Why Experian Connect?
- There's no fee to view your client's credit report, once purchased by your client
- Easy and convenient interface
- Small business users can make credit decisions
Experian Connect for Small Business Professionals
Experian Connect will let you view the personal credit report and score of clients who have granted you access. Perhaps you are a landlord evaluating a prospective tenant or a consultant who needs to setup the payment schedule. When you view your client's credit report and score through Experian, you can be sure you are seeing their information directly from the credit bureau.
Credit Checking Directly Between Small Business Professionals and Their Clients
Once you create your account on Experian Connect and you have completed authentication, you can start inviting your clients as connections. After your clients complete authentication and accept your invitation, they will be able to purchase their credit information and then grant you access to securely view it.
You will be able to quickly view your prospective client's credit report and score. This may eliminate manual paperwork and save you time – you may be able to make smart credit decisions faster.
Experian Credit Report and Score
What is a credit report?
A credit report is a snapshot of your client's experience with credit-related accounts. Aside from some basic personal information, like their name and address to help identify their report, there are three main types of information on their credit report:
- Public Records: Court-related information, including bankruptcies, state and county court records, tax liens, monetary judgments and, in some states, overdue child support payments.
- Credit Inquiries: Names of businesses or individuals that have obtained a copy of your credit report, including lenders, landlords, and employers.
- Accounts: Payment history on all your Real Estate, Installment, and Revolving Credit Accounts.
What is a credit score?
A credit score is a number based on the information in your client's credit report. It is similar to a grade you would have received in school, but instead of right and wrong answers, their credit score is based on positive and negative credit history. Paying bills on time and using credit responsibly builds a positive history while paying bills late and being irresponsible with credit builds a negative history.
There are many different ways to calculate a credit score. Experian Connect uses the VantageScore® calculation with the Experian credit report. VantageScore was developed by the three national credit reporting companies — Experian, TransUnion and Equifax. Unlike other scoring systems, it is the most consistent score using only one model with one set of scoring calculations, resulting in scores that are more uniform and consistent.
How is the score determined?
Developers of credit scoring models review a selection of consumers — often more than one million. The historical credit profiles of these consumers are examined to identify common variables. The developers then build statistical models by selecting the credit variables most predictive of future behavior and assigning appropriate weights to each variable. The score is influenced by the following factors:
VantageScore is based on the traditional A, B, C, D and F rating scale. All credit scores are measured in a numeric range — from 501 to 990. When you view your client's VantageScore, you are able to easily see and understand where your client stands.
Experian Connect – Questions and Answers
Can I use this service for both personal and business use?
Yes. In fact, if you are a small or independent business, it is important to know your personal credit information, too.
Why is the credit score different from the three different bureaus?
The three national credit bureaus do not share information with one another. This means that, if your creditor only sends information to one or two of the credit bureaus or only pulls an inquiry from one bureau, the activity won't appear on all three reports. The three bureaus also have different formats for the way they collect and store data, so information for the same account may appear differently from one credit report to another. This is why scores are sometimes different from one bureau to another.
What does it mean to create a “Connection” on Experian Connect?
In order to interact with someone else through this service, you first must go through a three-step invitation process. This invitation process allows both parties to confirm they know and trust each other before sharing important information, such as a credit report. Successfully completing the invitation process creates a link between the two accounts, and each party is now a “Connection” to the other.
What happens when I send an invitation to connect?
When you send an invitation to connect to someone, an email is sent from Experian Connect to the name and email address you provided to us. If you also added a custom message, we will include that in the email as well as your Connections page. It’s important to remember that you only should invite people who you know and trust. Before someone can accept your invitation, they will need to either sign in to their existing account or create a new account and verify their identity.
Does asking my Connection to see their report hurt their credit score?
No. When you ask a Connection to see their credit report and score, they will need to agree to show it to you. Once they do, it will not affect their score because this type of action is what we call a “soft inquiry”. Soft inquiries do not impact your credit score and do not appear on any credit reports viewed by other people.