Offering free credit monitoring, financial marketplace, BankBazaar partners with Experian looking to give customers a better understanding of their financial footprint. Experian Credit Information Company of India Private Limited provides Credit Information Services to consumers. To dismiss the general misconception that checking one’s own credit score on platforms like BankBazaar.com will reduce their score, the company claims that a soft query – which is made by a person or company and not by a financial institution – will not affect your credit score.
“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,” said Adhil Shetty, Co-founder and CEO, BankBazaar.com.
In giving users a better idea of their credit eligibility before applying for credit, BankBazaar.com is hoping to receive service extension. 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.”
Through this association, Experian believes that customers will be better motivated to keep a check on their finances and will generate 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,” added Mohan Jayaraman, Managing Director, Experian Credit Bureau.
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.