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Credit Sudhaar Launches Peer Review & Analysis and Score Simulator
It has been a decade since the Credit Information Act was passed by the parliament. The act mandated lending institutions to share the
Credit Sudhaar Launches Peer Review & Analysis and Score Simulator
Mumbai: It has been a decade since the Credit Information Act was passed by the parliament. The act mandated lending institutions to share the borrowers’ data with the credit bureaus apart from extending access to bureau data for the prudent lending decision. Over the years, the Reserve Bank of India has taken various measures to make the bureaus more effective apart from licensing newer bureaus to induct competitiveness.
Today, the bureau has not only penetrated in all formats of lending ranging from micro finance to project lending but has also continued to permeated through the masses to a larger extent (the second edition of unique Credit Health Survey confirms the awareness levels to have gone up to 47% in 2016 from 14% in 2013).
However, the information that can be obtained from the bureaus has its own limitation. For both borrowers and lenders, the information is limited to individual only. To bridge the gap Credit Sudhaar for the first time in India has introduced “Comparative Credit Analysis”.
Mr. Arun Ramamurthy, Director – Credit Sudhaar stated, “We are constantly working towards providing tools that will help individuals to manage their credit health more effectively. Peer analysis and Credit Score Simulator are thesteps that will help clients taking charge of their financial destiny”.
New Features
Peer Review & Analysis
The Peer Review & Analysis gives a ranking of the individual’s parameters on the credit report and compares them with the Credit Sudhaar database of clients who have obtained their reports. The analysis and ranking will simulate effective credit management and responsible borrowing.
The analysis extends comparative analogy on following factors important to an individual:
- Comparison against overall average credit scores
- Comparison against credit score by age
- Comparison against credit score by city of stay
- Comparison of account age
- Comparison of total number of accounts
Score Simulator
A credit score is an outcome of various parameters and each of these can significantly impact the score even upon a minor change. Now Credit Sudhaar gives its clients the flexibility to experiment and examine how these parameters will influence his credit score. This is an exceptionally simple to use tool. It will help the individual to discern the effect and outcome of any change made to one, more or all parameters.
