Paisabazaar.com helps 8.3 lakh customers increase credit score

Bhubaneswar, Jan 29: Paisabazaar.com, India’s largest marketplace for financial products has announced that its credit awareness initiative has helped around 8.3 lakh customers improve their credit score by over 100 points within six months.

          The portal which is the clear market leader for lending products, has been providing consumers their free credit report with monthly updates since January 2017.

It aims to ensure its customers are well-aware of their credit score and take adequate steps to build it over time, which would make them eligible for the best lending products available at lower cost.

          “There are around 250 million people on the credit bureau in India, out of which only 40-45 million are prime customers with a strong credit score of 750 and above. Most banks and financial institutions prefer this segment to distribute their lending products. To increase the penetration of formal credit, Paisabazaar.com for the last 2+ years has been helping customers become aware of their credit score and offering advice on building it over time,” said Naveen Kukreja, CEO & Co-founder, Paisabazaar.com said recently.

          “Broadly, there are 3 key aspects to credit score – checking it, tracking it and building it. Paisabazaar.com has enabled free and instant check of one’s credit score from multiple credit bureaus, tracking of the score can be done seamlessly through WhatsApp, Google Assistant and Amazon Alexa, and we also offer personalized services to build the score. Our objective is to help each customer achieve a high credit score and lead a healthy financial life,” said Radhika Binani, Chief Product Officer, Paisabazaar.com.

          Nearly 62% of customers who have taken their credit report from the Paisabazaar platform have a credit score (from CIBIL) of over 700, which is considered ‘good’ by most banks and financial institutions.

On the other hand, 11% customers have a score less than 600, which is considered a ‘risky’ profile for any of lending product.

Paisabazaar.com offers unique services for each segment with varying credit profiles to help them maintain or build a strong credit profile. Consumers with strong credit profile can benefit from the Paisabazaar platform through first in the industry innovations like Chance of Approval that helps them choose the most-suited and customized lending products, enabling them to save money due to their high scores.

          For those with average scores, through builder products, can increase their credit score significantly. Consumers with low scores are offered advisory service by Paisabazaar, where credit experts provide tailor-made plans, offer personalized advice and also assist them in resolving errors in their credit report, to build their credit score over time.

          Paisabazaar.com’s data also shows that two-third of the customers who have a strong credit profile are under the age of 35.  40% of consumers who have a credit score of over 750 are under the age of 30, while 26% are between 31-35 years.