You must be familiar with the term credit score but often have thought that you have to pay to check your credit score, isn’t it? The reality is that some websites do charge some fees for providing your credit report and score but some of the best online portals do have this facility for free.
Experian and CIBIL are one of the first choices of both lenders and consumers for getting a free credit report. In this article, we have focused on these two. You will get to know the details such as the meaning of each credit score and what are the details required to check credit score free.
What is Experian Credit Score?
The Experian credit score is a numeric representation of the payment history which includes all the payments done (both successful and unsuccessful). The score is generated by keeping into account your present and past payments. It also matters if you have missed any payment or have been a defaulter. This score is considered by banks and other financial institutions to track your payment habits and whether or not you are suitable for the credit facility such as credit cards and loans.
What is the Experian Credit Score range?
Experian credit report includes the score and details of the payments. The score ranges from 0-900 wherein the upper range would give you the power to get the best deals. Banks and NBFCs generally provide a loan or a credit card to the customers who have the score above 750. However, it is subject to change from one product to another and also on your overall profile.
How can you check your Experian score?
The steps involved in the process of checking Experian credit score are mentioned here:
- Mention your Full Name, Mobile Number, and Email ID and click on the ‘Submit’ button.
- You will then receive an OTP on the registered mobile number
- Submit that OTP and click on ‘Verify & Continue’ tab
- Mention your Date of Birth and Gender
- Provide your Permanent Address including the state, city, Pincode
- Enter your PAN Number and submit.
As discussed above, CIBIL is among the top credit report providing companies. The company is a part of TransUnion and has the simplest and quickest way to give the score.
What is the CIBIL score range?
A CIBIL score is a three-digit number that ranges from 0 to 900 which shows your payment records in the form of numbers. Lenders such as banks and NBFCs generally ask for a score above 750 to accept your application. If your score is above this, most of the credit facilities would be within your reach.
What is the procedure to check CIBIL score?
Anyone with a PAN Card can check their CIBIL score. You are supposed to mention your name as per the PAN Card, your Date of Birth and your gender. You also need to mention your PAN as it is the basic requirement of any credit providing agency to track your ITR. The other details required by the company include your permanent address, email ID and your mobile number.
On the final submission of the details, your form will be accepted by CIBIL and you will be able to see your score. You must also note that you will also get your credit report on the email ID you have mentioned in the form.
How long does it take to improve your Credit Score?
If by any chance, you check your credit score and notice your credit card is not good, you may not be able to apply for a credit card for a certain period of time. Also, there is no such thing as the ‘perfect’ time to improve your score. You must also look forward to improving it. Here we have brought in the minimum time period for which you won’t be able to apply and also the impact of a credit score on the facility.
Action Credit Score Impact Avg. Recovery Time
Applying for Credit Minor 3 months
Closing an Account Minor 3 months
Maxing Out a Credit Card Moderate 3 months
Missed Payment/Default Significant 18 months
Bankruptcy Significant 6+ years
Let us now see how much time it takes to improve your score by starting score.
Type of Negative Info 780 Credit Score 720 Credit Score 680 Credit Score
Late Mortgage Payment 3 to 7 years 3 years 9 months
Short Sale 7 years 7 years 3 years
Foreclosure 7 years 7 years 3 years
Bankruptcy 7 to 10 years 7 to 10 years 5 years