).

It is led by CEO Brian Cassin, has 17,000 employees, and operates in North America, the United Kingdom, Brazil, and other countries, according to the most recent figures (February 2019). It operates in four business segments: credit services, marketing services, decision analytics, and consumer services. It also controls the for-profit website FreeCreditReport.com (not to be confused with AnnualCreditReport.com, the Federal Trade Commission-authorized website for free credit reports). Experian’s website provides consumers with free credit reports as well as free credit scores.

How Experian works

Like the other major credit-reporting bureaus, is primarily governed by the Fair Credit Reporting Act in the United States (FCRA). The Fair and Accurate Credit Transactions Act of 2003, passed in 2003, amended the FCRA to require credit reporting companies to provide consumers with one free copy of their credit report every 12 months. Like its main competitors TransUnion and Equifax, sells credit reports directly to consumers.

Mosaic, its market segmentation tool, is used by political parties to identify voter groups. The British version has 15 main groups, which are further subdivided into 89 hyperspecific categories ranging from “corporate chieftains” to “golden empty-nesters” and can be taken down to the level of individual postcodes. It was first used by the Labour Party, but the Conservatives adopted it during the 2015 General Election campaign.

How can Experian help you?

According to our most recent research, 93 percent of business leaders believe that contact data quality has become more important than ever in the last year. Another 85% believe that poor-quality customer contact data has a negative impact on their operational processes and efficiency.

It can provide a wide range of solutions to fit your business needs to make data ready for anything, given the increasing reliance on data.

Experian – Products and services

1. Portfolio Manager: Score UpdateSM enables you to score your existing portfolio in order to gain a better understanding of how your accounts pay other credit grantors. Learn how to renew existing accounts, increase credit limits, identify high-risk accounts, prioritize collections, and capture more business with special offers. Upload a file in three simple steps and receive results within 24 hours.

2. Address searchSM: Provides quick access to other known addresses for debtors, as well as additional names, addresses, and phone numbers of contacts to aid in location.

3. Connect Check: Connect Check is a customer verification process designed solely to assist telecommunications, energy, and cable companies in detecting fraud and minimizing risk exposure during the service request process.

4. Precise IDSM: Precise ID is it’s fraud detection and prevention platform, allowing you to stay ahead of criminals by detecting, avoiding, and managing cross-channel fraud activity — all while helping you meet mandated government and industry regulations.

5. Automotive Credit ProfileSM: it’s Automotive Credit Profile combines exclusive automotive-oriented features into a single credit report designed to meet the automotive industry’s specific needs.

Other service includes:

• Credit Profile
• Address Update
• Collection AdvantageSM
• Collection Report
• MetroNet
• Social Search
• Bullseye
• Subscriber Decode
• Knowledge IQSM
• Employment InsightSM
• Healthcare Credit ProfileSM
• Instant Prescreen
• Prequalification
• iScreenSM

Experian credit score

Experian Credit Score is a simple way of indicating how lenders may perceive you based on information in your Experian Credit Report. The higher your credit score, the better your chances of obtaining a credit card, a loan, or even a mortgage, all at competitive rates. You can view the information lenders use when conducting a credit check on your Experian Credit Report. Checking your credit report can help you see if the information on it is correct and understand what could be affecting your score if you have a low score or there is room for improvement.

The Experian credit report will include detailed information about your loan and credit history.

It is essentially a numerical summary of an individual’s repayment history of existing and/or previously used credit cards and loans. The credit report will also include information about the inquiries made by financial institutions and banks in response to the individual’s loan application.

The information contained in an individual’s Experian credit information report will be used to calculate their Experian credit score. Individuals with a higher Experian credit score are preferred by the majority of financial institutions, banks, and other lenders.

What Can You Expect From Your Experian Credit Report?

A credit report provides you with an overview of your credit situation and overall financial health. It is a good habit to monitor your credit score and review your credit report on a regular basis.

Your credit report contains a lot of data and keywords.

Personal Details: The credit report contains basic information like:

• Full Name
• Current Address
• Date of Birth
• Gender
• Current Employer
• Name of Spouse
• Email Address
• Phone number
• PIN (Personal Identification Number)

Note: Make sure the spelling of your name, phone number, and other personal information in your credit report is correct.

Experian Credit Report

A credit report is one of the primary documents that a lender consults before deciding whether or not to extend credit to an individual. It is necessary for individuals to maintain a good credit score in order to obtain credit.

It is also critical to ensure that your Experian credit report is free of inaccuracies and discrepancies, as these can jeopardize your ability to obtain loans.

In essence, an Experian credit report compiles all of an individual’s credit history, and the data contained within is based on information received by the credit rating agency from their member credit grantors, financial institutions, and banks.

