Personal Loans That Only Pull Your Experian Credit Report

Getting approved for a personal loan often requires the lender to check your credit report from one or more of the three major credit bureaus – Experian, Equifax, and TransUnion. However, some personal loans only check your credit report from Experian when making a lending decision. If you have a strong credit profile with Experian, focusing your applications on lenders that only pull this bureau can be advantageous.

In this comprehensive guide, we will cover everything you need to know about personal loans that only use your Experian credit report, including:

• Why lenders check your credit report for personal loans
• How checking fewer credit bureaus can benefit borrowers
• A list of lenders that may only pull Experian credit reports
• Tips for applying and getting approved with Experian-only lenders
• How to prepare your Experian credit report for loan applications
• Alternative options if you don’t qualify for Experian-only loans

Why Lenders Check Your Credit Report

When you apply for a personal loan, lenders want to assess your creditworthiness and ability to repay the debt. Checking your credit report provides insight into your payment history, outstanding debts, credit utilization, and other facets that determine your credit score

Lenders have access to credit reports and scores from all three major credit bureaus. However, it is common for lenders to only pull one or two reports per application. This saves them money on inquiry fees and streamlines the lending process.

According to Experian data, the average interest rate on a 24-month personal loan in 2022 was 9.41%. Lenders offer their best rates to borrowers with good to excellent credit, typically 670 and higher. If you have less-than-ideal credit, you can expect to pay a higher interest rate or get denied for a loan.

The Potential Benefits of Checking Fewer Credit Bureaus

Having a lender only check your Experian credit report can work to your advantage in several ways

• Avoid lower scores: The scores from different bureaus can vary. If Experian shows your highest score, only checking this report means your lower Equifax or TransUnion scores won’t impact your approval chances and interest rate.

• Prevent excessive inquiries: Credit inquiries can lower your scores with some models. Limiting checks to Experian means you’ll have fewer inquires dragging down your Equifax and TransUnion files.

• Manage credit mix impact: The mix of credit accounts in your name influences your scores. But this mix may look better with Experian than other bureaus. A Experian-only pull keeps your more optimal credit mix in the forefront.

• Hide credit report discrepancies: You may have some negative marks that only show up at Equifax or TransUnion. With Experian-only lending, these items won’t get factored into the lender’s decision.

• Improve approval odds: If Experian contains your strongest credit profile, your chances of qualifying for affordable loan terms are highest when lenders look at this report alone.

Lenders That May Only Check Experian Credit Reports

Most lenders do not disclose which credit bureaus they check when you apply for a personal loan. However, some borrowers have reported only having their Experian credit reports accessed by certain lenders. Here are a few to consider if you want the best shot at Experian-only lending:

• Upstart: This online lending platform provides personal loans with APRs as low as 7.09%. Loan amounts range from $1,000 to $50,000. Previous applicants have reported Upstart only pulling Experian credit reports.

• LendingPoint: Specializes in personal loans for borrowers with credit scores under 700. Loan amounts offered are $2,000 to $36,500 with APRs from 9.99% to 35.99%. Many LendingPoint customers have noted only Experian inquiries on their credit reports.

• Best Egg: Offers personal loans up to $35,000 for debt consolidation, home improvement, medical expenses, and more. Their 150,000+ customers have an average FICO score of 680. Some have reported Best Egg only checking their Experian credit report.

• LightStream: Provides personal loans from $5,000 to $100,000 with fixed interest rates starting at 3.49% APR. Several borrowers have reported LightStream only pulling their credit from Experian.

• OneMain Financial: While not always Experian-exclusive, OneMain is known for checking just one credit bureau per application. They offer both secured and unsecured personal loans tailored to borrowers with damaged credit.

Tips for Getting Approved with Experian-Only Lenders

If you need a personal loan and want to focus on lenders that are more likely to only check your Experian credit report, here are some helpful tips:

• Monitor your Experian credit score and report frequently to catch any errors or negative items that pop up. Dispute and correct these as soon as possible.

• Pay all your bills on time going forward to keep your positive payment history looking strong with Experian.

• Try to lower your credit utilization rate on revolving accounts like credit cards to help maximize your Experian score.

• Only apply for the minimum loan amount you need so your inquiry won’t seem like a major risk to lenders checking Experian only.

• Provide all required income and employment verification documents upfront to prove you can readily afford repayment.

• List and fully explain any discrepancies or credit report differences when applying to simplify the Experian-only lending process.

How to Prepare Your Experian Credit Report

Make sure your Experian credit report is in top shape before applying for loans that will only check this bureau. Here are some ways to optimize your Experian credit profile:

• Get your Experian report – Order a free copy from www.experian.com to review for any inaccuracies that could negatively impact your score.

• Dispute errors – If you find any mistakes like incorrect balances or accounts that aren’t yours, file disputes with Experian to get them corrected or removed.

• Lower credit utilization – Having high balances close to your limits can substantially lower your score. Pay down cards to under 30% of the limits.

• Pay down loans – Outstanding installment loan balances also influence your score. Pay extra toward personal loans, student loans, auto loans, etc.

• Avoid new inquiries – Only apply for credit when absolutely necessary, as hard inquiries can drop your Experian score.

• Negotiate deletions – If Experian shows negative marks like collections or late payments, request deletions by negotiating pay-for-deletes when possible.

• Monitor your report – Sign up for Experian’s free CreditWorks plan to stay on top of changes and catch issues quickly.

What If You Don’t Qualify for Experian-Only Personal Loans?

Some borrowers won’t qualify for affordable loans from lenders that only check Experian, even with great credit. If you get denied by Experian-exclusive lenders, here are some alternative options:

• Apply with lenders that check multiple credit bureaus – This gives you more chances for approval if Equifax or TransUnion have positive marks Experian is missing.

• Wait and reapply after improving your Experian credit profile – Give yourself 6 months to boost your score and address any credit report issues before trying again.

• Ask a friend or relative to cosign – Adding an authorized user with a higher credit score can help you meet Experian-only lending qualifications.

• Try secured loan alternatives – Options like share-secured loans from credit unions allow you to borrow against funds you have deposited.

• Explore credit-builder loans – These specialized loans report on-time payments to Experian, helping gradually improve your creditworthiness.

The bottom line is checking fewer credit bureaus can be advantageous when applying for personal loans and other types of credit. Make sure you understand which reports lenders use before submitting an application. Take steps to optimize your Experian credit profile whenever seeking financing from an Experian-exclusive lender. Monitoring your credit, avoiding new inquiries, and correcting errors can position you for loan approval success.