Paisabazaar’s credit awareness initiative helps 52 lakh consumers raise their scores

This includes 23.6 lakh customers who saw an increase of 50+ points in their score and 18.2 lakh customers who saw an increase of 75 or more in their score. approx 1.25 lakh paisabazaar Customers saw a massive increase of 100+ points in their credit score in a span of 18 months.

According to a Paisabazaar press release, for the past five years, the company has enabled seamless access to credit scores on its platform with lifetime free tracking, which enables customers to actively monitor their credit scores and track it forward. encourages behavior. So far, around 26 million customers have taken their free credit scores and reports from the Paisabazaar platform.

Naveen Kukreja, CEO and Co-Founder, Paisabazaar, said, “Early on in our journey, we realized that lack of consumer awareness about credit scores adversely affects access to credit for multiple segments. We are delighted to have helped over 52 lakh customers improve their scores significantly. Our innovations such as credit advisory services and an exclusive credit builder product continue to add value to consumers and the overall ecosystem.”

Paisabazaar is working with all the four credit information companies (credit bureaus) in India and making available their credit reports from multiple bureaus to the consumers instantly free of cost. Consumers can easily compare their monthly credit scores from different bureaus at the click of a button.

According to data from Paisabazaar, around 45 per cent of its customers have taken at least one credit product within six months of checking their credit score on Paisabazaar.

Paisabazaar has also launched a credit builder product – Step UP Credit Card – in partnership with SBM Bank India, as a part of its neo-credit strategy. Backed by FD, this exclusive credit card is designed to help consumers with poor credit scores or those new to credit looking to improve or enhance their score.

To deepen the understanding of one’s credit score, Paisabazaar has also launched a Credit Health Report on its platform, which provides a detailed view of the credit health of each customer.

Radhika Binani, Chief Product Officer, Paisabazaar said, “Like your personal health, your credit health also depends on you taking the right actions. While being aware and monitoring your score is the first step towards reaching credit, It is also important, especially for those with low scores, to understand what has gone wrong for them and take corrective measures to improve and make their credit score. As a consumer platform, we make India credit fit. We are focused on becoming an enabler towards creating.”