Paisabazaar is one of the pioneer organizations in India that runs various credit awareness programs to educate people about their credit health and help them manage their credit profile smartly. Good credit health ensures you stay worthy of credit when it is required and face minimum issues at the time of loan or credit card approval.
Lack of knowledge about credit among Indians makes them prone to missing out on the best loan or credit card offers, paying higher cost of credit, or having reduced creditworthiness due to undisciplined credit behaviour. To help them understand credit better and make the most of available options, Paisabazaar provides various credit awareness programs to guide individuals manage their finances and maintain credit health.
Paisabazaar’s 5 Credit Awareness Initiatives
Initiatives such as free credit score, Credit Score Predictor, etc., have been launched to help users utilize these instruments and gain insights about their credit profile.
Free Credit Score Program
Paisabazaar has been providing users with free credit scores for the past 10 years. More than 5 crore individuals have benefited from this programme. Users can check their credit score on the web or through the Paisabazaar mobile app.
Some of the best features of this program are as follows:
- Credit score from multiple credit bureaus such as CIBIL, Experian and Equifax
- Free monthly updates from credit bureaus
- Option to check credit score in multiple regional languages such as Tamil, Telugu, Kannada, Bengali, Marathi, etc.
- Pre-approved loan and credit card offers based on your eligibility and other criteria
This program has benefited users the most as it helps them stay updated with their latest score and also rectify errors in their report, if any, on their own.
Credit Score Predictor
This innovative tool allows users to understand how their credit actions may impact their credit score in future. This free-of-cost tool is available to all users who have got their latest credit score generated through Paisabazaar.
The tool accepts a few prompts from the user and based on these prompts, a probable score is provided. Paisabazaar studied the impact of credit actions of users on their credit health and developed an advanced algorithm to predict the probable credit score.
This tool accepts the following inputs from the user to predict the score –
i. Adding a new loan account
ii. Missing a payment or delayed payments
iii. Clearing outstanding debts, and
iv. Modifying the credit utilization ratio.
Every action mentioned above has the potential to impact our credit scores. However, the extent of this impact depends solely on the existing score and the severity of the credit action.
Using Score Predictor can help you understand this impact and take informed credit actions in future.
Read in Detail – Score Predictor
PB Assist AI Chatbot
This industry-first AI chatbot enables a subscriber to choose an option from various scenarios and get answers to specific queries without any human assistance. It enables the subscriber to get comprehensive credit profile at one place and deep dive into the account to check factors impacting the credit score, how has credit health changed over time, how to improve the score and how to rectify errors in the credit report, if any.
Apart from selecting options, subscribers can also ask a question of their own and get their queries resolved almost in real-time 24×7.
Also Read: Know all about Credit Score
Apart from these tools, Paisabazaar provides various services and products to subscribers that help them manage their credit profile and be eligible for loans or credit cards when they need it in future.
CHR or Credit Health Report
This detailed credit report is available to all subscribers who want to learn about their credit reports. Whenever one applies for credit, the lender seeks the applicant’s credit report from a credit bureau. This detailed report is then analysed to assess the risk of lending to the borrower. If there are areas of concern in the report, the lender may even reject the loan or credit card application.
You should check your detailed report after regular intervals to understand such areas of concern and take steps to improve your score. You can see what has changed in the credit report recently and how you have performed in the previous months. Every detail related to your credit behaviour is mentioned here.
Paisabazaar’s Credit Health Report helps detect such concerns and tips and suggestions mentioned against those factors help rebuild the score. It is also beneficial in detecting any errors in the report. Any small error can impact the credit score severely. If any error(s) emerge in your report, you would be able to detect it and get it resolved at the earliest thus preventing your credit score from falling.
Credit+ Credit Improvement Service
This subscription-based service helps users rebuild their credit score to increase their creditworthiness.
The credit score can fall either due to the undisciplined credit behaviour of the user or due to the presence of negative accounts in the credit report. Whatever the case may be, as soon as you subscribe to this service, a dedicated credit expert is assigned to you who analyses your credit report to detect flaws in your report.
The expert helps you understand various factors that impact your credit score, reasons for the damage to your score and steps that you need to take to improve it. If the issue has originated due to an error or a negative account, the expert provides you with probable actions that need to be taken to resolve such errors at the earliest.
Also Read: Paisabazaar’s Credit+ Credit Improvement Services to Help Build Credit Score
FAQs
Q. I have subscribed to Credit+ Advisory. Do I have to subscribe to Credit+ Rectification as well?
Ans: Credit+ is a credit improvement service where you are suggested a subscription plan depending upon the scope of improvement as per your credit profile. If you have already subscribed to the Credit+ Rectification program, you won’t see a communication suggesting that you subscribe to Credit+ Advisory and vice versa.
Q. Will using the Score Predictor improve my credit score?
Ans: Score Predictor provides a probable change in your credit score based on your inputs. It will not improve or reduce your credit score in any case.
Q. I checked my credit score for free but why am I being asked to pay a fee for Credit Health Report?
Ans: Checking credit score on Paisabazaar is free for all users. However, they have to subscribe to the CHR program to get the detailed Credit Health Report.
Q. I have subscribed to the Credit+ service. When will my credit score improve?
Ans: Your credit score will not improve overnight. It is a time-consuming process and the improvement depends on the severity of the credit profile. However, if you follow all suggestions by the credit expert diligently, you may witness an improvement in your score from one to three months.
Also Read: Ways to Improve Credit Score
Q. My credit score is 820. Should I subscribe to the Credit+ service?
Ans: You already have a very good credit score. As you have a disciplined credit behaviour and you might be following all suggestions diligently, you may not get a communication to subscribe to any Credit+ program.
Q. I have an excellent credit score. Do I need to subscribe to CHR?
Ans: Your excellent credit score shows you have managed credit behaviour smartly in the past. However, it is always good to have a look at all factors in a detailed manner every once in a while to prevent any error in future that may lead to a lowering of your credit score.
