ETMONEY, an integrated personal finance platform, has announced that it will allow its users to check their credit scores on its platform for free. Along with the three-digit credit score that users can generate instantly, the app will also give a detailed report containing insights into the user’s performance on various parameters.
According to a press release issued by the company, the idea behind adding this new feature to the app is to help people become more aware of their finances and give them a chance to better it if required.
Manav Seth, Business Head – Lending, ETMONEY said, “Credit score is a crucial part of one’s financial health. It is a detailed record of an individual’s borrowings and repayment across loans and credit cards over the years and gives banks and financial institutions information about an individual’s creditworthiness. A good score can help individuals get higher loans / limits at better rates.”
Powered by credit reporting agency, Experian, this feature of ETMONEY will require users to enter their full name and 10-digit mobile number to get instant access to their credit score along with a summary of their report. The free credit report will feature status of several factors that constitute the score like user’s payment history, credit card usage, credit enquiries and credit mix among others, along with insights into all these parameters and tips to further improve them.
Source: Economic Times of India