Experian uses the Experian/Fair Isaac system for arriving at a credit score. Experian terms its score as PLUS. The Experian system is a derivative of the FICO system. Experian scores differ a little from the Equifax scores that are also based on FICO. The PLUS score has a range of 330 to 830; a high score implies that the individual is less of a credit risk. The PLUS score is derived from the information that is available in a credit report.
Experian credit reports are available online, however, they do not offer a 30-day window for use and therefore one is best advised to keep a printout of the same. Experian credit scores are affected by negative information such as overdue payment and accounts in good standing.
Factors that affect an individual’s Experian credit score include past payment history that cover late payments and bankruptcies in the past, it is the most important aspect considered when issuing a credit score. Current debts and available credits rank high in the list of consideration when calculating the PLUS score. The length of credit history and credit mix also affects the score.
The PLUS score is different from the FICO score and may not be used by a lender that an individual approaches. One should keep this in mind while referring the PLUS score, especially if one is planning to take a loan or chart out a plan for increasing the credit score.
The Experian website provides a score simulator that helps to understand the effects of different actions upon the credit score. A disadvantage of viewing the Experian credit report online is that it has to be purchased again if one logs out accidentally or after twenty minutes of inactivity.
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