Paisabazaar’s credit awareness initiative helps 52 lakh consumers boost score

Paisabazaar, a digital market for shopper credit, has mentioned 52.7 lakh folks, who checked their free credit score from its platform, have improved their score by 20 factors or extra over a interval of 18 months. 

This contains 23.6 lakh prospects whose score elevated by 50+ factors and 18.2 lakh prospects who noticed their scores rise by 75 and above factors. Around 1.25 lakh Paisabazaar prospects elevated their credit score by a large 100+ factors over an 18-month interval.

For the final 5 years, the corporate has enabled seamless entry to credit score on its platform, with lifetime free monitoring, which inspires prospects to actively monitor their credit score and show accountable behaviour to construct it additional, in line with Paisabazaar press launch. Till date, round 2.6 crore prospects have taken their free credit score and report from the Paisabazaar platform.

Naveen Kukreja, CEO & Co-founder, Paisabazaar, mentioned, “Early in our journey, we realized that the dearth of shopper awareness round credit score adversely impacts entry to credit for a number of segments. We are delighted to have helped over 52 lakh prospects considerably enhance their score. Our improvements like credit advisory companies and an unique credit builder product proceed so as to add worth to consumers and the general ecosystem.”

Paisabazaar has been working with all 4 credit info corporations (credit bureaus) in India and offering consumers their credit experiences at no cost from a number of bureaus, immediately. Consumers can simply evaluate their month-to-month credit score from totally different bureaus with a click on of a button.

According to Paisabazaar information, round 45% of its prospects have taken a minimum of one credit product inside six months of checking their credit score on Paisabazaar.

Paisabazaar, in partnership with SBM Bank India, has additionally launched a credit builder product – Step UP (*52*) Card– part of its neo-lending technique. Backed by an FD, this unique credit card has been designed to assist consumers with a poor credit score or those that are new to credit to enhance or construct their score.

To deepen understanding of 1’s credit score, Paisabazaar has additionally launched a credit well being report on its platform, which offers an in depth view of every buyer’s credit well being.

Radhika Binani, Chief Product Officer, Paisabazaar, mentioned, “Like your private well being, your credit well being additionally will depend on you taking the appropriate actions. While being conscious and monitoring your score is step one in the direction of accessing credit, it’s also essential, particularly for these with low scores, to know what has gone mistaken for them and take corrective measures to enhance and construct their credit score. As a shopper platform, we’re focussed on being an enabler in the direction of making India credit match.”

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