If you have applied for a credit card, loan or mortgage, chances are you have heard of Experian. In this case, you may be wondering the question, “What is Experian?” as well as how to read the Experian Credit Report.
What Is Experian?
Experian is a global information services company that provides data and analytical tools to its clients around the world.
It helps businesses manage credit risk, prevent fraud, target marketing offers, and automate decision-making. It also allows people to check their credit report and credit scores as well as protect against identity theft.
How to read Experian Credit report?
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Experian Credit report includes the following.
- Consumer’s name and address. If an asterisk is shown, it indicates an address discrepancy.
- Social security number. This includes other numbers the consumer has used. It can also have an erroneous social security number reported by creditors.
- Employment history. This includes all employers and dates reported.
- Address information. Any former address is often included.
- Date of Birth
- Aliases and AKA names. A maiden name, nickname or typing errors on wrong spelling of your name.
- Demographics (Experian option.) Phone number, Driver’s license and HM – Homeowner or renter.
- Fraud Shield Summary (Experian option.) This warns you of any potential fraudulent or inconsistent information based on the inputted address, date of birth, phone number, driver’s license and Social Security number.
- Profile Summary (Experian option.) The summary shows 30, 60 and 90 day and 7 year total derogatory items. Past due amount is the total of past due amounts. Now delinquent or derogatory is how many accounts show current derogatory status. Old trade indicates credit experience based on your oldest account.
- Risk Models (Report option or bureau preset.) FICO or other credit scores along with the most significant score factors (reason codes) for the consumer.
- Public Records which may include a bankruptcy, judgment or tax lien. Line 1 shows court name, filing date, status date, court code, amount and type of record. Line 2 shows a reference number. Line 3 shows book page, docket number and consumer’s comment if applicable.
- Trades are considered the main body of the report and may include installment loans, revolving accounts, mortgages, collections and other accounts. Included are open and closed accounts.
- Subscriber – The lender
- Sub# – The lender’s sub code (member number) with Experian.
- Account Number – The consumer’s account number with the lender. May be marked with asterisks.
- KOB – Experian’s kind of business code. This first letter indicates the main classification.
B Banks and S&L
D Department, Variety, retail
F Finance, personal
H Home Furnishings
|J Jewelry, Cameras, Computers|
L Lumber, Bldg. Mat., Hardware
M Medical and Health
N Credit card, travel, entertainment
O Oil Companies
P Personal Services (non-medical)
Q Mail order houses
R Real Estate, Hotels etc.
|S Sporting Goods|
T Farm and Garden Supplies
U Utilities and Fuel
Y Collection Services
- TYPE – The type of loan.
- TERM –Term of loan in months. REV means revolving account.
- ECOA – Equal Credit Opportunity Act – 1=Individual, 2=Joint (Example: Husband and Wife)
- Open – Date the account was opened.
- BALDATE and LAST PD – This is the date of balance shown and date of last payment.
- AMT-TYP1 – An amount and code identifying the amount. O is original loan amount, L is credit limit, H is highest balance and C is a charge off.
- Balance, Monthly Pay – Balance and the monthly payment amount.
- AMT-TYP2 – Another amount, with a designation as to the amount type.
- Payment Level – Date account reached its current status and account past due
- ACCTCOND – Account condition. Open or closed.
- MOS REV – How many months payment history is on file. MAXIMUM – Date the worst status was reached.
- PYMT STATUS – COLLACCT is a collection, CURR ACCT is current, and DELINQU 30 is 30 days delinquent.
- PYMT HISTORY BY MONTH – from left to right. (Top left is the BALDATE month.) C – Current, N – Current with zero balance, 1 = 30 days past due, 2 = 60 days, 7 = paying under WEP, 8 = repossession or foreclosure, 9 = collection or charge off. B = not applicable and G = in collection.
- Inquiries shows the Experian subscribers that have recently requested a credit report, by name, date, subscriber code, and kind of business (with type, terms and amount in some cases).
- Consumer Assistance Contact provides Experian’s address and phone number (to be given to the consumer with any adverse action notice based on the credit report.)
- Consumer’s Statement is a short message added to the credit file by request of the consumer. This type is a statement disputing or explaining a derogatory item or items that were not successfully removed.
