Financial marketplace startup BankBazaar.com said it has tied-up with credit bureau Experian to offer free credit monitoring service to customers, giving them a much better understanding of their financial footprints.
Experian Credit Information Company of India Private Limited provides Credit Information Services to consumers. A general misconception is that checking your own credit score on platforms like BankBazaar will reduce your score but in fact, a soft query, which is made by a person or company and not by a financial institution will not affect your credit score.
Adhil Shetty, Co-founder and CEO, BankBazaar.com, said, “The integration with Experian will complement our efforts and empower our consumers with better financial decision making ability. I am very happy to announce that this service in now available on BankBazaar and customers don’t have to juggle between multiple platforms and organization to make an informed purchase decision.”
This service extension will improve the quality of credit applications at BankBazaar as the users will get an idea of their credit eligibility before they apply. Navin Chandani, Chief Business Development Officer, BankBazaar.com added, “Customers should obtain credit scores in order to evaluate their eligibility accurately and to time their application right. If they have a good score, they will be able to negotiate for better offers. If not, expert’s tips on BankBazaar will help them improve their score. This way, the customer will be able to access the right financial product and apply for it at the right time. This will also enhance the quality of applications on BankBazaar and will assure our partners of our users’ creditworthiness.”
The integration is expected to motivate customers to keep a stronger check on the state of their finances. Mohan Jayaraman, Managing Director, Experian Credit Bureau, said, “We believe our association with BankBazaar, given their significant presence in the online financial market, will help in generating more awareness amongst consumers about the importance and relevance of a credit report and score in the current context. Individuals being able to better understand their credit profile, is key to supporting them take well-informed decisions concerning their credit profile besides ensuring protection from the fast-growing threats of identity fraud in today’s increasingly digital world”.
The report will essentially give a snapshot of customer’s current credit status indicating their utilization of loans and credit cards by stating a score between 300 and 900. It will indicate score details and state reasons influencing the score, such as repayment behavior, credit utilization pattern, type of loan (secured/unsecured), default in EMI payments, etc. Customers may also see whether banks have closed the loans which have been already paid off by them.