Your credit score should be completely free...now it is
It’s now been just over a month since ClearScore launched in India. ClearScore was founded with a clear vision of putting you, the consumer, first, and helping you to achieve your financial goals. This intense focus has already created a beautiful and useful product in the UK. My job now, is to replicate this for you, in India.
People often ask me why I left CIBIL, a company I spent 10 years building up in order to join a smaller start-up. While I loved the time I spent at CIBIL, things have certainly changed. But what was it that pushed me to make the move?
The answer can be found in three defining realities:
- Data has become a commodity. There was a time when India had a dominant first mover, CIBIL, who had the most comprehensive credit data. This allowed CIBIL to create a credit score (a 3-digit summary of your credit report). The playing field was levelled in 2015, when the RBI directed all lenders to submit data to all credit bureaus. Given that the same data is available across all bureaus, everyone is now able to create an accurate credit score.
- Credit scores and reports have become completely free. 2017 was a defining year for credit reporting companies in India. Not only did the RBI make the progressive move of directing all credit bureaus to provide free credit scores and reports to consumers annually, but FinTech firms also started offering free credit scores and reports. This means you now have free access to your credit score and report, forever.
- Prices vary based on your credit score. Lenders have recently started offering better interest rates in exchange for good credit scores. Want to enjoy rewards for displaying financial discipline and maintaining a high credit score? Now you can. While already a common occurrence in western countries, this is a landmark event for India. Unfortunately, not many people are aware of these developments, but we hope to change this.
I moved to ClearScore because it’s clear they have embraced these changes.
We at ClearScore believe that you should never have to pay to view such important information; data that is used to determine whether or not you will be able to buy your first home, or a car, or pay for your child’s education or the medical expenses of your loved ones. The companies that you allow to access your data have a duty to help you make the most of this data. Be it in terms of helping you to improve your credit score, faster and easier approvals on credit applications or better terms on your loans and credit cards.
The moment I met the ClearScore team, I felt a deep sense of alignment with their mission to create an easy to use financial product that consumers can benefit from. I think it’s awesome that it is and always will be...totally free.
On 15th August 2018, we embarked on a journey to help you achieve complete financial freedom. We’re still new here and learning lots, so we would love to know what you like about us, what you don’t like so much, and what we could do better.
We can’t wait to share our journey with you.
Country Manager - ClearScore