Hyderabad: Online payments platform Paytm has been offering credit report services to its users. According to the information available on its website, the users can easily check their CIBIL score on the app for free and also view detailed credit reports including active credit card and loan account details. Users can also compare their credit ratings with others on a city, state and national level.
Besides this, the Paytm app offers a special Credit Education section where users can access information such as how to improve their CIBIL score, interpret their credit report, required checklist for a loan application and the importance of having a good CIBIL score for availing a loan.
Steps to check CIBIL score in 3 simple steps -
- Login to your Paytm app and tap on Show More icon on the home screen
- Select ‘Free Credit Score’ in the Featured section
- Enter your PAN Card number and date of birth (if required). If you are a new user, you will receive an OTP for verification of your profile.
Other major features -
Users can click on “All Loan and Credit Card Accounts” to see total loan exposure connected to the bank account that is registered with Paytm. A detailed list of all the loan accounts currently active will be pulled up on the screen along with name, sanctioned amount, current balance, tenure, and rate of interest. This snapshot provides users a comprehensive view of the financial situation and helps in taking informed financial decisions. By clicking on “Detailed Report”, users can also find how their score fares alongside those of other Paytm users in your locality, city and the rest of the country.
What is CIBIL score?
CIBIL or credit score is like your financial report card. A CIBIL score is a three-digit number that ranges from 300 to 900 and represents an individual’s creditworthiness. A higher CIBIL score suggests good credit history and responsible repayment behaviour. Also, it improves the chances of your loan’s approval and ensures faster processing of your application.
What are the factors that determine one’s credit score?
According to Paytm, five key factors determine one’s credit score. They are credit card utilization, payment history, age of accounts, total accounts, and credit enquiries.
