Home / Money / Personal Finance /  37% of Paisabazaar’s credit score consumers are from Tier-3 cities and towns

Paisabazaar, a digital marketplace for consumer credit and free credit score platform, announced today that over 30 million consumers have checked their credit score on its platform in the last 6+ years. Paisabazaar offers consumers their credit score and report, with free lifetime tracking through partnerships with all four credit bureaus in the country. 

Ease of access to credit score along with continuous brand investments for the last 6 years and several industry-first initiatives have resulted in consumers from varied segments visiting Paisabazaar for their free credit score. 

Naveen Kukreja, CEO & Co-founder, Paisabazaar, said, “A key reason behind India’s low penetration of formal credit has been poor financial literacy, which includes lack of credit awareness. As a market leader, it has been our continuous endeavour to deepen credit awareness by enabling consumers to track and build their credit health, and to provide access to the most-suited offers."

Till date, consumers from 823 cities and towns have accessed their free credit score from Paisabazaar. Consumer trends on Paisabazaar over the last few years clearly suggest rise in credit awareness across the country, with 67% of consumers who have checked their credit score on Paisabazaar coming from outside the top metros (Ahmedabad, Bengaluru, Chennai, Delhi NCR, Hyderabad, Kolkata, Mumbai, and Pune). 37% of these consumers are from Tier 3 cities and towns.

While in the first year of Paisabazaar’s free credit score initiative, only 34% of consumers came from non-metros, today 75% new consumers checking their credit score for the first time on Paisabazaar come from outside the top metros.

To deepen the awareness for credit score across Bharat, Paisabazaar for the last few years has been offering free credit report in regional languages, like, Marathi, Kannada and Telugu apart from English and Hindi. Customers get access to their free report in all languages every month for free.

Radhika Binani, Chief Product Officer, Paisabazaar, said, “While we are striving to play a small part in raising credit awareness in the country by easing access to check and track your credit score, we have also focussed strongly on segmentation and working closely with our partners to offer tailor-made solutions, according to the need and eligibility of each segment."

Paisabazaar receives over 1.7 million enquiries for credit products from 1000 cities and towns in a month, from varied consumer segments. As a platform of choice, Paisabazaar has been striving to offer tailor-made lending solutions through deep segmentation basis their credit score, income, geography and other key parameters. According to Paisabazaar’s internal analysis, over 45% consumers, who checked their credit score on Paisabazaar, took at least one credit product within 6 months. 

While super-prime and prime consumer segments get seamless access to credit, through pre-approved programs built with multiple Banks and NBFCs, Paisabazaar provides credit improvement services for those with damaged credit, to help them climb the credit ladder. It has also co-created an exclusive credit builder product, Step UP Credit Card, for New to Credit and Sub-prime segments.

Paisabazaar through its credit awareness initiative has helped nearly 5 million consumers improve their score significantly (20 or more points) within 12 months of checking their credit score on Paisabazaar. Among them, 1.6 million have raised their score by 50 or more points in a year. 

Also, more than 6.5 million consumers, who checked their free credit score from Paisabazaar and had DPD (Days Past Due) in their report, have cleared their outstanding debt in the last ~4 years.

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less

Recommended For You

Trending Stocks

×
Get alerts on WhatsApp
Set Preferences My ReadsWatchlistFeedbackRedeem a Gift CardLogout