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Experian vs. Equifax Credit Score

Each credit agency bureau follows its own proprietary algorithm to compute an individual’s credit score. However, the exact details of such factors aren’t available. This is why the credit score of individuals from different credit bureaus tend to vary. For instance, an individual’s Experian credit score may vary from another’s.

Let’s take the example of Experian vs. Equifax credit score and the bureaus to understand how they differ.

Equifax credit rating agency

This agency is registered in India as a credit information company and headquartered in Mumbai. It’s a joint venture between Equifax USA and 7 top financial institutions in India.

Equifax collects data on individuals and commercial entities and presents it in a simple format through Equifax’s credit score and credit report. Additionally, it has a separate unit to meet increasing regulatory and lending requirements of microfinance institutions.

How to get Free Equifax Credit Report?

Follow these steps to get the Equifax credit report:

Step 1: Download the Equifax app from the Android or Apple App Store

Step 2: Log in to the Equifax app with an Email ID and temporary PIN

Step 3: Create 6-digit login

Step 4: Wait for 24 hours to complete the process and then login

Step 5: Authenticate KYC and financial details

Step 6: Fill out a questionnaire based on the credit report for further authentication

Step 7: Your credit report will be sent to your registered email ID

Step 8: The create report will be password protected, which can be accessed by a unique password that will be generated for you

Step 9: Once you receive the password on the mobile app, log in to the Equifax app to retrieve it

Those who do not use a smartphone or have their Aadhaar can access their Equifax credit score and report by submitting scanned copies of KYC documents to Equifax via email and attaching the form.

Experian credit rating bureau

Experian became the first credit bureau to get a license under the new and improved Credit Information Companies Regulations ACT 2005 in 2010.

Experian offers Experian credit scores and credit reports to both companies and individuals. It also extends information, analytical tools, commercial enterprises, and marketing services to entities to help make an informed decisions.

Also Check: Equifax Credit Score

What is Experian’s credit score? 

Typically, the Experian credit report features key details regarding loans and credit history. The Experian credit score is a numeric summary obtained from one’s repayment history of current or previous loan accounts, credit cards, etc.

The Experian credit score is derived using the information in the Experian credit report. Most lending institutions and banks prefer individuals with higher credit scores and usually offer them better loan features and repayment terms.

What are the components of an Experian credit report?

Essentially, Experian credit report provides an overview of one’s credit status, financial health, and track of repayment. The key details allow individuals to track their Experian credit score and review their report as and when required.

Some of the key details of Experian’s credit report include the following:

Personal information 

  • Full Name
  • Address
  • Date of Birth
  • Current Employer Name
  • Spouse’s Name
  • Gender
  • Email ID
  • Mobile number
  • PAN

It is crucial to provide correct details for the credit report. Check twice to ensure no mistakes are present before submitting personal or financial details.

Credit Account Summary

This summary offers insight into the number of credit accounts under the user’s name, including the active, closed, and settled accounts. A credit account summary is crucial as it shows details of history and repayments in one place and contains information on credit cards and loans.

Current Balance Account Summary

This summary features details of the current balance account, secure amount, and settled and unsettled loan account.

Credit Enquiry Summary

This part shows details related to all the inquiries made in the last 7-180 days. It includes a summary of both hard and soft inquiries. A hard inquiry arises when a lenders or credit card provider starts an inquiry following a credit application.

Such inquiries tend to bring a credit score down. However, soft inquiries arise when lenders check your score without permission to check whether you qualify for a credit card offer.

Non-Credit Summary

This shows all non-credit inquiries made in the last 7-180 days.

Experian Credit Score

The Experian credit score can be between 300-900, depending on your creditworthiness. This detail is summarized in a credit report.

Credit Account Information

This part contains detail like credit loans and credit cards and features sections including lender name, account number, loan type, account status, ownership, current balance, overdue amount, etc.

Steps to get Experian Credit Report Online

One can avail of an Experian credit report online by paying a minimal fee of Rs. 399.

Subsequently, follow these steps to access the details:

Step 1: Visit the Experian site

Step 2: Look for a credit report online form

Step 3: Fill up an online form

Step 4: Authenticate themselves by providing the required data related to loan accounts and credit cards.

Once these steps are covered, the credit report pops up on the screen, and a copy is sent to your registered email ID.

For the authentication process, one needs to send documents such as:

  • Identity proof: Voter ID, PAN, passport
  • Proof of address: Electricity bills, telephone bills, license, sale deed
  • Financial proof: Bank statements

Why does the credit score vary between Experian credit bureau and Equifax credit bureau? 

The key difference between Equifax and Experian credit scores arises from their different algorithms to score individuals. Notably, since their exact scoring formula is not publicly available, it is hard to tell how exactly different they are.

Based on the details available, the general factors weighed in for computing credit scores aren’t identical.

For instance, Experian uses the following factors to determine Experian’s credit score:

  • Type of accounts
  • The outstanding amount of debt
  • Payment history
  • Late payment history

Whereas Equifax weighs in factors like:

  • Type of accounts
  • Credit utilisation
  • Credit account duration
  • Credit history length

Additionally, both follow different scoring scales with a difference of 200 between them. For instance, the Experian scale extends to 1000 while the Equifax scale extends to 1200.

The time frame of credit activity weighed in by them may also vary. While one may opt for more recent data, the other may factor in data from several weeks ago.

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