Understanding your credit score is vital for making informed financial decisions, and luckily, it is now easier than ever to access this crucial information. In this article, we will walk you through the steps to access your credit score and discuss its significance in managing your finances.
What is a credit score?
Before we dive into the details of checking your credit score, let us briefly explain what it is. Your credit score is a numerical representation of your creditworthiness, indicating how likely you are to repay debts on time. Credit scores range from 300 to 900, and a higher score of 750 and above indicates a more creditworthy individual.
Why is your credit score important?
Your credit score plays a pivotal role in various financial aspects of your life. Lenders, such as banks and financial institutions, use it to assess your creditworthiness when you apply for loans or credit cards. A higher credit score improves your chances of loan approval and may even help you negotiate better interest rates.
Checking your credit score for free
Now, let us get to the heart of the matter: how to check your credit score without spending a paisa. Fortunately, Experian and other credit bureaus, like Equifax, CRIF High Mark and TransUnion CIBIL, offer individuals the option to access their credit reports for free once a year. You can easily avail of this option by following a simple three-step process:
Navigate to the free credit score check section on the official website of the credit bureau concerned.
Provide the necessary personal information, such as your full name, date of birth, PAN details, etc.
Verify your identity with an OTP sent to your mobile number.
You will receive your free credit report once this process is successfully completed.
Experian credit score
Experian credit score is a 3-digit number (ranging from 300 to 900) that forms a key part of your Credit Information Report (CIR). Lenders heavily rely on your credit score to decide your eligibility for loans and credit cards. Generally, a score closer to 900 (ideally above 750) increases your chances of approval.
How is your Experian credit score calculated?
Several factors contribute to your Experian credit score, including:
- Repayment history of past and current loans and credit cards
- Details of inquiries made by lenders (banks and NBFCs)
Does checking your credit score hurt it?
No, checking your Experian credit score or downloading your free Experian credit report will not affect your existing credit score.
What is included in your Experian credit information report?
The table below summarises the personal and credit information sections of your Experian credit report:
Parameter |
Details |
Credit/Loan History |
Credit score, credit type (secured/unsecured), current balance, loan details, payment history, details of past defaults, etc. |
Identity Information |
Consumer's name, address, date of birth, PAN card, etc. |
Recent Enquiries |
Information about inquiries by financial institutions due to your credit applications, including the credit facility type (loan/credit card). |
How to check your Experian credit score online?
Follow these steps to obtain your free Experian credit report without impacting your credit score:
- Click here and register to access the free Experian credit score/report
- Enter your basic details (gender, full name, email address.
- Enter your PAN details
- Upon submitting all the details, you can see your credit score. You will also have an option to download your report
Note: You can get one free credit report from Experian per year.
If you are looking to improve your creditworthiness, regular monitoring and analysis of your credit health is crucial. Consider signing up for the Bajaj Finserv Credit Pass and taking advantage of its real-time credit health monitoring services and free monthly credit score checks in order to regularly track your credit profile. The Credit Pass is not only a must-have for credit monitoring, it is also a powerful tool for credit management, empowering you with all you need to boost your credit score.
Building a good credit score opens doors to better financial opportunities, so start your journey towards a brighter financial future today.
