CreditMantri has announced the launch of a new service that enables users to access their credit score and history in real-time, using trade line credit data from global data and insights company Equifax.
CreditMantri helps user’s build their credit profile, understand where they stand and unlock their credit potential. On the CreditMantri website (www.creditmantri.com), users can begin building their credit profile with data from Equifax. This is then further enhanced with data from alternate data sources. The user’s credit profile is built across five key pillars and over 1500 credit relevant data points which most lenders use to evaluate an applicant’s credit worthiness. The data used in the profiling is obtained and used only after user consent.
Once the credit profile is generated, the user is guided towards the solution which best matches their credit profile – be it discovery of lender products like loans or credit cards, resolution for past loan issues, reduction in current borrowing costs etc. Users have the choice to opt-in or out for these products or services.
“Building greater awareness amongst Indian consumers on the importance of a credit Score and history is a priority for Equifax. Partners like CreditMantri, who are focused on building consumer credit awareness and simplifying the user experience at scale, help us achieve this key objective,” said Manish Sinha, India Country Leader, Equifax India.
CreditMantri has over 29 lenders on their platform and offers products and services to users across all credit profiles – be it credit healthy, credit challenged or consumers who are new to credit. The credit products made available to users include custom credit products from lenders which are only available on the CreditMantri website, outside off-the-shelf loans and credit cards. The tailor-made products are focused on helping new to credit and credit challenged borrowers get access to credit.
The technology driven model enables lenders and borrowers to better understand each other by leveraging the power of data for efficient credit decision making. 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 also has a B2B offering suite which helps lenders better understand their prospects and lend to newer segments.
“Building a high quality user experience which helps consumers make informed credit decisions helps us deliver real solutions to users. We are very proud to be the first in India to offer users the ability to access their credit score and analysis real time. This is a key building block in our focus to be India’s most inclusive Credit facilitator” says Ranjit Punja, CEO of www.creditmantri.com.