Do You Want Unlimited Credit Score Checks? Purchase Bajaj’s Credit Pass

Bajaj Finserv has introduced Credit Pass, an innovative annual subscription that allows unlimited credit score checks without affecting the score as well as pre-approved offers on loans and credit cards. TransUnion CIBIL and Bajaj Finserv Limited have joined forces to launch the Credit Pass.

According to a statement from Bajaj Finserv, Credit Pass would make it simple for customers to check their credit ratings and keep an eye on their credit health.

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).

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.

What makes a credit score so crucial?

A three-digit figure known as a credit score is one of the key considerations in determining whether or not to approve a loan application. Better credit ratings imply dependability and creditworthiness, and lower scores imply the opposite.

What is Credit Pass good for?

Bajaj Finserv Credit Pass will be accessible after paying an annual membership, claims the statement. Customers can use this to check their credit ratings as frequently as they like. This will enable them to periodically check the status of their credit and spot any alterations or mistakes that might have an impact on their creditworthiness.

Customers can also see how their financial choices, such as asking for credit, paying their bills on time, or using their credit cards with a balance, effect their credit score.

What is the relationship between CIBIL score, credit report, and credit rating?

While the information offered by the CIBIL score, credit report, and credit rating may differ, they all serve the same purpose: they are credible sources of data about the borrower’s creditworthiness.

The CIBIL score is a component of the credit report that displays both individual and corporate interest and principal repayment. When it comes to debt instruments such as bonds and debentures issued by firms, credit rating also gives information about the likelihood of safety of your principle and interest.

The significance of the CIBIL score, credit report, and credit rating

The CIBIL score, credit report, and credit rating are all very important in the credit business.

Individuals apply to banks for home loans, vehicle loans, and personal loans. Businesses seek bank loans to expand their operations. Banks would be taking a risk every time they approved a loan without a CIBIL score and credit report. If most bank loans turn out to be faulty or suspect, the bank will suffer a loss. Businesses sell numerous debt products to consumers and institutional investors to raise capital for expansion. They pay a coupon or interest to individuals or institutions in the same way as they pay interest to banks when they make loans.

The Credit Pass would offer clients pre-approved loan offers in addition to unlimited credit score checks, allowing them to apply for a loan right away without having to go through a drawn-out application procedure. Customers’ pre-approved loan offers, however, can change depending on their credit score and other aspects.