Experian is a credit reporting agency that you can use to get copy of your credit file, understand your credit information and improve your credit history. You can read this guide to learn more about the services offered by Experian, understand how to read a credit report and weigh up the pros and cons of using this service.
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What is Experian?
Experian is a leading Australian consumer credit reporting agency. Experian offers free credit reports and scores, credit lock to restrict who can access your file and identity theft protection.
Experian runs several credit bureaus within Australia and across the globe, and it has partnered with leading credit providers in Australia to develop a Corrections Exchange. If you order your credit report from Experian and spot any incorrect listings, you can contact them to have these errors resolved. Credit laws in Australia require credit reporting agencies to respond to these corrections within 30 days.
What credit reporting services does Experian offer?
From credit reports and scores to corrections exchange, you can use Experian's services to get an understanding of your financial history and improve your credit score:
- Credit reports. You can order your free credit report online from Experian. Your credit report includes information such as the types of credit accounts, current balances, payment history and any negative listings you may have. You can use this credit report to determine your financial history and identify any areas you may need to improve before you apply for a new line of credit. You can also receive alerts any time something changes on your report, so you can remain up to date. You can get your free Experian credit report through Finder.
- Credit scores. You can also order your credit score through Experian. If you order your credit report through Finder, you'll receive your credit report for free. Your score is an indication of your credit worthiness and is used by lenders when assessing your application.
- Fraud and identity management. Experian can provide help with online fraud management including account takeover, eCommerce fraud, credit card verification, digital risk management, identity proofing and more.
- Corrections Exchange. Corrections Exchange from Experian helps simplify the process for managing correction requests, reducing compliance risk and increasing operational efficiency. This means that your credit correct requests will be resolved quickly and safely. This is an important service that helps lenders comply with new credit reporting obligations in Australia while ensuring credit reports are relevant and accurate.
How can you read an Experian credit report?
Lenders use your credit report to determine if you're a low or high risk applicant before approving your application for credit. Your personal credit report will contain the following information:
- Personal details. This will include your name, address, employment history, date of birth and driver's licence information.
- Public record information. Any credit information that is held on the public record. This can include court judgments, writs and bankruptcy notes, personal insolvency notes and debt agreements.
- Current and previous credit provider details. Information about credit accounts you currently hold and have held with banks and other lenders for the past five years. This includes the type of account, credit limit, repayment information and dates the accounts were opened and closed will be included.
- Defaults. Your Experian credit report will also list all credit infringements in your credit history, such as missed loan repayments, missed utility payments, unpaid debts etc.
- Enquiries. Each time you make a credit inquiry, that information is noted in your credit report. Many credit enquiries in your report over a short period usually looks unattractive to lenders.
What other services does Experian provide?
- Credit risk management. Experian can help you make better financial decisions by providing you with customer credit scores and helping you identify liens and bankruptcies that could increase the risk of incurring debt. It can also help with debt collection and recovery strategies and offer consultations on how to limit losses in lending.
- Strategy management. Businesses can contact Experian for assistance with strategy design and execution through PowerCurve strategy management.
- Fraud prevention and identification. Experian helps lenders build lasting relationships with customers by providing analytics, consumer behaviour information and verification. It also offers identification services that ensure that only legitimate customers get access to credit. These services can help reduce false positives during credit application approvals, cutting losses caused by fraud and identity theft.
- Customer management. Your organisation can depend on Experian for more in-depth insight into customers so you can develop better relations, assess risk metrics, determine profitability potential from various clients and even enrich the profile of existing customers. Information on propensity to pay will also help your organisation limit the risk of defaults from customers.
- Cross-channel marketing. Bring your brands and customer base closer together by utilising the Experian marketing platform that is flexible in integrating various brands and customer insights.
- Online intelligence. Get reliable online intelligence about customer interaction online and review browsing trends on smartphones and tablets using the Experian Hitwise service.
- Originations. You can use the Experian identification authentication service to track customer identities and minimise the risk of identity theft and credit fraud in your organisation.
Have you weighed up the pros and cons of Experian's products and services?
- Comprehensive credit reporting. Experian credit reports are updated and reliable, enabling your organisation to make sound financial decisions when approving credit to customers.
- Reliable database. Customers with errors on their credit files can have them corrected quickly using the Corrections Exchange service. Credit providers can also update and manage their databases and rely on relevant financial information, customer insights and credit scores from Experian for better lending decisions.
- Advanced products and solutions. Experian’s marketing services are designed to help you find strategic solutions for all your organisational needs, including marketing, intelligence gathering, risk mitigation and even fraud prevention.
- Waiting period. You may have to wait up to 10 days after ordering a free copy of your credit report from Experian credit services.
You can view your Experian credit report to understand how you can improve your financial history and increase your chances of approval when applying for a new loan or credit card. If you're a business, you can also use Experian credit services to avoid financial risk and learn strategy designs.