Understanding Experian Credit Information Report

Experian Credit Score

The Experian Credit Score is a number given to an individual which is derived from a summary of the different aspects of their credit history. The higher your score, the more favourable you are as a credit customer to banks. All the information in your Credit Information Report will impact your score.

Benefits of the Experian Credit Information Report

• Credit information plays an important role in getting credit.
• It can also impact the terms and conditions of the credit granted in the form of loans and credit cards.
• Credit Information Reports help you control your financial situation by understanding where you stand in the credit world.
• It also helps you make informed decisions financially.
• It helps you shield yourself against identity theft.

Contents of the Experian Credit Information Report

The credit information report will contain all information related to your credit history such as loans, credit cards, credit accounts, repayment history and the enquiries recently made in your Credit Information Report, you will get the following information:

1. Information identifying the individualThis information is provided by the individual to Experian during the application for the Credit Information Report.
   1. Applicant's name
   2. Address
   3. Date of Birth
   4. Gender
   5. Email ID
   6. PAN number
   7. Passport Number
   8. Voter ID
   9. Aadhar Number
   10. Telephone
   11. Mobile Phone
   12. Driving Licence
   13. Ration Card
2. Experian Credit ScoreYour Credit Information Report is summarised in numeric terms ranging between 300 and 900. The higher your score, the more favourable you are. Your score will be indicated on a scale that indicates your credit position between red and green. Red is an undesirable score. Orange is tipping on the lower end. Yellow indicates that your score is in the middle of the spectrum. Light green is a good score, whereas dark green is an extremely favourable score. The following factors influence your credit score and will be mentioned in your report.
   1. Recency: Any Credit Account Defaults recently recorded
   2. Leverage: Credit Accounts that have a history of on-time re-payment
   3. Coverage: Delinquent and Non-delinquent Credit Accounts
   4. Delinquency Status: Defaults on Credit Accounts (Recent and current periodic intervals)
   5. Credit Applications: Applications for Credit Account over last 30 days
3. Report SummaryYour Report Summary will contain details such as the number of credit accounts, the current balance, number of credit enquires and non-credit enquiries made. The summary is displayed in a table format and contains the following information: 
   1. Total number of accounts
   2. Active accounts
   3. Closed accounts
   4. Suit filed (SF)/ Wilful Default (WD)/ Written Off (WO)/Settled accounts
4. Summary of Credit Account InformationThis section will depict a summary of any reported credit account you hold that is found in the database of the Experian Credit Bureau. This summary will give you the information related to each account that includes: 
   1. The lender/bank name
   2. The account type held such as credit card, home loan, car loan, et cetera.
   3. The account number
   4. The ownership of the credit account whether it is individual or joint
   5. The date it has been reported
   6. The account status whether it is active or closed
   7. The date on which the account was opened
   8. The sanction amount or the highest credit amount
   9. The current balance outstanding
   10. Any amount that is overdue
5. Credit Account Information DetailsThis section will display all details related to your credit or loan account. This information is provided to Experian by their members that include banks, credit institutions, financial institutions and any other grantors of credit. This section is divided according to the number of credit accounts you have. Under each account, you will have the type of account and the credit provider name as the title. The address of the credit provider will be provided. You will receive the following information: 
   1. Credit Account details
      1. Account terms
         1. Account Number
         2. Date Opened
         3. Date Closed
         4. Ownership
         5. Rate of Interest
         6. Value of Collateral
         7. Type of Collateral
      2. Account description
         1. Date reported
         2. Loan Type
         3. Account Status
         4. Highest Credit
         5. Current Balance
         6. Amount Overdue
         7. Last Payment Date
      3. Account Details
         1. Credit Limit amount
         2. EMI amount
         3. Repayment Tenure
         4. Total Write-off amount
         5. Principal write-off
         6. Settlement amount
   2. Payment HistoryThis table will depict your payment each month which will be categorized according to the year. In this table, your Days Past Due (DPD) is depicted as explained below. DPD is the number of days that have passed since you have missed your EMI due date. The table can also have letters which indicate different situations.IndicatorMeaningExplanation0Up to date If a number 0 is present in the cells, this indicates that you have paid all your EMIs by the due date and your credit account id up to date.>0OverdueThis number can change according how many days past due has been reported by the credit institution.SStandardAs per RBI guidelines, if your account which is overdue for less than 90 days, it is considered as a Standard asset.MSpecial MentionThis indicates that your account is Standard but due to some discrepancy, the lender will monitor your account.BSubstandardAs per RBI guidelines, if your account is overdue for 90 days for a period of 12 months or less, then the account is considered substandard.DDoubtfulAs per RBI guidelines, if your account is overdue for 90 days for a period exceeding 12 months or less, then the account is considered as doubtful.LLossAs per RBI guidelines, this account has been identified as a loss, but has not been wholly or partially written off.
   3. Personal Details of the Consumer on the Credit AccountThis section will contain the information you provided the bank or lender. It will include your date of birth, gender, occupation, contact details, and the ID details.
6. Credit EnquiriesThis section will contain any enquiries made by credit institutions for purposes related to credit. This is generally done when you apply for a credit card or loan. Your score decreases when you have searches listed in the last 6 months. Many enquiries lead to a "credit hungry" image and thus lowering your score. These searches will stay on your report for 12 months and then be removed. This information is essential to lenders to help them decide whether to sanction your loan or not.  It will contain your personal details provided by you and the following information: 
   1. ERN
   2. Search type
   3. Credit Institution Name
   4. Application date
   5. Amount applied for
   6. Duration of agreement
7. Non-Credit EnquiriesThese enquiries show on your report but do not affect your score. These can be request for authentication purposes. Credit report requests made by you are also counted here. It will contain your personal details provided by you and the following information:
   1. ERN
   2. Search type
   3. Credit Institution Name
   4. Application date
   5. Amount applied for
   6. Duration of agreemen

