A credit score is an analyzed report about your financial health and information. Lenders use this credit report as a way to determine your creditworthiness. This score is used to check if you will be able to repay the provided loan amount on time. Also the score is an amalgamated analysis of current balance, payment history along with credit accounts.
One question that you might arise is why you should check your credit score or report?
Monitoring credit score is a habit that you should inculcate to ensure that you have a strong financial stability that becomes further suitable for you to get loans. Notably, credit scores are analyzed on the basis of credit reports, and those credit reports show where you work and live along with other financial information to confirm your legitimacy.
Credit reports become a significant factor in enabling the lender to determine if you are worthy of repaying the loan. Hence, keeping your credit score on track and checking it is mandatory, significantly you can also check your credit score using Buddy Score. Let’s first understand what an experian credit score is followed by ways of checking free experian credit score on Buddy Score.
What is an Experian Credit Score?
Experian credit score is the analyzed score calculated based on your previous or present loan or credit card repayment history. Banks and other financial institutions can make enquiries about this before providing you a loan.
Checking Free Credit Score
Credit score monitoring can assist you in detecting any fraud prospects found in your report. Therefore, if you choose to monitor the Experian credit score, the notification will be sent to you to inform you if any changes occur. You can monitor your Experian credit score by login in to Buddy Score and provide your credentials there. Learning about your credit score position and what is affecting them will enable you to be ready to apply for new credit.
This article will guide you through ways to check your Experian credit score and report and the benefits of monitoring Experian credit score and report through Buddy Loan.
How does Experian Credit Score Work?
Credit Score differs between 300 and 850. Having a credit score more than 750 is considered to be an excellent position of your credit score. Banks and financial institutions won’t be skeptical to provide you with a loan if you have such experian credit score status. But mostly, a good credit score ranges between 600 and 750.
Steps to Check Experian Credit Report
If you want your loan approved to be quickly, you should check your credit score regularly prior to your lender.
In order to get your Experian credit score , you have to login to buddy score, here are the steps you need to follow –
Step 1 – First , you need to login to Buddy Loan website , after that you should proceed to the next step by clicking on the link ‘Check free credit score. And then you have to provide the following information below –
- First Name.
- Last Name
- Email address
- Pan card
- Date of birth
- Current Street Address
- Zip code
- Your mobile number.
Step 2 –.After you have provided your details correctly as required then you will receive an OTP on the number you have entered. Then you have to enter the OTP you received on your mobile.
Step 3. Now Your Experian credit score should appear on your screen with proper details and analysis.
Also Read: Know The Different Types Of Credit Score
Benefits Of Experian Credit Score
Experian credit score is a direct way of showing how your lenders may view your application. The better the credit score is, the higher the chances of getting a quick loan or a credit card. Your credit report enables you to see the information that lenders will use to carry out a credit check. Even if you have a low credit score, you as a customer can improve it by checking your credit report regularly.
There are other benefits of checking your Experian Credit Score on Buddy Loan. They are as follows:-
1 . Credit information– One of the significant benefits of checking your credit score and report is that it provides prompt notification of any recent changes found in your score. And you can check your Credit score in Buddy Score as multiple times you want.
2.Fewer chances of fraud – If any fraudulent activity is found on your credit account, a notification will reach you quickly to raise a dispute as soon as possible. If any error is found in your credit report which is not connected to your financial activity , you should inform the concerned authorities as quickly as possible.
3.Prevents you from hard inquiries – If you constantly monitor your credit score and work on improving or rectifying an error, then you can refrain from hard inquiry. A hard inquiry will affect your entire credit score negatively.
4.Practical Advice are provided – Free credit score resources like buddy score help quickly access your credit score and suggest practical tips to improve your credit score. It will help you know the flaws in your credit score before your lender.
When you analyze your Experian credit score in Buddy Score, you will get information like what might affect it and what will help your credit score increase. It is very beneficial to check your credit score online for free because it will enable you to check your credit score and monitor its frequent activity. So, when there are resources available to check free credit scores with the benefits mentioned above, paying to check the same might not be a wise decision to take.
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Q. Can Constant Monitoring of Credit Report Have a Bad Effect?
A. Monitoring your credit score as a soft inquiry that won’t affect your credit score. You can check your score as frequently as you like because it is wise to check your credit score regularly. Also, if you check your credit report once a year diligently, your financial future will be in a better position.