MUMBAI:
TransUnion CIBIL, India’s leading Credit Information Company, has announced the launch of Unlimited Access, a new subscription product to provide Indian consumers with faster access to their CIBIL Score and Reports.
Consumers need access to their credit information to help them make informed decisions, and a good CIBIL Score can help them gain access to credit offers faster. CIBIL’s Head of Direct to Consumers Interactive, Hrushikesh Mehta shares the change in consumers’ credit habits, “According to CIBIL statistics, enquiries for retail credit have tripled
from 2013 to 2017. In this environment, it was imperative to shift consumers’ focus from a reactive approach towards credit health to a proactive one. Our data indicates that this shift has already begun. More than 31% of our consumers apply for loans within three months of checking their CIBIL Score and Report, while 25% of them pay off their outstanding dues.”
In line with this and CIBIL’s strategy to provide faster, cheaper access to credit, Unlimited Access presents an opportunity for consumers to monitor their finances and overall credit health by checking their latest CIBIL Score and Report daily within their subscription period. The value- for-money, time-based subscription product moves away from the earlier transaction-based plans to now provide consumers with unlimited CIBIL Score and Report refresh options.
Rather than checking CIBIL Scores just ahead of a loan application, Unlimited Access enables consumers to continuously monitor their score and finances. Hrushikesh explains the benefits of high credit scores, “Some lenders offer a discount as high as 1% on home loans which can translate into a full year’s worth of EMIs. Unlimited Access gives you control of your finances to plan your goals and ensure you are credit-ready for these types of offers.”
Unlimited Access provides consumers with instant access to their CIBIL Score and Reports. They can also monitor their credit health, view and compare personalized loan offers, and apply for credit. The product improves credit health and readiness by urging consumers to check their account information in the Report and identify discrepancies that can impact their Score.
With this latest product, CIBIL looks to accelerate consumers’ access to credit at their fingertips, and boost awareness of credit health, consumer data and protection, and financial inclusion.
