Fintech companies interested in lending money are overrunning the Indian financial industry. You may acquire a loan for whatever you buy, from a refrigerator to an apartment. Using credit cards to make transactions is also common, whether online or in-person. Most of us are ignorant of the importance of managing our credit and credit ratings.
Credit Score Management Apps
Even if it could seem challenging to comprehend credit ratings and keep a healthy CIBIL score, you don’t need to worry since assistance is available. There are various CIBIL score applications available nowadays. They provide timely information and guidance to assist you in achieving and keeping a high score.
Listed below are a few well-liked CIBIL score applications for managing credit scores.
- Wishfin: This is the most preferred application for checking credit score. Anyone can check CIBIL score free for 12 months via this app. You can monitor card repayment status and credit utilisation. Moreover, get a detailed credit report and credit history on your fingertips with just one download of this app. You can also search for location-based offers on your credit cards. Additionally, get recommended products based on your free CIBIL score.
- IndiaLends: The nation’s first analytics and CIBIL score Application was released by IndiaLends in 2016. You may obtain your credit score with this app at no cost. It is one of the best applications for managing your CIBIL score and assists you in handling different credit accounts. Android and iOS smartphones may be used with the IndiaLends Credit Score app.
- CIBIL Score : This software determines your CIBIL score and provides a free report. It also offers advice from a variety of well-known websites to assist you in maintaining a decent credit score.
- CreditMantri: The app’s developers claim that CreditMantri offers “far more than credit ratings.” CreditMantri enables you to assess your situation, determine your CIBIL score, find loans that meet your needs, and create a personalised action plan. Although the creditmantri.com website has more than a million users, its app aims to educate even more Indians about the loan industry. The Google Play store has the app.
- PaisaBazaar: A well-known online marketplace for selecting loans and cards is PaisaBazaar.com. It recently released an app that assists you with your loan demands and provides fast, cost-free credit reports. Additionally, this app is made to provide you with monthly updates on your credit reports. The PaisaBazaar app is accessible via the App Store and Google Play stores.
- TrustScore: The digital start-up CreditVidya developed the app TrustScore. Based on your social media activity, this software evaluates your creditworthiness. Rajiv Raj, the other co-founder and director of CreditVidya, told ET Money that TrustScore would serve as a financial inclusion point for clients who were new to credit and had thin files. There is an Android version of this app.
- Mint: Mint is a well-known iPhone software that aids in managing your money. You may also access a credit score analysis with this app. It offers advice on how to raise your credit score and notifies you whenever Equifax receives new credit data from creditors. The Windows and Android versions of the Mint app are also accessible.
- CreditSmart: Using its internal algorithms, the CreditSmart app determines your credit score. The CreditSmart app offers news, advice, credit card reviews and daily updates.
The CIBIL score scale runs from 300 to 900. A score of 0 or -1 indicates that you have never borrowed money before. A rating of between 300 and 550 is regard as being exceedingly poor. Financial organisations won’t promote lending to these people. You may be trust with loans if your score is above 550, and your creditworthiness grows as it does.
You must pay all your loans and invoices on time to raise your CIBIL score and refrain from taking on too much debt. Additionally crucial is continuous monitoring of your CIBIL credit record and score. And you can do that easily from CIBIL score App. You will undoubtedly be able to keep a decent CIBIL score if you combine these excellent habits with credit score management tools.
