Read your credit score in the language of your choice

You can soon access and read, for free, your credit score reports in languages such as Tamil, Marathi, Bengali, Gujarati, Telugu and Kannada.

Paisabazaar.com, a digital marketplace, is now enabling this facility — which is expected to go live in three months — as part of its credit awareness initiative, said Naveen Kukreja, co-founder, Paisabazaar.com.

The initiative, seen as an industry first, is expected to make it easy for people from different regional backgrounds to understand their credit report, instead of relying on others to interpret the report for them.

Credit reports basically come from credit bureaus (such as CIBIL and Experian), and Paisabazaar.com will then make it available as ‘Paisabazaar Consumer Insights Report’ in multiple regional languages. This would not only enhance engagement but increase digital adoption for buying financial products, the company claimed.

“By leveraging regional languages, we will not only be able to transcend the language barrier and make a stronger connect with a larger segment of our customers but also add genuine value to their financial lives, by enabling comfort, familiarity and easier decision-making,” he said. Paisabazaar.com had earlier this week made the free credit report available in Hindi on its platform. Already 43,000 consumers have downloaded their report in Hindi, the company said.

In India, as many as 90 per cent of new internet users are regional language speakers and the base for internet users whose preferred language of communication is Hindi will outgrow the English base in the next two years.

Survey findings

A customer survey conducted by Paisabazaar.com in October revealed that over 62 per cent customers would prefer to have an option of reading their credit report in their regional language, in addition to English.