NEW DELHI: Paisabazaar, a digital market for shopper credit score, mentioned over 65 lakh shoppers, who checked free credit score rating from its platform and had DPD (Days Previous Due) of their report, have cleared their excellent debt over the past 4 years.
In line with a press launch, DPD normally has an antagonistic influence on credit score rating, making it a problem for shoppers to entry credit score. Paisabazaar mentioned a serious cause for the delinquencies was the lack of knowledge.
Paisabazaar allows shoppers to trace their credit score rating, which has led to an elevated variety of shoppers turning into extra conscious of their excellent debt. Conversations with shoppers revealed that many have been unaware of excellent dues of their accounts. In some instances, DPDs have been additionally a results of inadvertent errors of their credit score report.
Naveen Kukreja, CEO & Co-founder, Paisabazaar, mentioned, “Whereas offering shoppers with their free credit score rating for all times was step one, we have been conscious that we needed to additionally assist them enhance their credit score well being. Over the previous couple of years, we have now introduced in a number of improvements, that not solely make shoppers extra conscious but in addition allow them to take the appropriate steps to construct their creditworthiness. Our goal is to work with companion Banks and NBFCs, credit score bureaus together with our shoppers, to construct a extra inclusive ecosystem.”
Over 2.6 crore shoppers have availed used the free credit score rating characteristic of Paisabazaar over the past 5+ years. Of those, 49.6 lakhhave improved their rating considerably in 12 months, whereas greater than 52 lakh have seen their rating rise over an 18-month interval, as per the press launch.
To assist shoppers with broken credit score, Paisabazaar has constructed a ‘Credit score Enchancment Programme’. Below this, Paisabazaar has been providing credit score advisory companies for the final 4 years. A extra detailed and personalised credit score report known as Credit score Well being Report can be supplied on the platform for a nominal charge. Paisabazaar additionally works with companion banks to assist shoppers clear their excellent dues.
For shoppers with low scores or those that are new to credit score, Paisabazaar final yr launched a bank card known as Step UP , to assist them enhance and construct credit score rating, whereas incomes excessive returns on fastened deposits.
To assist deepen consciousness, Paisabazaar additionally gives free credit score studies in regional languages. A shopper can obtain his/her credit score report from in English, Hindi, Marathi, Kannada and Telugu, without cost each month.
Paisabazaar has partnerships with all 4 credit score bureaus, enabling shoppers to check scores from a number of bureaus.
Supply: Live Mint