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The Importance Of Experian Score and Report

The Importance Of Experian Score and Report

Experian is among the top credit score providing companies and the score generated by them has its own importance. The fact, however, is that Experian score is in itself very important. The range of the credit score is 300-900 wherein the upper range shows the strength of your profile. Talking about the credit report, it is the detailed information on your payment history and hence its combination with the credit score is altogether significant in a person’s life.

People who have a credit history are quite aware of the benefits of holding a good credit history and score along with the consequences of not maintaining it. Focusing on the need to maintain a good Experian score, you should know that it is much more than a number. It is a numeric representation of your payment history which decides your eligibility for credit facilities at present.

The score can be checked very easily by anyone since there is a facility to check it online with basic details. On the basis of the information you provide to the credit bureau company, your payment behavior till now is tracked. For instance, if you have been a defaulter on a loan or any credit facility, it will be reflected in the report. The credit report also includes all types of credits you have taken so far along with its payment pattern. Depending on these, your score and report is generated. When you apply for a credit facility such as credit cards or loans, the lenders check tracks your credit report. The strength of your report decides your eligibility for the product. If you have not yet checked your Experian score yet, you may follow the steps below:

How can you Check your Experian Score?

If you want to check your score, you can follow the simple steps involved in the process:

  1. Provide your Full Name, Mobile Number, and Email ID and click on the ‘Submit’ button.
  2. You will then receive an OTP on the registered mobile number
  3. Submit that OTP and click on ‘Verify & Continue’ tab
  4. Mention your Date of Birth and Gender
  5. Provide your Permanent Address including the state, city, Pincode
  6. Enter your Permanent Account Number (PAN) and submit.

Once you check your score and see that it is not up to the mark, you will look for effective measures to strengthen it. But what is the minimum Experian score required for a credit facility? Well, as mentioned above score ranges from 300-900 and the upper range shows your positive payment history. Most of the lenders and products are within your reach when your score is 750 or above. If you have it already, well and good but if your credit score is below that, you can follow the below steps to improve it.

7 Measures to Improve Your Experian Score

In order to improve the score, there are various effective and simple measures. You may read these below and follow them if your case is the same.

  • Avoid carrying credit cards that you do not need.
  • Don’t increase your credit limit just like that as it affects your credit score.
  • You may ask your bank to increase the credit limit but make sure it still remains within your repayment capacity.
  • Try not to use more than 50% of your credit card limit, it reduces the score.
  • Apply for any kind of loan to build a credit score.
  • If possible, continue your loan for the whole tenure, prepayments also have an impact on the credit score.
  • No matter what, pay your credit cards bills and EMIs timely.

Thus, you must have understood why is so much emphasis given to maintaining a good credit score. So, try to maintain a credit score of 750 and above.

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