ETMONEY rolls out free Credit Score for all users

MUMBAI: India’s largest integrated personal finance platform, ETMONEY is set to allow its users to check their credit score on its platform for free. Along with the three-digit credit score that users can generate instantly, the app will also give a detailed and comprehensive report containing insights into user’s performance on various parameters. Thus, helping them to not just check the score but also to understand their credit report.

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. A good credit score can go a long way in getting a loan at low-interest rates or a credit card with a higher limit. Therefore, it becomes important for everyone to be aware of their credit scores as all Banks/Lenders see it before sanctioning any sort of credit. 

Powered by the world’s leading credit reporting agency Experian, ETMONEY’s simple and secure credit check requires users to just 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 detailed insights into all these parameters and tips to further improve them.

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. We strongly believe that small steps can go a long way in building healthy relationships with our customers and that is why we have partnered with the world’s leading credit report agency Experian to offer millions of Indians a free insight into their financial standing.

Ashish Singhal, Managing Director, Experian Credit Information Co. India said, “Monitoring Credit Reports on a regular basis is a great step towards making sound financial decisions and helps detect signs of identity theft early. We are glad to integrate with ETMONEY to offer its users free comprehensive Credit Reports anytime anywhere. This will help consumers understand how their credit files would look to a potential lender and steps they can take to improve their credit ratings.”

ETMONEY recently emerged as one among the few online platforms in India to have crossed the landmark of Rs.2,000 crores of money invested in Mutual Funds through its platform. It is also adding more than Rs.150 Crores in new investment transaction value every month from investors across 1,300 cities. The company is aiming to grow to Rs.5,000 Crores in mutual fund transactions in the next 12-18 months, reaffirming its position as India’s largest digital-first financial services platform. Foraying into lending business last year, the company in a short span of time is disbursing loans at an annual rate of Rs 150cr+, growing 30% month on month.