CreditMatch is a service that Experian credit reporting agency provides to people who sign up for an account to get matched with financial products like loans and credit cards based on their credit scores.
This service is accessible free of charge, and you can view your offers in seconds. Simply enter your full name, address, email address and last four digits of your Social Security number into the form found on Experian’s website.
You can also view offers when you sign up for a CreditWorksSM Basic or CreditWorksSM Premium membership. Both include several perks, like Experian credit-report monitoring, Experian Credit report and FICO score updates, FICO score trading and alerts and Experian Boost. Or you can pay a small monthly fee for the premium membership and receive a monthly three-bureau credit report, FICO score updates, industry-specific FICO scores, access to Experian CreditLock, dark web surveillance, up to $1,000,000 in identity theft insurance and more.
Keep in mind that consumers in Maine, Massachusetts, Nevada, New Hampshire, North Dakota, Oregon, Rhode Island, Tennessee and Vermont are unable to receive personalized credit card offers at this time.
Consider giving Experian CreditMatch a try by signing up on the website or on your mobile phone through the Experian app.
Credit Reports and Credit Scores: The Basics
Whether you’re looking for your first credit card or a loan to consolidate your debt, any potential lender is going to ask for your credit report from one of the three major credit bureaus. Your credit score numbers are ultimately used to decide if a lender is willing to open an account for you. But where does this information come from, and how do they decide on a credit score?
If you aren’t in the finance industry, it may seem like lenders and credit card issuers speak their own language, and they do to a certain extent. You need to find out a little more and educate yourself on their jargon. This can help you control your finances and get the credit you deserve or repair the credit score you already have. Here’s your guide to everything you need to know and where to turn for help.
Before offering you credit of almost any kind, a lender will look at your credit score. This is typically a number between 300 and 850. The higher your number is, the more likely you will be approved for a credit card or loan. FICO® score ranges break down as follows:
- 300 – 579: Very Poor
- 580 – 669: Fair
- 670 – 739: Good
- 740 – 799: Very Good
- 800 – 850: Exceptional
Your credit history determines your credit score, with payment history being the most significant component. Each time you open a credit account, the company reports your balance, credit limit, and paid or missed payments to the credit bureaus. More on this shortly.
How Are Credit Scores Calculated?
FICO scores are used by over 90 percent of lenders and creditors to make lending decisions. Below are the five components of the FICO credit-scoring formula:
- Payment history: Your payment history is the most vital part of your FICO score, accounting for 35 percent of the total points. To maintain a high score, you should consistently make on-time payments on all your credit accounts. Keep in mind that late payments (30 days or greater), defaulted accounts, and bankruptcies negatively affect your score. Creditors often report payments to credit bureaus monthly.
- Credit utilization: Credit utilization constitutes 30 percent of your FICO score. This component measures the ratio of your outstanding debts to your total available credit. A lower credit utilization ratio – preferably below 30 percent – is considered favorable, as it indicates that you responsibly manage your debts. To maintain a good ratio, keep your credit card balances low.
- Length of credit history: Credit age is responsible for 15 percent of your FICO score. A longer credit history tends to yield a higher score. Factors included in this component are the age of your oldest account, newest account, all of your accounts and how long it’s been since you last used each account.
- Credit mix: The types of credit you have constitute 10 percent of your FICO score. A diverse mix of credit accounts reflects your ability to manage different types of loans.
- New credit: Recent credit activity accounts for 10 percent of your FICO score. This component includes the number of recently opened accounts and credit inquiries. It also factors in how long it’s been since you acquired new credit.
Why Is a Credit Score Crucial for Credit Opportunities?
When you have a credit score in the Good or higher range, it shows that you’ve typically made payments on time and used your available credit responsibly. This signals to potential lenders that there’s a good bet if they offer you credit, you’ll pay it back and on time. Unfortunately, sometimes, you find yourself with a lower credit score because you owe a lot of money or you’re utilizing too high of a percentage of your available credit.
It’s important to note that certain accounts, such as your utilities and medical bills, don’t usually report your on-time payments to the credit bureaus. However, if you miss payments or stop paying, ultimately, these accounts get turned over to collection agencies that will report these delinquent accounts on your credit report. These delinquent accounts can hurt your credit score.
Tips to Improve Your Credit Scores
One of the most effective ways to improve your FICO score is to ensure timely payments on all your accounts. Since payment history accounts for 35 percent of your FICO score, even a single late payment can significantly damage your credit rating. To help with this, you can set up automatic payments, create calendar reminders and prioritize paying off high-interest debts.
