A leading name and powerhouse in consumer credit reporting, Experian offers credit reports, analytical tools, and consumer services for clients across the globe. If you're looking for a reliable way to track your credit score, Experian have one of the best services.
But if you have any questions about how it works before signing up, check out our guide and you'll be able to make a more informed choice.
Sign up for Finty — powered by Experian — and check your score as often as you like. It's the easy way to get your Experian credit score.
In this guide
- Who owns Experian?
- Are they a legit service?
- How much does it cost?
- What ID is required to sign up?
- What do you get in your credit report?
- Do they have a mobile app?
- Does using Experian affect your credit score?
- Can I use it to get the credit score for a business?
- Experian's credit score bands
- Alternatives
- Verdict
Who owns Experian?
Experian was founded in 1996 when TRW Information Systems and Services Inc sold the unit to Thomas H. Lee Partners and Bain Capital. Only one month later, the firms sold the company to an English retail conglomerate, The Great Universal Stores Limited or GUS.
Experian was spun out of GUS and listed on the London Stock Exchange in 2006. It is one of the companies that make up the FTSE 100 Index. Like many leading multinationals, their corporate headquarters are located in Dublin, Ireland.
Are they a legit service?
In short, yes, Experian is a legitimate service. Credit bureaus — all of them — are highly regulated. Experian, being a credit reporting bureau, are regulated by ASIC in Australia (as well as the Fair Credit Reporting Act (FCRA) in the USA, and the FCA in the UK, etc.).
How much does it cost?
Experian do not offer ongoing access to your credit score in Australia (like they do in other countries where they operate). However, you can request a free copy of your credit report on a one-off basis.
Equifax and illion — the other main credit reporting bureaus in Australia — also offer free copies of your credit report.
What ID is required to sign up?
You must provide at least 100 points of ID to sign up for Experian. Your ID must comprise several identifying documents, such as a state or territory issued driver's license, an Australian Marriage Certificate, and a bank statement showing a current residential address.
What do you get in your credit report?
Your Experian credit report contains a complete overview of your credit position based on the data they have on you, which comes from the banks and institutions that report to them.
- Personal information, such as your name, gender, and date of birth.
- Your Experian Credit score, which can range from 0 to 1,000.
- Information about credit enquiries made in the past 5 years.
- Information about credit payments within the past 2 years.
- Consumer defaults.
- Current open credit accounts.
- Any serious infringements.
- Any commercial credit history.
- Public information about your finances, such as court actions or bankruptcies.
Do they have a mobile app?
No, they do not.
Does using Experian affect your credit score?
No, using Experian will not affect your credit score since it is considered a soft inquiry.
Can I use it to get the credit score for a business?
Although they offer various business related services, business credit scores are not one of them. If you need to check your business credit score, you can do so with OnDeck, Credit Simple, and Equifax.
Experian's credit score bands
Like every other credit reporting bureau, Experian classify credit scores within bands as follows.
- Excellent: 800 - 1,000
- Very good: 700 - 799
- Good: 625 - 699
- Fair: 550 - 624
- Below average: 0 - 549
Alternatives
If you're unsure about using Experian to check your credit score, there are a few alternatives you can try.
- Finty. Powered by Experian. Get your personal credit report. Monitor via the Android or iOS app.
- Get Credit Score. Owned by Experian's competitor, Equifax. Offers a free credit report.
- Credit Simple. Provides a simple way to check your credit score. It also ranks your score against other people in your area.
- Credit Savvy. Check your credit score for free. Owned and operated by CommBank.
- Equifax. Access your full credit report and score. Various price plans available. Also offers fraud and identity theft protection.
- Finder. Offers a free Experian credit report. Check whenever you like on the Finder app.
Verdict
Experian is a globally recognised credit reporting bureau, but if you want to get ongoing access to your Experian credit score in Australia, then you will need to use a service such as that provided by Finty, Clearscore, and Finder.
