Page 27 - Banking Finance July 2017

INTERVIEW

coming fiscal year would be to increase our user and lender shortlist of only those lenders willing to lend based on their
base while also educating Indians on the importance of unique credit profile. In effect, we pre-screen the
maintaining a good credit score. application to make sure the consumer is likely to qualify as
per the lender's credit criteria and
“ By helping users know where they stand the service they repay the dues.Thus, helping the

opt for and choice set they have becomes apparent to lenders in understanding their
customers better.
users. Most importantly, users are guided to make a
decision using data and the quality of their credit profile. “ What is the average credit

score which can be
What is your USP in comparison with considered good for taking loan?
your competitors? Credit bureaus have different parameters to arrive at a
credit score, generally lenders are willing to lend to anyone
We start off by helping users understand where they stand
with a credit score above 750. Although lenders do disburse
and hence discover products and services best suited for
loans to borrowers with a lesser credit score but at
them. By helping users know where they stand the service
unfavorable rates.
they opt for and choice set they have becomes apparent to
users. Most importantly, users are guided to make a decision
Do you help to rectify bad credit score? If yes
using data and the quality of their credit profile. This
how?
approach is particularly necessary in a market like India
Yes, we do help to rectify a bad score. A poor credit score
where consumer understanding of credit scores and how it
and challenged credit history can be expensive. We start by
impacts their ability to borrow is very low.
building the consumer's simplified credit profile which is free
Specific benefits are as follows: of jargons and is easily understandable even by a layman.
1. All users can dispute / resolve issues pertaining to We then provide them with an online dashboard which gives
incorrect data on their Bureau Credit report a detailed listing of borrowings besides highlighting negative
2. Credit challenged users can resolve issues online for accounts which are impacting them. We help them get
problem borrowings on old loans updated balances on problem accounts and start interacting
with their creditors online. In short, we help them:
3. New to credit users can discover products by leveraging
X Remove incorrect account(s) mapped to their profile
non-traditional data and get credit
X Resolve incorrect borrowing details
4. Credit Healthy users can compare products and services
best suited for them and make an informed decision X Make payments to lenders directly
since we only display offers from lenders willing to lend
to the user. How secure and strong is the technology platform
you are using
Indian finance Industry is struggling from bad CreditMantri goes the extra mile in protecting the user
loans and defaults. How efficient is your platform information. We use bank grade security to protect our
to select the right person for loan disbursement. client's data by SSL (Secure Socket Layer) for establishing an
Our platform enables efficient credit decisions for consumers encrypted link between the client's browser and our
and lenders, thereby reducing bad
loans and default. CreditMantri “ Credit bureaus have different parameters to arrive at a
matches the consumer's credit and credit score, generally lenders are willing to lend to any-
demographic profile to the lender's one with a credit score above 750. “
lending criteria and presents them a

BANKING FINANCE | JULY | 2017 | 27

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