CreditMantri announced the launch of a new user experience and a simplified process for accessing Equifax credit score and history online for free, with minimal paperwork. This process is part of an enhanced set of features being launched as part of CreditMantri’s existing Free Credit Health Check. The Credit Health Check enables consumers to make better informed credit decisions.
CreditMantri aims to empower consumers to unlock their Credit potential and benefit from this knowledge. On the CreditMantri website (www.creditmantri.com), consumers start off by stating their Credit Goal. The consumer’s credit profile is then real-time generated online, with the credit score and credit history report as the first building block.
CreditMantri, also uses non-traditional data from social media to profile individuals with no or limited score. Once the Credit Profile is generated, the user is then guided towards the solution which best matches the user’s stated Credit Goal and the user’s individual credit profile. The solutions offered vary depending on the user’s credit goal – be it discovery of lender products like loans or credit cards, resolution for past loan issues, reduction in current borrowing costs etc. In doing this, CreditMantri provides borrowers better control over their credit health through a concerted customer focused proposition – one that educates and hand-holds the customer to create or improve their credit scores and eventually discover relevant lender products. This approach enables lenders and borrowers to better understand each other by leveraging the power of data, resulting in efficient credit decision making.
In addition, CreditMantri works closely with lenders to help them improve loan approval rates. Approval rates for credit products continues to be a challenge for most lenders with a surge in customers with credit-related issues or individuals with no prior credit history. CreditMantri has a B2B offer suite which helps lenders better understand their prospects with nuanced data. All data which is shared with CreditMantri or with the lenders is only based on end user consent. Lenders will gain by having a more efficient and nuanced decision making capability to explore newer segments. The launch of this improved, simplified user experience is one of the many steps in the journey forCreditMantri to meet its’ aspiration of becoming India’s largest and most inclusive Credit facilitator.