Experian

Experian is a credit reporting company that allows you to access your FICO® Score (based on the FICO Score 8 model) and free Experian credit report, actively improve your score using Experian Boost™, protect yourself from identity theft, get real-time alerts, and much more. It’s also one of the three major credit bureaus. With the power of data, Experian also creates opportunities for you to discover financial products tailored for you and keep track of your credit score for a better financial future.

Consumers can enroll in a CreditWorks^SM Basic or CreditWorks^SM Premium plan to stay on top of their credit health – the latter also allows you to view your TransUnion and Equifax credit reports and scores. In addition, IdentityWorks^SM Plus and IdentityWorks^SM Premium memberships offer even more protection and help shield your name, address, Social Security number, other personal data, debit and credit card numbers, and bank account information from fraudsters. These plans also help prevent unauthorized credit activity.

You can also take advantage of Experian CreditMatch to remove the guesswork that comes with finding the best options for credit card accounts, loans, and auto insurance products. Instead of spending hours researching options on your own, Experian will do the legwork for you and make recommendations based on the creditors and auto insurance providers who are most likely to approve you for a credit card, loan, or do business with you.

Beyond its impressive suite of offerings for individuals, Experian also features solutions for small businesses. For example, companies can view their business credit reports and scores and access a host of resources, including articles and case studies.

You can get started with Experian for free. However, some membership plans come with small monthly fees.

Experian’s Commitment to You

For the last 125 years, Experian has been helping people prosper financially, economies and communities flourish, and they keep going to this day.

From buying your home or car to sending your children to college or growing your business exponentially, Experian empowers you to manage your data with confidence to maximize financial opportunities.

Their ultimate goal is to help you take financial control, access financial services, and make more intelligent decisions to succeed in your business. They also want to assist lenders in lending more responsibly and prevent identity fraud and crime for everyone.

What Can Experian Do for You?

Experian offers credit reporting and credit score monitoring services for both consumers and businesses.

As a consumer, these are the several services they can offer you.

Free Credit Report and Score

By signing up for Experian CreditWorks Basic, you can access your score and report, as well as a set of free tools, like Experian Boost, to help you keep track of and improve your credit score and prevent identity theft. You can also stay up to date on what’s happening with your credit accounts and be alerted right away at any time that negative information, like late payments or public records, appears in your Experian credit file.

Three-Bureau Credit Report and FICO Scores

If you want more out of your account, you can sign up for a CreditWorks premium plan to unlock extra features, like a three-bureau credit report and FICO Score updates. The paid membership also includes daily Experian credit report and FICO Score updates, unlike the free plan that only offers monthly updates, along with industry-specific FICO scores that lenders see when you apply for auto loans, mortgages, and credit cards. Plus, there are identity theft monitoring and protection services, which include dark web surveillance, lost wallet assistance, identity theft monitoring and alerts, access to a U.S.-based fraud resolution specialist in the unfortunate event your identity is compromised, and up to $1,000,000 in identity theft insurance coverage. You’ll also get access to Experian Boost, Experian CreditLock, and the FICO Score simulator.

The Benefits of Knowing Your Experian Free Credit Score

There are a few key reasons why it benefits you to have knowledge of your Experian free credit score. It helps you stay abreast of your credit health, and you’ll know where you stand when applying for loans and other credit products. You can also stay one step ahead of fraudsters looking to swipe your identity and wreck your credit health.

Improved Financial Awareness

You’ll have a solid understanding of how you’ve managed your finances by knowing your credit score. This knowledge also helps you identify areas where you’re currently doing well and where you can improve to potentially boost your credit rating.

Experian provides tools that show how factors like payment history and credit utilization affect your score. Keeping track of these important factors can guide you in making better financial decisions.

It’s also in your best interest to monitor your credit score over time. Doing so lets you see how specific actions, such as reducing your credit card balances, making timely payments and paying off debt, impact your three-digit score. This valuable feedback can serve as the source of motivation needed to improve your money habits.

Eligibility for Loans and Credit

Your Experian credit score plays a significant role in determining your eligibility for loans and credit. Lenders often use your score to assess your creditworthiness when you apply for credit cards, car loans, or mortgages. A higher score improves your chances of getting approved and can lead to better terms, including lower interest rates.