Features of Experian credit report

1. Credit Account Summary: It displays the total number of accounts, as well as the number of active accounts, closed accounts, and settled accounts. This is the most important section of your credit report because it contains information about your entire credit history and repayments. There is also information about your credit cards and loans in this section.

2. Current Balance Account Summary: It displays the account’s current balance, settled amount, secure amount, and unsettled amount.

3. Credit Enquiry Summary: It displays all of your credit inquiries from the previous 7 days, 30 days, 90 days, and 180 days. Inquiries are classified into two types: hard inquiries and soft inquiries. When you apply for credit, it triggers an inquiry from lenders or credit card companies, which is known as a hard inquiry. Hard inquiries can lower your credit score. A soft inquiry, on the other hand, is completely harmless and has no effect on your credit score. When a credit card issuer/lender checks your credit without your permission to see if you qualify for certain credit card offers, this is referred to as a soft inquiry.

4. Non-Credit Summary: It displays all non-credit inquiries that you have made in the last 7 days, 30 days, 90 days, and 180 days.

5. Credit Account Information: This section contains details about all of your credit accounts, such as loans and credit cards. It includes sections such as the lender’s name, account type, account number, ownership, date reported, account status, date opened, highest credit, current balance, and amount owed.

Experian Credit Report Data

An Experian credit report will contain information about an individual’s credit accounts as well as details about all credit applications made by the individual. It is a detailed representation of a person’s loan / credit history, including information about recent inquiries, credit cards / loans / credit accounts, payments, identity, and so on.

Individuals can access their Experian credit report after paying the required fees. Prospective customers’ credit reports can also be checked by lenders for a fee.

Benefits of Attaining your Experian Credit Report

If you want to get credit, your credit history will be very important in determining whether or not you are a safe bet. Credit history also influences the terms, conditions, and interest rates that you may be able to obtain. Furthermore, because lenders can access your credit report, it is an important factor in your chances of obtaining loans or credit.

The Experian credit report assists you in gaining a fair understanding of your credit history, allowing you to regain control of your finances and making informed decisions that can keep you safe from contingencies such as identity theft.

How to Obtain Your Experian Credit Report Online

Individuals can obtain their Experian credit reports online for a fee of Rs.399. All you have to do is fill out an online form to authenticate yourself, then answer questions and provide information about your credit cards, loans, and credit accounts. After you have completed the required steps, your Experian credit report will be displayed onscreen and an email with a copy of the report will be sent to you.

Identity proof (voters ID or passport or PAN card), address proof (latest bank statement or telephone bill or electricity bill or purchase / sale deed or license / lease deed or passport) are examples of these documents.

Experian Boost

It is a free service with no existing membership requirements. Individuals can receive a “boost” by creating a free Experian account and going to the product’s page.

Users will then be prompted to link the bank account they use to pay their bills. For those who are hesitant to grant third-party access to their accounts, Experian explains that its product can only access read-only data from a bank and has no access to any funds.

Once an account is linked, the feature scans transactions for on-time utility, cell phone, and streaming video payments, such as Netflix, HBO, Disney+, and Hulu. It requires at least three months’ worth of payments within a six-month period.

Experian Boost displays to users which bills have been pulled and when they have been paid. The feature only retrieves positive payment history, so it will not report any negative information that may lower your credit score. Users can also choose to exclude any payments that they do not want to be included in their file.

Experian Boost’s Drawbacks

Experian Boost is a great feature for consumers who do not have a strong credit file, but it is not without flaws. Here are a few drawbacks to the feature:

• Experian Boost may not be very useful if you are a long-time avid credit card user who charges everything for the rewards points and pays your bill on time and in full. Your credit history already includes your credit card payment history (which is reported by the card issuer). A few more on-time payments are unlikely to have a significant impact on your credit scores. Experian Boost is most useful for users who do not have a large credit file.
• Lenders may be using a modified FICO Score or a different credit scoring model that is incompatible with Experian Boost. Experian Boost does not guarantee that you will be approved for a specific credit product from a specific lender.

Who Might Benefit From Experian Boost?

Experian Boost may be appropriate for someone who has made on-time cell phone, utility, and/or service payments for some time but has never (or only recently) opened a credit card or other type of loan account.

Experian Boost, on the other hand, does not work for everyone. Individuals who pay their telecom, utility, or service bills through an eligible account are best suited for the free feature. If the feature does not work for you, you can try other credit-boosting strategies.

Nonetheless, given how easy it is to open an Experian account and begin the process, it may provide a quick way to raise your credit score by a few points.

Experian customer service

Experian’s National Consumer Assistance Center can be reached at 1 888 EXPERIAN  (1 888 397 3742). You can dispute your Experian credit report information online if you already have one. Alternatively, call us at the phone number listed on your report.

