{"id":25373,"date":"2022-02-22T18:10:56","date_gmt":"2022-02-22T12:40:56","guid":{"rendered":"https:\/\/tradebrains.in\/features\/paisabazaar\/"},"modified":"2022-02-22T18:10:56","modified_gmt":"2022-02-22T12:40:56","slug":"paisabazaar","status":"publish","type":"post","link":"https:\/\/tradebrains.in\/features\/paisabazaar\/","title":{"rendered":"Paisabazaar&#8217;s Credit Awareness Initiative Enables Over 52 Lakh Consumers to Improve their Credit Score Significantly"},"content":{"rendered":"<div class=\"trade-content_2\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-2667634995\"><p><a href=\"https:\/\/tradebrains.in\/get\/telegram\/\"><img decoding=\"async\" class=\"alignnone wp-image-101992\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2023\/01\/telegram-channel-300x119.png\" alt=\"\" width=\"148\" height=\"59\" \/><\/a> <a href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMN3Epgswxc--Aw?hl=en-IN&amp;gl=IN&amp;ceid=IN%3Aen\"><img decoding=\"async\" class=\"alignnone wp-image-123430\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png\" alt=\"follow-on-google-news\" width=\"222\" height=\"61\" srcset=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png 300w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-150x41.png 150w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news.png 468w\" sizes=\"(max-width: 222px) 100vw, 222px\" \/><\/a><\/p>\n<\/div><p>Gurgaon, Haryana, India (NewsVoir)  Paisabazaar, India\u2019s largest* digital marketplace for consumer credit, announced today that 52.7 lakh consumers, who checked their free credit score from its platform, have improved their credit score by 20 points or more over a period of 18 months. This includes 23.6 lakh customers whose score increased by 50+ points and 18.2 lakh customers who saw their scores rise by 75 and above points. ~1.25 lakh Paisabazaar customers increased their credit score by a massive 100+ points over an 18-month period.<\/p><div class=\"trade-content_7\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-2728533153\"><!-- Composite Start --> \r\n <div id=\"M923760ScriptRootC1549812\"> \r\n <\/div> \r\n <script src=\"https:\/\/jsc.mgid.com\/t\/r\/tradebrains.in.1549812.js\" async> \r\n <\/script> \r\n <!-- Composite End --><\/div>\n<p> Paisabazaar says for the last 5 years it has been strongly focussed on engaging customers to actively check their credit score and make it a key part of their financial lives, to become credit fit for meeting their current and future needs and financial goals. Paisabazaar has enabled seamless access to credit score on its platform, with lifetime free tracking, which encourages customers to actively monitor their credit score and display responsible behaviour to build it further. Till date, ~2.6 crore customers have taken their free credit score and report from the Paisabazaar platform.<\/p>\n<p> Naveen Kukreja, CEO &#038; Co-founder, Paisabazaar, said, \u201cEarly in our journey, we realized that the lack of consumer awareness around credit score adversely impacts access to credit for multiple segments. We are delighted to have helped over 52 lakh customers significantly improve their score. Our innovations like credit advisory services and an exclusive credit builder product continue to add value to consumers and the overall ecosystem.\u201d  Paisabazaar has been working with all 4 Credit Information Companies (credit bureaus) in India and provides consumers their credit reports for free from multiple bureaus, instantly. Consumers can easily compare their monthly credit score from different bureaus with a click of a button.<\/p>\n<p> Helping credit-starved customers build their score  Paisabazaar says a poor credit score has been traditionally one of the biggest reasons for a low credit approval rate within the lending industry. To resolve this, Paisabazaar has built its free credit score platform on global benchmarks, to provide easy access to consumers, to check, track and build their credit score, thus enabling a more inclusive financial ecosystem.<\/p><div class=\"trade-content_5\" id=\"trade-1978842501\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_2_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"7925020301\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div>\n<p> According to Paisabazaar data, ~45% of its customers have taken at least 1 credit product within 6 months of checking their credit score on Paisabazaar.<\/p>\n<p> As a part of its credit awareness initiative, Paisabazaar, over the last few years, has also been focusing on building the credit health of customers with low score. In 2018, Paisabazaar launched a \u2018Credit Advisory Service\u2019 for consumers with a low credit score. The service, offered at a nominal fee, is aimed to assist consumers in building a high credit score. This service involves Paisabazaar\u2019s credit experts doing a deep analysis of a consumer\u2019s credit history and providing personalized advice and recommendations that will help build the credit score.