By checking your credit score often, you can know where you stand and when it’s the right time to apply for new credit. This is particularly important if your credit score is on the lower end and you need work to avoid loan denials or position yourself for credit products with competitive terms.

Fraud Prevention

Regularly checking your Experian free credit score with a free Experian membership can help protect you from fraud. You can spot unauthorized activities like new accounts or inquiries that you didn’t initiate. These types of activities could be signs of identity theft, so catching them early is vital.

Experian also offers credit monitoring services that alert you to changes in your credit report in real time. So you can take swift action if needed to protect your credit profile and financial well-being.

How Experian Calculates Your Credit Score

Experian uses specific models and criteria to calculate credit scores. Here’s an overview of each.

Factors Affecting Credit Score

Your FICO Score, which is used by 90 percent of creditors and lenders to make lending decisions, ranges from 300 to 850 – the higher, the better. It focuses on payment history and credit utilization, among other factors. There’s also the VantageScore 4.0, which is less prevalent but also ranges from 300 to 850. More on the specifics of each of these will be provided shortly.

Scoring Models Used by Experian

The following five components from your credit report are used to compute your FICO credit score:

• Payment history – 45% of your FICO Score
• Amounts owed – 30% of your FICO Score
• Length of credit history/Credit age – 15% of your FICO Score
• Credit mix – 10% of your FICO Score
• New credit – 10% of your FICO Score

The equation is slightly different for the VantageScore:

• Payment history – 41% of your VantageScore
• Age/credit mix – 20% of your VantageScore
• Credit utilization – 20% of your VantageScore
• New credit – 11% of your VantageScore
• Balances – 6% of your VantageScore
• Available credit – 2% of your VantageScore

If the lender is using VantageScore 3.0, which is a previous model, here’s how it’s calculated:

• Payment history – 40% of your VantageScore
• Age/credit mix – 21% of your VantageScore
• Credit utilization – 20% of your VantageScore
• New credit – 5% of your VantageScore
• Balances – 11% of your VantageScore
• Available credit – 3% of your VantageScore

How to Access Your Experian Free Credit Score

Experian makes it easy for you to view your free credit score online or via the mobile app. You can sign up in minutes, view your credit score in real time and devise a plan to improve or optimize your credit health. The best part is you don’t have to input your credit score to access this free feature, unlike other platforms that may require this information.

Follow the guidance below to quickly and easily view your Experian free credit score online or through their user-friendly mobile app.

Step-by-Step Guide to Accessing Your Score Online

• Step 1: Visit Experian.com, click on the drop-down menu found at the top right side of the page, click on “Credit” and select “Free credit score.”
• Step 2: Select the button that reads “Check your FICO Score for free” to continue.
• Step 3: Enter the last four digits of your Social Security number and mobile phone number and click the “Get Started” button.
• Step 4: Verify your identity by clicking on the link found in the message sent to your mobile device.
• Step 5: Return to your desktop and complete your profile to create a new account.
• Step 6: Log in to your new account to access the online dashboard and view your free credit score from Experian.

Using the Experian Mobile App

• Step 1: Download the mobile app on your smartphone.
• Step 2: Log in to your existing account. If you don’t have one, you can sign up directly through the app by providing the same basic information as you would if registering online.
• Step 3: Use your login credentials to access the online dashboard and view your free Experian credit score.
• Step 4: View your current credit score on the home screen, along with personalized tips for building, maintaining or improving it.

Experian Boost

Improve your credit score by adding positive payments from eligible utility bills, including water and gas, to your Experian credit report. You can also include a positive payment history for eligible cell phones, cable, landline phones, internet, streaming services, and satellite bills, along with online residential payments made to participating landlords or property management companies.

Once set up, the system does everything for you, and it is free to use. Here’s a brief overview of how it works:

• Step 1: Sign up for an Experian CreditWorks Basic or Experian CreditWorks Premium membership. Once you’re all set, navigate to the online dashboard and select “Experian Boost” from the drop-down menu. On the next page, click the button that reads “Start your boost.”
• Step 2: Follow the on-screen prompts to sync your bank account. It should be the one you primarily use to remit payments for your monthly bills.
• Step 3: Experian will work its magic behind the scenes to help optimize your credit score. If a boost is available, you’ll see the results right away.

