Consumers can now read and download their free credit report from Paisabazaar in Marathi, Telugu and Kannada, in addition to English and Hindi.
After becoming the country’s first financial entity to launch free credit score in Hindi last year, Paisabazaar.com announced today it has introduced its credit report initiative in three regional languages. Consumers can now read and download their free credit report from Paisabazaar in Marathi, Telugu and Kannada, in addition to English and Hindi.
A customer survey last year conducted by Paisabazaar.com revealed that over 60% of customers preferred to have the option of reading their credit reports in their regional language, along with English. Paisabazaar.com began offering free credit reports in Hindi in December 2019 to become the country’s only financial entity to offer credit report in a regional language.
Naveen Kukreja, CEO & Co-founder, Paisabazaar.com, said, “Over the years, conversations with customers and data have indicated a clear and dire need of deeper awareness around credit score. Introduction of the credit report in Hindi last year was a step in that direction and we have witnessed a tremendous response. We now want to take this initiative deeper across diverse geographies.”
Paisabazaar.com says the introduction of credit score in three new languages should help a large portion of 36% of its credit score customers coming from the states of Maharashtra, Karnataka, Telangana and Andhra Pradesh, plus other Marathi, Telugu and Kannada speakers, residing in other states. Over 10 crore people in India reportedly access the Internet in Marathi, Telugu and Kannada.
Also, according to the RBI data, Maharashtra tops the states in terms of outstanding credit and number of loan accounts with the scheduled commercial banks. The top 10 states also include Karnataka (4th), Telangana (6th) and Andhra Pradesh (9th).
Ashish Singhal, Managing Director, Experian Credit Information Company of India, said, “At Experian, we are committed to enabling financial inclusion to not only help consumers build creditworthiness, but to get better access to credit. Low awareness of credit score and factors that influence it can limit one’s ability to borrow. Paisabazaar.com’s initiative to leverage regional languages to deepen credit awareness puts consumers in control by staying on top of their credit report and building it over time to ensure easy access at the time of need.”