The information on a credit profile can vary depending on which credit card companies use Experian.
Now that we have learned how to read an Experian credit report, let’s learn how to get a free credit report from Experian.
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How to Get a Free Credit Report from Experian
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Every consumer is entitled under federal law to a copy of his/her credit report, once every 12 months, from all three credit reporting agencies.
It is important to check your credit report from each of the three bureaus annually. By doing so, you will be sure your credit is accurate and up to date. Each reporting agency collects and records information differently and may have different information about your credit history.
How to Get a Free Experian Credit Report
- You can visit www.AnnualCreditReport.com
- You can request by phone by calling 877-FACTACT
- You can complete a request form and mail it to:
Annual Credit Report Request Service
P.O. Box 105281
Atlanta, GA 30348-5281
When you order your credit report, you will need to provide your name, address, Social Security number, and date of birth. To verify your identity, you may need to verify a mortgage or automobile payment. Your free annual credit report does not include your credit score. A credit score is an additional service that can be purchased when getting a copy of your credit report.
What Is a Good Experian Credit Score?
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By knowing your credit score, you will learn what factors can positively or negatively impact your credit risk.
A good Experian credit score is above 700. Most good credit scores depend on the scoring system used by a lender. If you have a good credit score from one of the credit reporting agencies, you are likely to have a good credit score with your lender. Information that impacts a credit score varies. Credit is impacted by the number and severity of late payments; type, number, and age of accounts; and total debt.
The biggest factor to having a good Experian credit score is to keep your payments current on mortgage, automobile, loans, credit cards, and other revolving accounts. Building good credit not only requires paying on time but limiting the amount of outstanding loans and revolving account balances.
There are many Experian reviews available on the Internet with varying opinions. Below is detailed information on Experian.com reviews that you should consider reading before using Experian credit monitoring review services.
Experian.com reviews feature a common theme in complaints about fees charged. One reviewer claimed the fee should have only been $1.00, yet the individual was charged $43.09 for a two-month membership that wasn’t requested in the first place.
A recent review, on April 28, 2016, was of an individual who was expecting a free annual credit report, yet the individual was charged $4.95 and, one month later, an additional $19.94. Upon further review, the individual learnt that Experian charged a monthly membership that the person didn’t authorize or expect. The reviewer found it extremely difficult when attempting to cancel.
One person went as far as to tell Experian that it was scamming the customer. Another review posted in April last month was of an individual who went to annualcreditreport.com and, after filling out the questionnaire, was asked what credit report they would like to receive. The person checked “Experian,” and giving credit card information was part of the verification process. The individual was then charged $4.99 and subscribed to an unauthorized membership.
Upon phoning Experian, the person was informed that the money couldn’t be refunded. The individual finally received a refund after threatening to report Experian to a government agency.
The overall sentiment of all of the reviews is similar. Many suggested reading the fine print and checking your account frequently.
All of the Experian reviews on consumeraffairs.com had the same consistent complaint of individuals requesting credit reports yet being charged monthly fees. Is this a scam? ConsumerAffairs is an independent web-based consumer news and resource center. The reviews and complaints are factually correct and include details from individuals’ first-hand experiences.
Experian Credit Monitoring Review
By checking your credit reports regularly, you can monitor your credit information. If you detect suspicious activity appearing on your Experian Credit Report, you should report it immediately. This allows you to minimize the damage due to identity theft and fraud. Experian Credit monitors your credit report daily and notifies you when changes are detected. By having Experian Credit Monitoring, you can help keep track of your credit activity and live confidently.
Many credit card companies pull credit reports from Experian. Citi usually pulls from Experian or Equifax. Amex pulls from Experian primarily, and Chase favors Experian.
Experian Review – Conclusion
Experian supports clients in over 80 countries. Its commitment is to assist lenders in managing consumer credit risk and to empower individuals to understand and responsibly use their credit in their financial lives. To learn more about Experian and its services, visit www.experian.com
Experian reviews show many negative reviews; however, it is up to each consumer to learn what Experian credit monitoring can offer. As with any service, it is important to compare benefits, services, and fees so you can make a responsible decision. We hope this review helps in making decisions regarding your credit needs easier.
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