Friends, if you also want to take a loan or a best credit card from any bank, then you must be aware of how important a factor your CIBIL score or credit score is at that time. When any bank or NBFC provides you a loan or credit card, first of all they check your credit score and if your credit score fulfills their criteria then that service is provided to you. Therefore in this article we will know How To Check Free Credit Score On PhonePe?
Now many people do not understand the difference between credit score and CIBIL score and they remain confused in it. But let us tell you that there is not much difference between them. Actually, there are four popular bureau agencies which check credit score, one of which is CIBIL and this CIBIL Bureau Agency is the most popular and most banks and NBFCs also check the data of this CIBIL when they provide you any loan or credit card. That is why CIBIL is a popular credit score checking bureau agency.
How To Check Free Credit Score On PhonePe UPI App?
From now on, you can check your credit score as well as your credit history in PhonePe UPI App and that too for free. Earlier, if you had to check your credit score, you either had to go to an external website or app or you had to go directly to the websites of these credit bureau agencies and this was a very time consuming process and sometimes you even have to pay some fees for it.
But now PhonePe application has launched this feature in its UPI App itself. From now on you can directly check your credit score using PhonePe and that too for free. Let us know how you can do this –
- First of all you have to download the PhonePe application in your mobile and install it. And if you already use PhonePe for UPI (unified Payments interface), then you must update it.
- Now you have to open this application and log in with your banking details.
- Now you will get the option of Credit below on its home page, you have to click on it.
- Now a new page will open in front of you in which you have to click on the Check Now button given above.
- After this you will be shown some information as to why you should check your credit score on PhonePe. You have to read it and click on Check Credit Score below.
- Now it will ask you for some permissions which you have to allow.
- Now, if you have logged in to your PhonePe application with the same mobile number which is linked to your PAN card, then your credit score will automatically be fetched and shown to you and if you have logged in to PhonePe with a different number, then it may ask you for your mobile number or PAN number.
By following all these steps, you can also check your credit score from your PhonePe application itself.
Check Your Credit History In PhonePe:
Now in PhonePe, where your credit score is shown, you are shown all the important information related to your credit score. In which the following factors are included –
- One Time Payments
- Credit Usage
- Credit Age
- credit mix
- Credit Inquiries
By analyzing all these factors, you can find out that if your credit score is bad then why is it bad and if it is good then why is it good? All these parameters help you in improving your credit score. Therefore, whenever you check your free credit score in PhonePe, make sure to take a look at all these parameters.
Which credit bureau agency does PhonePe use for credit scores?
In Phonepe, your credit score is provided to you by Experian company. Now banks and RBI Approved NBFCs follow the data of Experian and some banks follow other credit bureau agencies like CIBIL, CRIF, and Transunion etc.
All these apps which provide you credit score, all of them tie up with any of these credit bureau agencies from where they can provide this data.
- For example, if you want to check the credit score of Experian, then you can check it in PhonePe because here the data of Experian is provided to you.
- If you want to check the credit score of CIBIL or rather you want to check your CIBIL score, then you can do it through Google pay application because Google Pay also provides you the facility to check your credit score for free and Google Pay shows you the data provided by CIBIL Bureau agency.
- Similarly, if you want to check the credit score provided by CRIF Bureau agency, then you can check your credit score through CRED application because CRED uses CRIF for credit score.
- If you want to check your credit score through Equifax Bureau Agency, then you can check your credit score on Paytm because Equifax data is provided to you there.
Now you may see a slight difference in the credit scores provided by all these credit bureau agencies because they all have their own different methods of defining the credit score but to a large extent you will see similarity in them only.
What are the advantages of checking your credit score on PhonePe?
- If you check your CIBIL score through Phonepe, it does not have any negative impact on your CIBIL score and Phonepe itself promises this.
People and some experience holders believe that if we check our credit score again and again, it has a bad impact on our credit score and it can cause our credit score to decrease. But we want to tell you that this does not happen. When you check your credit score through PhonePe, you are doing a soft inquiry of your credit score and there is no bad impact on your credit score during soft enquiry.
But when banks check your credit score, they do a hard inquiry and in such a situation your credit score may go down by a few points. Therefore, you can check your credit score in PhonePe without any fear.
- Along with this, if you check your credit score in PhonePe, you are shown personalized loan offers, in which good offers are provided to you.
- Apart from this, as we have told you that when you check your credit score through PhonePe, you can also check your credit history, so that you get all the information related to your credit score at the same place.
Phonepe’s Future Plans:
PhonePe, in its quest to enhance the user experience and cater to diverse financial needs, is set to introduce an exciting update in the coming months. Users can now not only check their credit score for free within the PhonePe application, but can also look forward to consumer loan launches directly through the app. This development symbolizes PhonePe’s dedication to meet the unique credit demands of its wide customer base across various sectors.
To achieve this goal, PhonePe is diligently building a strong lending platform, collaborating with both banking and non-banking financial companies (NBFCs), while adhering to the policies and guidelines set by the regulators. The company aims to offer a range of financial products through this platform, ensuring accessibility and responsibility in its loan services.
Since PhonePe works closely with its lending partners, the focus is on building a sustainable lending business. The upcoming update reflects PhonePe’s commitment to provide users with easy access to their credit scores and reliable consumer loans, empowering them on their financial journey. Stay tuned for this groundbreaking update that brings financial freedom at your fingertips!
Final Words:
PhonePe’s initiative to provide free credit scores streamlines access to important financial information, empowering users to make informed decisions without impacting their creditworthiness. This user-friendly feature blends convenience with practical data presentation, making it a valuable tool for financial planning and management