Now, You can calculate your credit score for free with BankBazaar

Now, You
can calculate your credit score for free with BankBazaar

A credit score is a numerical expression based on a level analysis of a person's credit files or history, to represent the creditworthiness of the person. Lenders use credit scores to determine who qualifies for a loan, at what interest rate, and what his/her credit limits.

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. This way, the customer will be able to access the right financial product and apply for it at the right time.

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To enhance the quality of applications on BankBazaar and assure their partners of our users’ creditworthiness, BankBazaar announced its tie-up with credit bureau Experian to offer free credit monitoring service to customers. Experian Credit Information Company of India Private Limited provides Credit Information Services to consumers.

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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.

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This one-of- its kind integration brings several benefits to the customers:

• The best part about it is, that it is absolutely free. Generally, consumers have to pay the credit rating companies for more than one soft query in a year.
• Second, unlike the usual procedure, which is a mix of online and offline processes, BankBazaar has taken the entire process of applying for the credit score completely online and instant, making it convenient and fast.
• Finally, the report, which provides a detailed history of the applicant’s financial history till date, is supported by detailed analysis and recommendations by financial experts at BankBazaar for improving and maintaining a good credit score.

The integration is expected to motivate customers to keep a stronger check on the state of their finances.