Experian credit freeze

A credit freeze, also known as a security freeze, prevents identity thieves from obtaining credit in your name by restricting new creditors’ access to your credit report. A freeze not only protects your report from criminals, but it also limits all credit inquiries, including those from legitimate credit applications. This means you’ll have to remove the security freeze before applying for a new credit card.

Fortunately, lifting the freeze is simple, and there are options for unfreezing or “thawing” your credit without leaving yourself vulnerable to identity theft. You can then apply for credit without losing sleep.

How a Credit Freeze Operates

By limiting who can access your credit file, freezing your credit can help protect you from fraud. After learning that your personal information has been compromised in a data breach or after being targeted by an identity thief, you may decide to initiate a credit freeze.

It is free to freeze your credit file, and it has no effect on your credit score. To get the most protection, you’ll need to request a credit freeze from all three major credit bureaus.

Simply sign up for a free Experian account or log in to your existing Experian account to begin a credit freeze.

You can unfreeze your credit file by visiting each credit bureau (Experian, TransUnion, and Equifax) and following the instructions to temporarily or permanently lift a credit freeze, also known as a security freeze.

When applying for loans, renting an apartment, or taking any other action that requires access to your credit report, you may need to unfreeze your credit.

Unfreezing Your Credit Report

You must unfreeze your credit files with each credit bureau separately, just as you must freeze them with each.

You can unfreeze your credit files in two ways:

• Plan a temporary thaw. This allows creditors to check your file for a set period of time before restoring the freeze when the window expires.
• Remove the freeze for good. Your files will remain open until you request another credit freeze.

To unfreeze your Experian credit report, log in or create an Experian account and change the freeze status to “unfrozen.”

You can also call 888-EXPERIAN (888-397-3742) or write to Experian Security Freeze, P.O. Box 9554, Allen, TX 75013.

Cancel your membership with Experian.

• Follow these simple steps to cancel your Experian Subscription:
• Contact customer service at (877) 284-7942.
• Give the agent your account number, social security number, and personal information.
• Follow the on-screen instructions to reach the billing and membership service.
• Make a cancellation request.

To cancel your account online, go to https://www.experian.com/help/. You can also email support@experiandirect.com and ask the support team to cancel your account.

Simply dial 1 (877) 284-7942 from your phone to express your concerns or file a complaint.

Frequently Asked Questions

How to Freeze or Unfreeze Your Experian Credit File

• Create a free Experian account.
• Put a freeze on your Experian credit file to restrict access to it.
• You can unfreeze or schedule a thaw at any time.
• Receive notifications when your freeze status changes.

How to apply for your Experian credit report

You must complete the Credit Report Application Form and send it to Experian.

The credit report will be sent to you once they have received your application and validated the information on it.

How will the report be sent to me?

Once your application has been approved and payments have been made, a copy of your credit report will be mailed to you via priority mail.

Do I have to pay for the credit report?

Yes, you must pay for the credit report. The current cost is approximately Rs. 138, of which Rs. 100 is for the report itself and the remaining Rs. 38 is for the cost of sending the report via speed post.

How do I pay for the credit report?

You will have three payment options.

The first method is a demand draft, the second is NEFT via net banking, and the third is NEFT via a bank.

How do I pay for Experian credit report with a demand draft?

Your bank can issue you a demand draft for the appropriate amount. The only thing you need to remember is that it must be made out to “ECICI Private Ltd” and must be payable in Mumbai.

How do I make a bank payment?

Experian has agreements with over 65,000 bank branches. All you need to do is visit one of these banks and request the NEFT form.

Fill out the form with the same information as for NEFT via net banking and pay the money in cash to the bank. They will take care of the rest.

Do I need to submit any documents other than the application form for the credit report?

Yes, you will be required to submit certain documents along with the credit report application form. They will include identification and address proof. If you are paying via NEFT, please send a copy of the Id proof that you used for the transfer.

What is Experian used for?

Experian provides monthly account data, such as the minimum payment due, payment amounts, and balances. Experian is used by more businesses than Equifax for credit reporting. This does not automatically make Experian better, but it does indicate that debt is more likely to appear on Experian.

What is a good Experian score?

We provide a score from 0-999 and consider a ‘good’ score to be anywhere between 881 and 960, with a ‘fair’ or average score being between 721 and 880. It’s a good idea to check your free Experian Credit Score before applying for credit, so you can make more informed decisions when applying for credit.

Is Experian Accurate?

Credit bureau scores are only as accurate as the information provided to the bureau.

Examine your credit report to ensure that all of the information is accurate. If so, your Experian credit scores are correct.

Is Experian boosts safe?

Yes, Experian Boost is risk-free. Boost only reports on-time payments to your credit report, so it has no negative impact on your credit score.

Conclusion

Experian is a reputable and well-known credit reporting agency that provides identity theft protection as well as business credit assistance. Its services are ideal for customers who want to improve their credit score by developing good credit habits.