Accessing My Credit Information Report

You can get your Credit Information Report from Experian via two methods.

Online

1. You can apply for your Credit Information Report and Credit Score on the Experian website.
2. You will be charged Rs. 399 only for this service. This amount is inclusive of taxes.
3. To get the report, you must fill out a form online verifying your identity through questions asked based on your credit cards and loan or other credit accounts.
4. Once you have successfully completed your authentication, your Experian Credit Information Report and your Experian Credit Score will be available to you online.
5. A copy of the report will be sent to your verified email address.

Post

1. Download the Application Form from the Experian website.
2. Fill in the form and sign in.
3. The payment required for this service is Rs. 138 (Rs. 100 for the report + Rs. 38 for postal charges + taxes). You can make the payment with a demand draft or through NEFT.
4. Send the DD or the receipt for NEFT payment, with the application form along with the documents required to the postal addresses mentioned.
   1. NEFT - Login to your net banking account and access Funds Transfer to Third Parties. You need to add a beneficiary with the following details:ParticularsDetailsName of the BankCitibankBank BranchFortBeneficiary Account NameExperian Credit Information Company of India Private Limited or ECICI Pvt LtdAccount NumberEXPN + (The number of the Identity proof you submit such as your PAN, passport number or Voter ID number. PAN is preferred. For example, EXPNABC123456PN)Account TypeCurrentAmountINR 138/-
   2. Please follow the instructions for NEFT transfers given by your bank.
   3. After the transaction is successful, you will receive a receipt with a transaction number.
   4. Take a print out of this receipt or take a screenshot and send it to the postal address with the form and the documents.
   5. You can also make the payment at more than 65,000 branches of the 89 banks that participate in the NEFT facility. You will receive a receipt from the teller which you need to send with your form.
5. Demand Draft - The DD should be made payable to "ECICI Private Ltd" in Mumbai and valid for a period of 3 months. Along with your application form and supporting documents, you can post the DD to the addresses mentioned below.Type of postAddressRegular postExperian Credit Information Company of India Pvt LtdP. O. Box. 9096,Goregaon (East),Mumbai - 400063.IndiaCourier / speed post / registered postExperian Credit Information Company of India Pvt LtdConsumer Support Department,Platina, 2^nd Floor, C-59, G BlockBandra Kurla Complex, Bandra (E)Mumbai - 400 051. India

Documents Required for the Experian Credit Information Report

To access your Credit Information Report, you need to identify yourself to Experian. You need to submit self-attested copies of your identity proof and address proof. Your address proof should display your name.

Identity Proof (Any one of the following)

• PAN card (recommended)
• Passport
• Voters ID

Address Proof (any one of the following documents)

• Electricity bill (For your current address, which is no more than 3 months old)
• Telephone bill (For your current address, which is no more than 3 months old)
• Latest bank statement (For your current address, which is no more than 3 months old)
• Passport
• Lease or license deed
• Sale or purchase deed

Security of Credit Information Reports

You credit information is private. No one can access your information except for the organisations who are members of the Experian information sharing system. As per the Credit Information Companies (Regulation) Act 2005, this system is under strict regulation of the Reserve Bank of India. Rules are in place to govern the methods of accessing credit data and the data held by Experian.

A good credit score can help you secure lower interest rates on loans and credit cards.

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