Also, aim to keep your credit utilization under 30 percent. Focus on paying down your balances and keeping them low, or you can request a credit line increase. And only apply for new credit, especially if you have a short credit history. By doing so, you can avoid unnecessary credit hits. Plus, you won’t reduce your credit age, which could negatively impact your credit score.
What Is Experian CreditMatch?
Experian CreditMatch is a free service offered by Experian. If you’re looking for a new credit card or loan, Experian can show you companies that are most likely to provide you with credit based on your current credit score. It’s a free service offered as part of your basic membership with Experian. The basic membership with Experian is also free.
If you’re attempting to build credit or get a loan, then Experian Credit Match can be a useful tool for you. You’ll need to provide your personal information to sign up for the basic membership.
Also, know that Experian receives compensation if you take advantage of any offers on the site. But unlike other online matching tools where the compensation may impact how products are ranked, Experian makes reasonable efforts to be unbiased. Consequently, the way the offer information is presented on the site is not based on how much Experian is paid.
Experian CreditMatch Services
Experian CreditMatch offers a variety of services for you. To establish credit with a new credit card, this service will show you your best options and the cards that are most likely to approve you for credit based on your current credit rating, whether you have good credit or poor credit. In addition to credit cards, Experian CreditMatch can help you pre-qualify for a loan.
This credit service can help you manage your finances and learn how to take control. You can connect your account to your bank accounts and credit cards to review how you spend and save money. It can also help you refinance some loans, such as student loans with private lenders at lower interest rates, so you save money.
Compare and Choose Credit Card Offers Matched Based on Your Credit Report
From airline miles to cash back, credit card offers are different. Some credit cards charge an annual fee, while others don’t. You might get a $200 credit limit with one card but a $5,000 limit with another. One significant factor in choosing the best credit cards is the interest rate that they charge you if you don’t pay the balances in full each month.
With CreditMatch, Experian shows you all the credit card offers that you’ll probably be approved for if you apply. CreditMatch allows you to compare rates, perks, and annual fees. It makes it easier for you to choose the best credit card or to decide to wait until your credit improves.
Pre-Qualify for Loans
When you want to buy a car or a home, it’s always a good idea to pre-qualify for a loan. This makes it easier to know how much you can afford to spend on these large purchases. In some cases, a personal loan can help you consolidate your debt into a single account with a lower interest rate.
Experian CreditMatch can help you pre-qualify for a personal loan. While this doesn’t guarantee that you’ll get the loan, it’s usually a good indication that you will. You can also compare the various loan options you’re pre-qualified for to get the best deal possible when you need to borrow money.
Other Savings Opportunities (Personal Finances, Savings Center)
If credit cards and pre-qualifying for loans aren’t enough to tempt you, CreditMatch can also help you master your finances. By linking your bank account, you can get a report showing your major spending categories each month and a notification if your account balance drops suddenly.
The credit center helps you find lower rates for loans, such as student loan debt and credit card offers, with a zero percent financing option as an introductory rate. It can also help you find less expensive car insurance.
With My Credit Cards, you link your credit cards to compare perks and find ways to save money with the perks.
How to Get Started With Experian CreditMatch
Getting started with Experian CreditMatch begins by signing up for a free or paid membership of Experian CreditWorks, or you can provide them with your personal details, such as date of birth, social security number, and address, to match offers without signing up for a membership.
Once your membership is active, you can simply choose CreditMatch from the menu and learn more about your options. You can easily navigate the website to get matched for offers from our partners or to help you make critical financial decisions.
Once you sign up for Experian CreditWorks, there are other features you can use in addition to CreditMatch. You can do things like boost your credit score with Experian Boost™, keep track of your credit history with CreditWorks to prevent identity theft, as well as dispute items on your credit profile.
Experian also offers other credit solutions like the following:
- Experian CreditWorks: Access free credit reports and scores and monitor your credit score to avoid fraud with automated alerts.
- Experian Boost: Link your bank accounts to automatically report positive payment information from eligible service providers to improve your credit score provided by Experian and do it for free.
- One-time Credit Report and Scores: Access either Experian credit report and FICO score or all 3 bureaus’ credit report and FICO scores.
- Experian IdentityWorks: Avoid hackers and other malicious actors stealing your identity to tank your credit scores.
- Experian CreditLock: Protect your credit file data from identity fraudsters.
- Experian For Business: Discover how they can help you with all your credit business affairs.