Paisabazaar, a digital marketplace for consumer credit, said 52.7,000 people who checked their free credit score on its platform improved their score by 20 points or more over an 18-month period. .
This includes 23.6 lakh customers whose score increased by more than 50 points and 18.2 lakh customers who saw their score increase by 75 points and more. About 1.25 lakh Paisabazaar customers increased their credit score by more than 100 points over an 18-month period.
For the past five years, the company has enabled seamless access to credit scoring on its platform, with free lifetime tracking, which encourages customers to actively monitor their credit score and display responsible behavior for the develop further, according to Paisabazaar’s press release. Till date, about 2.6 crore customers got their free credit score and report on Paisabazaar platform.
Naveen Kukreja, CEO and Co-Founder of Paisabazaar, said, “Early in our journey, we realized that lack of consumer awareness of credit score was negatively impacting access to credit for multiple segments. We are delighted to have helped over 52 lakh customers to improve their score significantly. Our innovations such as credit counseling services and a proprietary credit creation product continue to add value to consumers and the ecosystem as a whole.”
Paisabazaar works with all four credit reporting companies (credit bureaus) in India and provides consumers with their credit reports for free from multiple bureaus instantly. Consumers can easily compare their monthly credit score from different bureaus with one click.
According to data from Paisabazaar, approximately 45% of its customers have purchased at least one credit product within six months of checking their credit score on Paisabazaar.
Paisabazaar, in partnership with SBM Bank India, has also launched a credit creation product – Step UP Credit Card – as part of its neo-loan strategy. Backed by an FD, this exclusive credit card was designed to help consumers with poor credit or those new to credit improve or increase their score.
To deepen the understanding of their credit score, Paisabazaar has also launched a credit health report on their platform, which provides a detailed view of each customer’s credit health.
Radhika Binani, Product Manager, Paisabazaar, said, “Just like your personal health, your credit health also depends on taking the right steps. While knowing and monitoring your score is the first step towards accessing credit, it is also crucial, especially for those with low scores, to understand what went wrong for them and take corrective action. to improve and strengthen their credit score. As a consumer platform, we are focused on being a catalyst for adapting credit in India.”
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