The average user who sees a boost sees an increase of 13 points to their FICO Score 8 from Experian. However, not everyone sees a boost, and this figure could vary significantly for you – it depends on your credit history.

Also, you should know that Experian Boost can’t hurt your credit score as it does not consider late payments. So, you can rest assured that this free tool only exists to benefit you and help improve your credit rating.

Experian CreditLock

This tool lets you lock your Experian Credit File at the tap of a button. It helps prevent unauthorized access to your credit report and alerts you anytime someone attempts to apply for credit in your name after you’ve locked your Experian Credit File. As mentioned above, it’s part of the Experian CreditWorks Premium membership.

FICO Score Simulator

The FICO Score Simulator lets you see how different scenarios involving four categories – general credit, revolving credit, mortgage accounts, and installment accounts – could potentially impact your Experian credit score. Below, you will find the scenarios for each category:

• General credit: Pay all your bills on time, forget to pay a bill, don’t pay any of your bills, declare bankruptcy, age your credit report, miss a payment by 90 days, have an account go to collection, or apply for new credit.
• Revolving credit: Make regular credit card payments, pay down your delinquent credit card balance, pay down your credit card balance, get a credit card, get a store card, consolidate your balances onto a new card, close down a credit card, max out all your credit cards or increase your credit card limit.
• Mortgage accounts: Refinance your mortgage, take out a mortgage, foreclose on, or short sale your mortgage.
• Installment accounts: Take out an auto loan, take out a student loan, or take out a personal loan.

This feature alone makes enrolling in the Experian CreditWorks Premium membership worthwhile, as it provides insight into strategies you can use to reach your credit goals faster.

One-Time Credit Report

You can quickly pay to access your credit reports and score from one or three credit bureaus – Experian, TransUnion, or Equifax – once. This service also includes access to live customer support 7 days a week to learn more about how the items on your credit reports affect your credit score. You can also ask any other questions that may come up when you review your credit report.

Experian CreditMatch

Get matched with credit cards, loans, and other financial products from Experian’s partners based on your credit before applying. For example, if you’re searching for a certain type of credit card, you can filter cards by issuer or type. For the latter, these include cash back, points, balance transfer, 0 percent introductory APR, travel, no annual fee and credit cards with low interest rates. You’ll find cards from many issuers on the platform, including Avant, Capital Bank, Capital One, Celtic Bank, Chase, Citi, Credit One Bank, First Access, First Digital, First Progress, Genesis FS Card Services, Luxury Card, MRV Banks, Merrick Bank, Petal, The Bank of Missouri and Wells Fargo. Experian CreditMatch is also included as a part of the CreditWorks Basic membership.

Experian IdentityWorks

Access extra identity theft protection features, such as locking and unlocking your Experian credit report and real-time notifications if someone uses your personal information to apply for credit when you opt for an Experian IdentityWork membership. There are three membership levels to choose from: Basic (free), Premium, and Family. The basic plan includes a free Experian credit report and FICO score, credit monitoring and real-time alerts, FICO Score tracking and monitoring, a free personal privacy scan, and a free dark web surveillance report. You can also upgrade to get even more benefits, like privacy scans, removal of your personal information from people finder sites, up to $1 million in identity theft insurance coverage, fraud resolution assistance, Experian CreditLock, and more.

Experian Go

If you want to start building credit but aren’t sure where to start, Experian Go is another useful tool worth considering. You can sign up for free, and Experian will provide you with guidance on strategies for building enough credit to get an FICO score. Users also get continued support and tips on establishing healthy credit habits. But, again, it’s free to use Experian Go.

Experian BillFixer

Credit reports, scores and credit-building tools aren’t the only services Experian provides. You can also get help lowering your monthly bills if your budget is stretched way too thin or if you’re tired of overpaying each month. Experian BillFixer is another benefit that comes with the CreditWorks Premium membership and gives you access to a team of expert negotiators who will connect with your bill providers to secure better rates. You get to keep 100 percent of the savings you get while using this service, and there’s no added stress as Experian does the work for you. Plus, Experian automatically knows when your promotional offers are up for renewal and will start the renegotiation process before they end to help maximize your cost savings.

