All You Need to Know about the Experian Credit Score

Experian grades your credit score between 0 to 1000, as determined by the information in your credit file. This credit score helps to reflect your creditworthiness as a customer, and plays a major role in whether or not a provider approves you for credit products. 

The closer you credit score is to 1000, the healthier your report is and, therefore, your financial history. 

Experian uses five score bands ranging from Excellent to Weak. If your score is in the Excellent band, it will sit closer to 1000, and you may be more likely to gain approval for low rate credit products. Whereas being in the Weak band indicates your score is below 550. 

Here are the five bands used for the Experian Credit Score: 

• 0-549: Weak
• 550 - 624: Fair
• 625 - 699: Good
• 700 - 799: Very Good
• 800 - 1,000: Excellent 

Remember, this number can keep changing depending on your financial behaviour, so it's recommended to check your credit report at a minimum once a year.

No one knows exactly how the credit reporting bureaus assess consumer information. What we do know is that Experian applies a statistical algorithm that uses events in your credit history to predict future behaviour to calculate the score. 

The key parameters Experian uses to calculate your score include:

• Your repayment history
• The type of credit products you have applied for 
• The number of credit enquiries you have made so far
• The type of credit provider that has made enquiries on your report
• The credit limit on every credit product you have
• The number of defaults on your account (delayed payments, bankruptcy, and more)

Credit enquiries and applications will typically stay on your credit report for five years. Other enquiries that may appear include utilities such as electricity, gas or phone bills. Any lapse in payment for these products, both credit and utilities, will appear on your credit report, which negatively impacts your credit score.

You can access your Experian Credit Score for free on the RateCity website. You can also order your Experian Credit Report by filling a form on its website or calling 1300 783 684 between 9:00 am-5:00 pm AEST Monday to Friday.

If you choose to fill in the online form, you’ll have to provide your identification details such as name, date of birth, driver's license number, and residential address. Once you submit these details, you’ll receive an email from Experian requesting additional documents. You're best to reply within 14 days with all relevant documents to help speed up your request. 

After Experian has received all the required information, you’ll receive your report within ten business days.

If you check your credit score and want to make improvements, there are some things you can do. Improving your Experian Credit Score may take time and careful financial management. Still, it can be done with a few simple changes. To increase or improve your credit score, you can consider: