Over 65 Lakh Paisabazaar Consumers with Delinquencies Clear Outstanding Debt
Gurgaon Haryana India NewsVoir Paisabazaar Indias largest digital marketplace for consumer credit announced today that its credit awareness initiative has helped a large share of its consumer base to clear their outstanding debt According to Paisabazaar over 65 lakh consumers who checked their free credit score from its platform and had DPD Days Past Due in their report have cleared their outstanding debt in the last 4 years DPD usually has an adverse impact on credit score making it a big challenge for consumers to access credit Paisabazaar says a major reason behind these delinquencies was the lack of consumer awareness around it Paisabazaar enables consumers to track their credit score actively which has led to an increased number of consumers become more aware of their outstanding debt and the detrimental impact it has on their credit score and overall financial life Conversations with consumers revealed that many were unaware of outstanding dues in their accounts In some cases DPDs were also a result of inadvertent errors in their credit report Naveen Kukreja CEO Co-founder Paisabazaar said While providing consumers their free credit score for life was the first step we were aware that we had to also help them improve their credit health Over the last few years we have brought in several innovations that not only make consumers more aware but also enable them to take the right steps to build their creditworthiness Our aim is to work with partner Banks and NBFCs credit bureaus along with our consumers to build a more inclusive ecosystem Over 26 crore consumers have taken their free credit score from Paisabazaar over the last 5 years 496 lakh of these consumers have improved their score significantly in 12 months while more than 52 lakh have seen their score rise over a 18-month period To help consumers with damaged credit Paisabazaar has built a Credit Improvement Program Under this Paisabazaar has been offering credit advisory services for the last 4 years where credit experts analyse a consumers credit report in detail and offers personalised advice and recommendations to improve score A more detailed and personalized credit report called Credit Health Report is also offered on the Paisabazaar platform for a nominal fee Paisabazaar also works with partner Banks to help consumers clear their outstanding dues For consumers with low score or those who are new to credit Paisabazaar last year also launched a credit builder product – a credit card called Step UP – helping them improve and build their credit score while earning high returns on their Fixed Deposit To help deepen awareness Paisabazaar also provides consumers their free credit report in regional languages A consumer can download his credit report from Paisabazaar in English Hindi Marathi Kannada and Telugu for free every month Paisabazaar has partnerships with all 4 credit bureaus enabling consumers to compare scores from multiple bureaus with a click of a button About Paisabazaarcom According to Frost Sullivan Paisabazaar was Indias largest digital consumer credit marketplace with a 537 market share based on disbursals in FY21 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 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 Paisabazaar has been recognized at several industry platforms with awards like Most Innovative Lending Start-up Best Fintech Consumer Lender by India Fintech Forum and Economic Times Most Promising Brand Digital Lending Award at the Fintech India Innovation Awards Excellence in Consumer Lending at IAMAIs India Digital Awards Outstanding Crisis Finance Innovation 2021 Asia Pacific Award by Global Finance Magazine For further information on Paisabazaar please refer to wwwpaisabazaarcom PWR PWR
Gurgaon Haryana India NewsVoir Paisabazaar Indias largest digital marketplace for consumer credit announced today that its credit awareness initiative has helped a large share of its consumer base to clear their outstanding debt According to Paisabazaar over 65 lakh consumers who checked their free credit score from its platform and had DPD Days Past Due in their report have cleared their outstanding debt in the last 4 years DPD usually has an adverse impact on credit score making it a big challenge for consumers to access credit Paisabazaar says a major reason behind these delinquencies was the lack of consumer awareness around it Paisabazaar enables consumers to track their credit score actively which has led to an increased number of consumers become more aware of their outstanding debt and the detrimental impact it has on their credit score and overall financial life Conversations with consumers revealed that many were unaware of outstanding dues in their accounts In some cases DPDs were also a result of inadvertent errors in their credit report Naveen Kukreja CEO Co-founder Paisabazaar said While providing consumers their free credit score for life was the first step we were aware that we had to also help them improve their credit health Over the last few years we have brought in several innovations that not only make consumers more aware but also enable them to take the right steps to build their creditworthiness Our aim is to work with partner Banks and NBFCs credit bureaus along with our consumers to build a more inclusive ecosystem Over 26 crore consumers have taken their free credit score from Paisabazaar over the last 5 years 496 lakh of these consumers have improved their score significantly in 12 months while more than 52 lakh have seen their score rise over a 18-month period To help consumers with damaged credit Paisabazaar has built a Credit Improvement Program Under this Paisabazaar has been offering credit advisory services for the last 4 years where credit experts analyse a consumers credit report in detail and offers personalised advice and recommendations to improve score A more detailed and personalized credit report called Credit Health Report is also offered on the Paisabazaar platform for a nominal fee Paisabazaar also works with partner Banks to help consumers clear their outstanding dues For consumers with low score or those who are new to credit Paisabazaar last year also launched a credit builder product – a credit card called Step UP – helping them improve and build their credit score while earning high returns on their Fixed Deposit To help deepen awareness Paisabazaar also provides consumers their free credit report in regional languages A consumer can download his credit report from Paisabazaar in English Hindi Marathi Kannada and Telugu for free every month Paisabazaar has partnerships with all 4 credit bureaus enabling consumers to compare scores from multiple bureaus with a click of a button About Paisabazaarcom According to Frost Sullivan Paisabazaar was Indias largest digital consumer credit marketplace with a 537 market share based on disbursals in FY21 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 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 Paisabazaar has been recognized at several industry platforms with awards like Most Innovative Lending Start-up Best Fintech Consumer Lender by India Fintech Forum and Economic Times Most Promising Brand Digital Lending Award at the Fintech India Innovation Awards Excellence in Consumer Lending at IAMAIs India Digital Awards Outstanding Crisis Finance Innovation 2021 Asia Pacific Award by Global Finance Magazine For further information on Paisabazaar please refer to wwwpaisabazaarcom PWR PWR
