Mumbai: A credit score is a prediction of a person’s credit behavior, such as how likely he/she are to pay a loan back on time, based on information from their credit reports. A Credit score is a three-digit number from 300 to 900 used to determine the creditworthiness of an individual. Credit scores are calculated by the credit bureaus in the country after taking into consideration several factors like the length of your credit history, repayment records, credit inquiries, among others.
Major payment applications in India- Paytm, Google Pay, PhonePe- have introduced a feature allowing users to check their credit scores without any charges. Earlier, credit card holders and borrowers has to pay fees ranging from Rs 500 to Rs 1,000 for accessing their credit reports through banking applications.
A step-by-step guide on how to check your credit score for free on Paytm, Google Pay, PhonePe
Paytm:
Step 1: Install the Paytm app on your smartphone.
Step 1: Log in or sign up on the Paytm app.
Step 1: Navigate to the ‘Free Credit Score’ option under ‘Loans & Credit Cards’.
Step 1: Agree to the terms and conditions.
Step 1: View your credit score and detailed credit history instantly.
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Google Pay:
Step 1: Install Google Pay from the PlayStore or App Store.
Step 1: Log in or create a new account.
Step 1: Scroll to the ‘Check your CIBIL score for free’ option and select it.
Step 1: Your CIBIL score will be displayed, with initial use requiring some additional details.
PhonePe:
Step 1: Install the PhonePe app on your device.
Step 1: Log in or register.
Step 1: In the ‘Credit’ section, tap on ‘Check Now’ to view your CIBIL score.
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