<\/p>\n<p> Paisabazaar, in partnership with SBM Bank India, has also launched a credit builder product &#8211; Step UP Credit Card, a part of its neo-lending strategy. Backed by a FD, this exclusive credit card has been designed to help consumers with a poor credit score or those who are new to credit to improve or build their score.<\/p>\n<p> To deepen understanding of one\u2019s credit score, Paisabazaar has also launched a credit health report on its platform, which provides a detailed view of each customer\u2019s credit health.<\/p>\n<p> Radhika Binani, Chief Product Officer, Paisabazaar, said, \u201cLike your personal health, your credit health also depends on you taking the right actions. While being aware and monitoring your score is the first step towards accessing credit, it is also crucial, especially for those with low score, to understand what has gone wrong for them and take corrective measures to improve and build their credit score. As a consumer platform, we are focussed on being an enabler towards making India credit fit.\u201d  Paisabazaar also provides consumers their free credit report in regional languages along with English. Today, a consumer can download his credit report from Paisabazaar in English, Hindi, Marathi, Kannada and Telugu. By providing consumers access to their free credit report in their preferred language, Paisabazaar aims to deepen the understanding around credit and take it beyond metros and Tier 1 &#038; 2 cities.<\/p>\n<p> About Paisabazaar.com  According to Frost &#038; Sullivan, Paisabazaar was India&#8217;s largest digital consumer credit marketplace with a 53.7% market share, based on disbursals in FY21*.<\/p><div class=\"trade-content-10\" id=\"trade-3213834484\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_3_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"2969612066\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div>\n<p> Paisabazaar has 60+ partnerships with large banks, large NBFCs and fintech lenders to offer a wide choice of lending products for consumers on its platform.<\/p>\n<p> Paisabazaar, since 2017, has also been providing consumers access to credit reports from credit bureaus, offering consumers lifetime checking and tracking of their credit scores for free.<\/p>\n<p> Paisabazaar has been recognized at several industry platforms with awards like \u2018Most Innovative Lending Startup\u2019 &#038; \u2018Best Fintech Consumer Lender\u2019 by India Fintech Forum and Economic Times, \u2018Most Promising Brand\u2019, \u2018Digital Lending Award\u2019 at the Fintech India Innovation Awards, \u2018Excellence in Consumer Lending\u2019 at IAMAI\u2019s India Digital Awards, \u2018Outstanding Crisis Finance Innovation 2021 (Asia Pacific) Award\u2019 by Global Finance Magazine.<\/p>\n<p>  PWR PWR<\/p>\n<div class=\"trade-after-content\" id=\"trade-806815960\"><div id=\"taboola-below-article-thumbnails\"><\/div>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({\r\n    mode: 'alternating-thumbnails-a',\r\n    container: 'taboola-below-article-thumbnails',\r\n    placement: 'Below Article Thumbnails',\r\n    target_type: 'mix'\r\n  });\r\n<\/script>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({flush: true});\r\n<\/script><\/div>","protected":false},"excerpt":{"rendered":"<p>Gurgaon, Haryana, India (NewsVoir) Paisabazaar, India\u2019s largest* digital marketplace for consumer credit, announced today that 52.7 lakh consumers, who checked their free credit score from its platform, have improved their credit score by 20 points or more over a period of 18 months. This includes 23.6 lakh customers whose score increased by 50+ points and [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[31],"tags":[],"class_list":["post-25373","post","type-post","status-publish","format-standard","hentry","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.5 (Yoast SEO v25.0) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Paisabazaar&#039;s Credit Awareness Initiative Enables Over 52 Lakh Consumers to Improve their Credit Score Significantly - Trade Brains Features<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/tradebrains.in\/features\/paisabazaar\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Paisabazaar&#039;s Credit Awareness Initiative Enables Over 52 Lakh Consumers to Improve their Credit Score Significantly\" \/>\n<meta property=\"og:description\" content=\"Gurgaon, Haryana, India (NewsVoir) Paisabazaar, India\u2019s largest* digital marketplace for consumer credit, announced today that 52.7 lakh consumers, who checked their free credit score from its platform, have improved their credit score by 20 points or more over a period of 18 months. 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