Experian: What You Need to Know

Understanding Experian

FREQUENTLY ASKED QUESTIONS

Experian

Checking your credit history can help you to understand your relationship with credit and how likely you are to be approved in the future.

If you’re looking to take the next step with your finances, why not consider checking your credit with Experian.

For more offers on Credit Repair products, take a visit to our Solutions page.

Experian is one of three credit reference agencies in the UK that gathers information on both individuals and business’ credit reports. Viewing credit reports allows customers to get a better understanding of how well they have managed their credit at past and present and whether they are likely to be accepted in the future.

Experian is used by hundreds of thousands of consumers globally to check their credit report and better their financial circumstances. By using advanced technology to access credit data, they offer solutions to help customers to reach their financial goals.

Experian offers you the option to be able to check your credit score and report, allowing you to access what types of credit you could be eligible for. While there are many different packages and subscriptions available, everyone is able to check their score for free.

As well as checking credit, Experian allows you to compare a multitude of different credit options such as credit cards, loans, car finance and energy suppliers amongst others.

You can cancel your Experian membership at any time should you wish to do so. For more information on how to cancel your subscription, any costs associated with cancellation and refund policies, visit their Frequently Asked Questions page.

When you check your credit with Experian you will be rated on a scale of 0-999, and will be categorised according to the following criteria;

  • Excellent: 961 – 999
  • Good: 881 – 960
  • Fair: 721 – 880
  • Poor: 561 – 720
  • Very Poor: 0 -560

Experian’s credit score acts as a guide for customers to understand their credit. It is also a good indicator of whether your likely to be approved for credit or need to make adjustments to your report, providing valuable insight into how financial services companies may perceive you.

Experian costs are as follows;

  • Experian Account: Is entirely free to sign up and use.
  • CreditExpert: £14.99 a month (30-day free trial for new customers).
  • Identity Plus: £6.99 a month (30-day free trial for new customers). Only available to users with a free account.

There are a wide range of different products and subscriptions, of which include;

Experian Accounts:

These accounts allow customers to check their credit score, which is updated every 30 days. Customers can see how eligible they are before applying for credit, receiving regular email updates regarding their eligibility. Users can also use their account to compare insurance, loans, credit cards, mortgages and energy offers.

CreditExpert:

With CreditExpert, customers receive their credit report daily, helping them to understand better what’s influencing their credit score. Furthermore, they’ll have access to the UK Experian Consumer Services call support if they have any questions or want to discuss their report in more detail.

Identity Plus:

Identity Plus is for users who wants better security against fraud and id theft. Identity Plus includes a daily fraud report, fraud alerts, as well as web monitoring and enhanced fraud support. This package is only available to those subscribed to the standard account.

For the most part, most commercial lenders that include banks, credit card and loan companies will report data such as late and missing payments. However, sometimes they will only report to one or two of the leading credit reference agencies in the UK, which include Experian, TransUnion and Equifax.

When you sign up for an account, you may be asked to provide the following information so that Experian can find your financial information;

  • Name
  • Address
  • Date of birth
  • Information about your finances
No, checking your credit score online through Experian does not affect your score. Instead, a ‘soft credit check’ is performed when accessing your credit score, meaning that your score is not impacted. However, soft checks will leave a search entry on your credit report.

Experian is dedicated to protecting the privacy of its customers and ensures that it safeguards the privacy and data of said customers against things such as identity theft and fraud.

CreditExpert will alert you via email or text alerts should there be changes in payment status as well as for a variety of reasons. Web monitoring is used to keep an eye out for your shared information in case anything looks wrong or fraudulent.

Also, should you suffer fraudulent activity, the CreditExpert’s enhanced fraud support is available to help guide you through the process. This includes a dedicated caseworker to aid you with bettering your financial security and communicating with companies on your behalf.

Experian is authorised and regulated by the Financial Conduct Authority.