50 Million Strong: Paisabazaar’s free credit score service reshapes India’s credit market | Mint

According to Paisabazaar’s, its free credit score service has been utilized by more than 50 million users. Since its 2017 inception this program has transformed India’s credit market by enabling 16% of the nation’s active credit score users to access their scores through Paisabazaar’s platform.

Improved credit scores for millions

The company highlights that 10.2 million consumers improved their credit score, within a six-month period following platform usage. Further, two million users experienced credit score enhancements. It is hence important to understand terms like credit cards, credit scores, personal loans etc. 

Further, a significant 59% of users obtained credit products post-score check which illustrates the service’s capability to stimulate credit acquisition.

A remarkable number of 18 million users recorded with Days Past Due (DPD) on their credit reports managed to eliminate their outstanding debt. This happened due to the information dissemination through this platform.

Changing demographics of credit score users

A notable transformation in user demographics has been detected by Paisabazaar. A mere 20% of credit score users originated from non-metro areas during the initial measurement period.

Currently, a noticeable 70% of users originate from regions outside major metropolitan areas which reveals a growing financial consciousness among residents of smaller cities and towns.

On this achievement, Naveen Kukreja, Co-founder & CEO, Paisabazaar, stated that, “We are extremely proud of the sheer scale of our credit score product and the way it has evolved over the years, keeping consumer need at the centre.”

He further added that, “We realized early in our journey that lack of awareness around credit score is a major pain-point for consumers, leading to a high proportion of rejections.” 

Meanwhile, Radhika Binani, Chief Product Officer, Paisabazaar, said, “Continuous innovations have been at the core of our efforts to deepen credit awareness, and making tracking and building of credit health more engaging for Bharat. Our aim has always been to help consumers from varied segments check, track and build their score with ease.”