Credit Pass in India: Objectives, Importance & Process

A credit pass has been introduced by Bajaj Finserv Ltd in association with TransUnion Cibil. Customers may track their financial health and check their credit ratings with this innovative new service. The annual cost of the service is Rs 99.

Lenders, especially banks and non-banking financial institutions (NBFCs), frequently review credit ratings prior to giving secured and unsecured credit, such as loans and credit cards. Creditworthiness is assumed to be correlated with a good credit score, and vice versa.

Prior to choosing the credit pass option, users must first check in to the Bajaj Finserv website. Before registering by inputting their name and permanent account number, users will be asked for their cell phone number to create a one-time password (PAN).

Finally, they must pay the fee.

Customers will receive their unique credit pass number once registration is complete. Users can then log in to their accounts and access the dashboard to view their credit score. Their credit health report, account overview, calculators, and offers will all be available on the dashboard.

What is a Credit pass?

Bajaj Finserv recently launched Credit Pass, a first-of-its-kind subscription powered by India’s largest credit bureau – CIBIL, to help our customers gain real-time access to their Credit Health Reports, track their repayment history, and receive a slew of offers on loans, credit cards, and other financial products.

Consumers can check their credit score as many times as they want and utilise tools like Credit Score Simulator to assess their financial situation.

You can track and analyse your credit health with the Bajaj Finserv Credit Pass. In only two minutes, you may join up for the Credit Pass. You will be given a 12-digit unique number that allows you to check your credit score as many times as you want. Your Credit Pass also provides you with information to help you improve your credit score and raise your chances of acquiring a loan or credit card.

Credit Pass Advantages

A list of the variables used to determine creditworthiness: Users would be able to monitor their loan payments, credit history, loan enquiries, and other data with the credit pass.
You have instant access to your credit health report thanks to Credit Pass. The credit health report gives you a summary of all your accounts as well as information about the factors that affect your credit score, such as credit inquiries, payment history, and more. You must have this knowledge at hand to determine whether getting a loan or a credit card is going to be simple for you.

Consumers can check their credit scores as much as they’d like without it having any negative effects on their ratings. Regularly checking one’s credit score is a beneficial habit that will allow subscribers to improve their credit score by making necessary corrections.
Customers also have access to interactive tools, such as the credit score simulator, which help them assess the potential impact of taking out a loan or a credit card.
Customized dashboard: Customers can also gain access to their personalized dashboard, which provides a one-stop summary of their ongoing credit cards and loans, repayment history, and other vital information.
Customers can also access ready offers on loans and credit cards from Bajaj Finance.

Process to apply for credit pass

Step 1: Sign up for the Credit Pass by clicking the Sign-up button at the top of this page.
Step 2: Provide your basic information, such as your name and phone number.
Step 3: Confirm your identity using an OTP delivered to your cell phone.
Step 4: You will be redirected to the payment page where you will have to finish the payment for the Pass
Step 5: Pay a small payment of Rs. 99 to purchase your Credit Pass

You may now access your Credit Pass account. See your Credit Pass dashboard, your credit score, and your report. Your Pass has a one-year validity period.

Conclusion

The Bajaj Finserv Credit Pass can assist clients in making better financial decisions and managing their finances more effectively. Customers can enhance their credit ratings by routinely monitoring their credit scores and identifying any changes or inaccuracies that may influence their creditworthiness. Consumers can also take advantage of pre-approved loan offers to gain quick and easy access to finances.