We’ve received some mails from our readers on asking us to explain the Experian Credit Information Report now available in India. Acknowledging readers demand today we’ll explain the contents and format of Experian Credit Report released by Indian Office which is in compliance with the Credit Information Companies (Regulation) Act, 2005.
Section 1 of the Experian Credit Information Report [CIR] is the “Application Details“.
These are the details you give us as part of your application for your CIR supported by the relevant documents including Personal details such as Name, Address, Date of Birth, Telephone Number, Gender, Marital Status, Email id and identity details such as PAN, Voter Id, Passport Number, Driving License, Ration Card & Universal Identification (Aadhaar number). Experian has used this information to produce your report and this section looks like as stated below.
As seen above, on the Top Left you will have the Experian Report Number (ERN) is the unique number assigned to every credit report that is generated. ERN should be quoted in case of any query regarding CIR.
Section 2 has Individual Consumers’ Credit Account Information – This section has information based on the details provided to Experian by all our member banks, credit / financial institutions and other credit grantors with whom you have a credit loan account. Following is the screenshot of the section in the credit report.
The Above Chart Highlights an Auto Loan of the consumer.
- Date Opened is the date on which the credit/loan account was opened.
- Date Closed is the close date of the credit /loan account.
- Last Payment Date is the date on which last payment was made to the credit institution.
- Date Reported is the last date on which that credit institution / bank reported details of the account to the credit bureau
We’d like to elaborate more on this section with another instance of a Housing Loan Account as shown below and explain the terminologies in detail.
Line 1 highlights the Credit institution name, Type of loan, Loan account no, Account holder type (Individual, Joint, Authorized User, and Guarantor) and the count of credit accounts displayed.
Then you can see the Applicant’s Details – Your current address as recorded by the credit institution, Date of Birth, Gender, Occupation, Email address, Telephone, etc
Account Status – denotes the specification of the status for that credit account. Active* – Accounts which are less than 90 days past due, means it is REGULAR and in Good Standing. Closed – Accounts which are paid in full. Active** – Accounts which are over 90 days past due, Suit Filed/Willful Default/Written Off/Settled.
Current balance is the amount of credit/loan outstanding, including the current and overdue portion, if any, together with interest last applied as of the date in the Date Reported field.
Amount Overdue is the amount recorded as overdue by the credit institution as on the date of last update.
Highest Credit / Sanctioned Amount is the maximum balance ever on your credit card and Fleet card account. For all other account types this value is the amount of loan that is sanctioned.
EMI Amount is the EMI (Equated Monthly Installment) that is paid on the credit/loan account.
Rate of Interest is the interest being paid on the credit/loan account.
Repayment tenure is the term of loan denoted in months.
Type of collateral denotes property or gold or shares or savings account/ fixed deposit that have been provided as collateral
Value of Collateral is the collateral value provided to us.
The Days Past Due is a Comprehensive Section explained here.
Section 3 – Previous Enquiries This section shows the names of the credit institutions that have processed a credit / loan application for you. Following is the screenshot of the section in the credit report.
- Credit Institution Name is the credit institution with whom you applied for the credit / loan facility.
- Application Date is the date when the enquiry was performed by the credit institution.
- Amount is the total amount of credit applied for.
- Duration of Agreement is the period for which the credit has been ap-plied.
- ERN is the report number generated for each enquiry.
- Search Type is the type of credit / loan facility which you applied for
- Consumer Date of Birth, Phone No, Email id, Gender, Marital Status & identity details such as PAN, Voter Id, etc
CIBIL backed by vendor Transuinon was the first one to enter Indian market and you can have a look at Sample CIBIL Credit Report here
Should You have Any Questions or Comments, please feel Free to touch base with us and we’d be glad to assist you. You can also Order Your Experian Credit Report now.