Facts You Don’t Know About an Experian Credit Score

Are you someone who is planning to avail a loan or a credit card? If yes, you need to read this article! Have you ever heard about a cibil score? Well, let’s get more precise, how about an experian credit score? If not, we are here to help. Today, in this article, we are going to give you the sneak peek on various aspects of cibil/credit score so that you can have a hassle-free journey ahead. So, without wasting any time further, let’s get started and throw some light on the topic mentioned above.

The Definition

When it comes to an experian score, it is nothing but a numeric representation of your past repayment record, which is calculated after taking into account an Experian Credit Report (ECR). Basically, this score is the outcome of an individual’s credit history and repayment record and after the complex statistical evaluation of the facts mentioned in the report, the credit agencies calculate the credit score of an individual. On the completion of the process, the score is generated which ranges from 0-999.

Now that you know the definition of the same, it’s time to move on further and take a look at other aspects of cibil.

The Significance of Cibil Score

Those who have earlier been on a loan/credit card journey must agree to the fact that how a cibil score plays a crucial role during a financial journey. It is a mandatory process for many banks and NBFCs to check credit score of all the applicants before availing them the loan/credit card. Just to know the creditworthiness of an individual, i.e. whether an individual can repay the loan or would be able to pay his credit card outstanding properly or not, the lender check the score of the applicants. After getting the quick access to an individual profile, it would be easier for the lenders to decide whether to give the loan/ credit card or not.

However, if an individual wants to know how he/she can check the score, it would not be wrong to say that nowadays with the help of many reliable sites it is not a hassle anymore. That’s Right! In just a few seconds and a click of your mouse, you can know your exact score as per your comfort and convenience.

Steps to Check Cibil Score Online

Step 1: Mention your Full Name, Mobile Number, and Email ID and click on the ‘Submit’ button.

Step 2: An OTP is sent to the registered mobile number

Step 3: Submit the OTP and click on ‘Verify & Continue’

Step 4: Select your Date of Birth and Gender

Step 5: Provide your Permanent Address including the state, city, pincode

Step 6: Enter your PAN Number and submit

Moreover, in just simple and easy steps, you would be able to know your score in no time. These reliable sites need you to enter your personal as well as professional details, followed by an OTP verification and Q&A Form, which you also need to fill.After doing all this and following the steps mentioned above, you can see your exact score right in front of your screen. The best thing about these sites is that they not only help you in knowing the score but they also send your cibil report so that you can thoroughly check everything.

Let’s just know more about the report in the article below.

How is Experian Report Generated?

As far as report generation is concerned, the same has been generated after taking into account many factors. Take a look at the points below to know more about the same.

  • How many credit accounts you have
  • How much you owe in total in credit
  • Whether you have missed any payment
  • How many credit applications you have made in last 6 months

 How is Experian Credit Score Calculated?

If we talk about how an experian score is calculated, there are many factors that play a significant role during the process. Actually, on the basis of the payment history that includes many factors such as timely credit card bill payments, credit limit usage and EMI deductions, a score is calculated.

Hope you like reading the article above!

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Written by vaibhav bagga

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