A good credit score is important for a lot of reasons. When buying a home, entering a new rental agreement, or applying for a car or personal loan, your credit score is typically going to be checked. This number dictates whether or not you actually qualify for the loan in question, and if you do qualify, it will determine the interest rate you receive.
Even though most of us can agree that having a good credit score is important, we can also probably agree that credit can be confusing. Additionally, there are hundreds of credit repair solutions that claim to be able to boost your scores. However, many of these companies can be costly, and they often do not guarantee results.
So, how can you learn about credit from a trustworthy source? And can you actually repair a low credit score? In this article, we are going to take a closer look at Experian and the services they offer. Is Experian the solution for you? Keep reading for our full Experian review.
Experian is one of the 3 main credit bureaus in the United States. The company is well-trusted and has an established track record over 125 years.
The company offers a number of free resources to clients that include credit monitoring, credits reports, and Experian Boost. Additionally, there are other paid services such as identity theft protection and insurance.
Opening an account with Experian is simple and can be done in just a few minutes. Seeing and understanding your score couldn't be easier!
A credit score can be determined in a number of ways. Different companies use different methods of creating a person's credit score. This can be done by different weights on various factors. One of the most widely accepted scores is FICO, which is used by about 90% of creditors in the US. Experian also uses the FICO score.
An account with Experian comes with an online dashboard that is simple to navigate. The company also offers members a simple and easy to understand app. This app currently has 4.8 stars in the app store from over 1.4 million reviews.
As defined by Experian, credit is the ability to borrow money or access goods or services with the understanding that you'll pay later.
A credit score is simply a numerical value that provides an assessment of your credit history. Lenders use this information to assess the likelihood or the confidence they have in your ability to pay off debts.
Scores range from 300 to 850. Most people typically fall somewhere between 600 and 750. A score above 700 is generally considered a good score.
Want to learn more about credit and how to build it?
A credit score is made up of a number of factors. Each one has a different weight and therefore impacts your credit differently.
There are five factors to consider with credit:
Experian has a vast array of tools to help consumers with their credit. The best part is that most of these tools are completely free! Most credit repair solutions come with a hefty price tag. With Experian, you can actually get started for free.
It is no secret that understanding credit can be confusing. Part of this confusion comes from the fact that you actually have multiple scores and multiple credit history reports. This is because there are multiple bureaus and multiple reporting processes.
One of the main reasons Experian is loved by consumers is the fact that they offer consumers free education about credit through their blog. You will be able to learn more about credit, how it is impacted, and how to improve your score.
With Experian, you will be able to see your score for free. The first step to improving your credit is simply understanding your credit. By seeing your score as a lender would see it, you will be able to better understand where you stand today. Each month as you login, you will get an updated score with the latest month of your credit history.
With your free report, you will be able to quickly understand the various factors impacting your score. You will also be able to see your total debt, lines of credit, and any items in collection if applicable.
Right in your dashboard, you will also see ways to improve your credit and view new items reported on your report. If you notice an inaccuracy or something that isn't fair, you will be one step closer to fixing your credit report. Even just 1 negative item on your report can have a large impact on your score.
As time goes on, you will be able to track your score and see how different behaviors and spending habits impact your score over time.
A key benefit of opening an account with Experian is the ability to monitor your credit with free alerts.
Credit monitoring can help you detect possible identity fraud sooner, and can help prevent surprises when you apply for credit. Get notified when new inquiries, new accounts, public records, fraud alerts, and personal information updates are detected on your Experian Credit Report.
These alerts can save you a serious headache should someone try to steal your identity and use your credit.
Within your dashboard, you will also see something called Experian Boost. This is a relatively new feature that can boost your credit score instantly. Experian claims on their website that the average user of Experian Boost increases their score by 12 points instantly.
Typically, a credit score and report is made up from various lines of credit such as credit cards, auto and personal loans, and mortgages. However, with Experian Boost, consumers can now report on time payments from much more. By demonstrating a history of on time payments with things like utility bills, phone bills, and even Netflix, Experian helps you increase your score!
It is simple and easy to use. Millions of Americans across the country have already seen results. It is important to note however, that not all lenders use the FICO score. Thus, this increase may not garner the results you want for every lender.
All of the benefits highlighted thus far come with Experian's free account: CreditWorks Basic. Experian also offers a premium account for $24.99 per month or $249.99 per year. The premium account offers consumers a few added benefits.
First, with CreditWorks Premium, members will not only receive access to their Experian credit score and report but also their score and report from TransUnion and Equifax as well.
Second, instead of receiving an updated score once a month, members receive updated scores daily.
Third, and most notably, members receive credit and identity theft protection. This includes up to $1 million in identity theft insurance and real time alerts to any credit activity. They also offer members access to a fraud resolution support team should someone ever steal your identity. This service is included in the premium plan, but it can also be purchased separately starting at $9.99 per month.
To view all of the added benefits, be sure to review and compare the two products.
Creating an account and understanding your score can be done quickly. You will open a free account with the steps highlighted below:
This whole process can be completed in less than 3 minutes! Once you have completed the signup process you will see your personal dashboard.
This dashboard shows you your FICO score and credit report for free. Additionally, you will be able to see what lenders see when evaluating your credit history. Sign up today and see your score!
Experian is one of the three premier credit bureaus in the United States. The company's mission is to help consumers understand and track their credit.
Experian offers a number of resources to help consumers with their credit. This includes free credit scores and reports, free credit monitoring, and educational resources helping individuals understand their credit and how to improve it. Members also have access to Experian Boost, which is a tool that allows individuals to report on time payments from a variety of sources beyond traditional credit lines.
The majority of their services are free, though the company does also offer a number of paid services as well. This includes a premium account that offers members access to their credit scores and reports from all three the main credit bureaus, not just Experian. Other paid products include real time alerts, identity theft protection and support, and credit locking.
If you need help understanding your credit or want to learn about improving your score, be sure to check out Experian's offerings today! Signing up for an account is free and can be done in a few minutes!