Over 65 lakh Paisabazaar customers with delinquencies clear excellent debt

NEW DELHI: Paisabazaar, a digital market for shopper credit score, stated over 65 lakh customers, who checked free credit score rating from its platform and had DPD (Days Past Due) of their report, have cleared their excellent debt during the last 4 years.

According to a press launch, DPD normally has an antagonistic impression on credit score rating, making it a problem for customers to entry credit score. Paisabazaar stated a significant motive for the delinquencies was the lack of know-how.

Paisabazaar allows customers to trace their credit score rating, which has led to an elevated variety of customers changing into extra conscious of their excellent debt. Conversations with customers revealed that many had been unaware of excellent dues of their accounts. In some circumstances, DPDs had been additionally a results of inadvertent errors of their credit score report.

Naveen Kukreja, CEO & Co-founder, Paisabazaar, stated, “While offering customers with their free credit score rating for all times was step one, we had been conscious that we needed to additionally assist them enhance their credit score well being. Over the previous few years, we have now introduced in a number of improvements, that not solely make customers extra conscious but additionally allow them to take the appropriate steps to construct their creditworthiness. Our purpose is to work with accomplice Banks and NBFCs, credit score bureaus together with our customers, to construct a extra inclusive ecosystem.”

Over 2.6 crore customers have availed used the free credit score rating function of Paisabazaar during the last 5+ years. Of these, 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 customers with broken credit score, Paisabazaar has constructed a ‘Credit Improvement Programme’. Under this, Paisabazaar has been providing credit score advisory providers for the final 4 years. A extra detailed and personalised credit score report known as Credit Health Report can also be provided on the platform for a nominal payment. Paisabazaar additionally works with accomplice banks to assist customers clear their excellent dues.

For customers with low scores or those that are new to credit score, Paisabazaar final 12 months 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 supplies free credit score reviews in regional languages. A shopper can obtain his/her credit score report from in English, Hindi, Marathi, Kannada and Telugu, free of charge each month.

Paisabazaar has partnerships with all 4 credit score bureaus, enabling customers to check scores from a number of bureaus.

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