Experian

FAQs About Experian (7)

• What is Experian?

  Experian is a consumer credit reporting company that helps consumers understand and check their credit scores. Their mission is to educate consumers to help people make better financial decisions. Credit score data is also processed and given to lenders to help lenders manage risk.  Experian offers free services as well as paid services, including identity theft and fraud prevention.

• How often is the information updated on Experian CIR?

  Your Experian Credit Information Report (CIR) is updated every time the credit bureau receives new financial organizations’ data. Banks and other financial offices send reports once a month, but the specific day that this happens each month varies from bank to bank. Once the data is received, it is processed and added to your CIR. In other words, it is hard to predict when your CIR will be updated, so it is a good idea to check it regularly. The CIR shows updated credit history, including loans, inquiries, and payments.

• Is it important for me to check my credit report?

  Yes, if you check your Credit Report regularly, you can make more informed financial decisions. Periodically checking your Credit Report helps you understand your current financial circumstances with the most up-to-date information. With the information, you will be able to make buying and lending decisions that fit your finances and credit score’s capabilities. If you check your CIR frequently, you can also catch any errors if they were to arise.

• How will Experian's credit score affect my loan application?

  Your credit score is an important factor that lenders will look at when reviewing a loan application. A higher credit score is better, but lenders will also check other aspects of your overall financial profile to get a complete picture of your economic standing. Lenders may also look at your income, expenses, credit history, down payment, employment history, assets, and more.

• How many times can I check my Experian credit score?

  You can check your Experian credit score as many times as you want, and checking it does not affect your credit score. It is a good idea to check your score regularly, but it is unnecessary to do it every day. Experian suggests that you only check your score when you think it could have changed, like when you applied for a new credit card account or opened or closed an account. 

• How will I benefit from a high Experian credit score?

  There are many benefits of having a high credit score, including more loan opportunities with better terms, discounted insurance, access to the most rewarding credit cards, and lower interest rates for large loans. Ultimately, a high credit score allows you more opportunities for borrowing and saving money. What is considered a good credit score range depends on the credit score simulator, but typically a credit score above 670 or 700 is deemed to be good. The highest credit score is in the 800s.

• Is Experian free?

  Experian offers your access to credit reports and credit scores for free, as well as Experian Boost that allows you to improve your credit score quickly. They also offer paid plans to unlock extra features like identity theft protection and insurance.