Auto Insurance Comparison Tool

You can also use Experian to find a better rate on auto insurance coverage. The auto insurance rate comparison tool helps the average user save $961 on premiums, and it’s free to get started. Here’s how this tool works:

• Step 1: Complete the online questionnaire regarding your current auto insurance policy. Experian will analyze your responses and display personalized quotes from providers in its network.
• Step 2: Review the insurance quotes to determine if at least one is a better fit than you currently have. If so, you can select the offer that’s most ideal for your financial situation and allows you to save money without giving up valuable coverages.
• Step 3: Experian will handle the switch from start to finish. This means you won’t have to worry about reaching out to your current provider to cancel your policy and request a refund (if applicable) or calling the new provider to apply for coverage.

Dispute Credit Report Errors

Per the Fair Credit Reporting Act, if you’re denied credit, you have the right to know if your credit file is the culprit. If you find yourself in this situation, receive access to your credit file, and discover inaccurate information or omissions that are negatively impacting your Experian credit score, you have the right to dispute. Experian’s online dispute center provides the tools and guidance you need to start the dispute process without getting frustrated or overwhelmed.

Resources for Small Businesses

Experian also helps small businesses and larger companies access their business credit reports, access business loans, target new customers, and screen potential tenants to determine if they’re a good fit. Here’s a closer look at these offerings:

Business Credit Reports and Scores

Your business credit report and score reflect your company’s creditworthiness using factors such as payment history, outstanding balances, and credit utilization. With Experian’s services, you can acquire detailed insights into your company’s financial health to make better financial decisions.

Monitoring your business credit scores will help you identify and resolve any possible discrepancies so you can maintain a solid financial standing. You can also use these scores to your advantage when negotiating with suppliers, lenders, and creditors.

Customer Acquisition

Experian offers a variety of customer acquisition solutions to help you grow your client base. One powerful tool Experian offers is Instant Prescreen, an online real-time prescreen program that enables credit grantors to instantly pre-approve customers for credit products at the point of sale. This tool helps streamline the back-end approval process and can be integrated into various consumer interactions, such as during an inbound call or on your website.

Your business can also benefit from Experian’s small business data, which gives you a competitive advantage by providing exclusive information and scores on millions of small businesses. Access to this data can improve your risk decisions by up to 40 percent, enhancing your customer acquisition strategy.

Tenant Screening

Experian offers a range of tenant screening services for small businesses, including background checks. These checks help you make informed decisions about potential tenants by providing essential information about their creditworthiness and rental history.

When using Experian’s tenant screening services, you receive detailed reports on your prospective tenants’ financial and personal backgrounds. These include credit scores, bankruptcies, evictions, and collection accounts. Furthermore, its criminal background checks can alert you to potential safety concerns or legal issues.

Debt Collection

Experian’s debt collection software provides you with tools and data across the entire collection life cycle. You’ll get compliance management guidance, account alerts, and debt prioritization all in one easy-to-use system. You can save time and resources and ensure your staff is well-trained by eliminating the need for multiple systems.

Experian also features debt collection and skip-tracing services that can help you locate hard-to-find debtors. Utilizing these services can improve the success rate of your collections efforts, contributing to a more effective debt recovery strategy.

Business Credit Monitoring

Experian’s Business Credit Monitoring lets you quickly check and update your business information. Plus, you can dispute potential inaccuracies. This proactive approach will help you keep your credit profile in good standing and improve your chances of obtaining financing with attractive terms.

Experian Customer Success Stories

Experian helps consumers, businesses, and lenders make better financial decisions. With credit report data and credit repair educational services, customers can thrive with Experian. Check out their success stories.

Intuit

Intuit is a financial software company that uses Experian services to mitigate risk and prevent fraud. With credit reports, ID verification tools, and customer service, Intuit can withhold its company values while helping shareholders reduce losses.

Contract Callers

Contract Callers needed a better way to get accurate information about consumers while remaining compliant in the debt collection industry. With a combination of Experian services, they have found higher contact and success rates.

Get Started with Experian

Visit Experian.com to learn more about all it has to offer or to start taking control of your personal credit health. That way, you’ll be well on your way to a better credit score. If you’re a small business owner, be sure to explore the resources available to you. Some are free, and others are paid, but both can help you start moving your business forward and improve your company’s credit health and bottom line.

The site is easy to navigate, and you don’t have to create an online account to get started. However, you’ll need to sign up to access the tools and features mentioned above or to view your free credit score or free credit report.