Product Overview of CreditMantri
CreditMantri is a pioneering financial technology company based in India, established in 2012, with the mission to transform the way credit is delivered and accessed in the country. Here’s a detailed overview of what the product does and its key features and functionality:
Purpose and Mission
CreditMantri aims to empower consumers to take charge of their credit health and make informed borrowing decisions. The platform is designed to bridge the gap between consumers, particularly those with limited or no credit history, and lenders, facilitating access to credit for the underserved segments of the population.
Key Features
Credit Profile Creation
CreditMantri allows consumers to create their credit profiles using a combination of traditional and alternative data. This is particularly beneficial in India, where many consumers lack formal credit history. The platform helps users understand their credit potential and identify areas for improvement.
Free Credit Score and Health Check
Users can obtain their free credit score and rating from Equifax through CreditMantri. The platform analyzes the credit health status, identifies negative or problematic loan accounts, and provides recommendations for improvement. This includes resolving disputes with credit bureaus or lenders, removing wrongly mapped accounts, and paying off overdue loans.
Credit Improvement Services
CreditMantri offers a comprehensive credit improvement service that helps users resolve issues impacting their credit eligibility. The platform assists in restructuring and resolving negative accounts, enabling users to become credit-healthy and re-initiate borrowing from the formal banking system. Over 170,000 credit-challenged users have benefited from this service.
Personalized Credit Products
The platform uses a customer profiling framework that categorizes users into segments such as “Credit Challenged,” “New to Credit,” “Low Income Credit Healthy,” and “High Income Credit Healthy.” Based on these profiles, CreditMantri helps users discover credit products, including loans and credit cards, that best match their credit standing. It also co-creates tailor-made credit products with lenders to meet the specific needs of underserved segments.
Real-Time Credit Decisioning
CreditMantri’s proprietary lendability score, income estimation model, and verification score are used by financial institutions to assess credit applications and approve them digitally in real-time. This approach enables lenders to extend small ticket loans profitably to segments that were previously underserved.
User Support and Education
The platform provides 24/7 support for credit issue resolution and educates users on how to improve their credit health. It offers tools and expert assistance to help users manage their credit effectively and make better borrowing decisions.
Technology and Data-Led Approach
CreditMantri leverages advanced technology and data analytics to transform the credit landscape in India. By using alternative data and digital verification models, the company enables lenders to extend credit to a broader range of consumers, including those who were previously excluded from formal credit systems.
In summary, CreditMantri is a robust platform that empowers consumers to manage their credit health, access personalized credit products, and make informed financial decisions. Its innovative use of data and technology has made it a leading solution for credit access and financial inclusion in India.