Google Pay and Your CIBIL Score: Google Pay has become a leading online portal offering a variety of services, including payment processing, money transfers, online shopping, and mobile recharges. Following its most recent partnership with TransUnion CIBIL, the leading online payments platform now offers a new feature that enables users to view their CIBIL score within the Google Pay app for free.
The significance of CIBIL Score
The CIBIL score is a three-digit number ranging from 300 to 900 that represents the creditworthiness of an individual based on their credit history. It plays a vital function in lenders’ evaluation of the probability of loan repayment. A higher CIBIL score indicates excellent financial discipline and increases the likelihood of loan approval, as well as the likelihood of receiving lower interest rates.
It is essential to monitor your credit score frequently because it influences loan approvals, credit card approvals, and even employment opportunities. Now, with the Google Pay app, it is simpler to monitor your financial health and work on enhancing your credit score.
Google Pay’s CIBIL score tracking offers suggestions for improving your credit score, allowing you to make informed financial decisions and better your credit health. Those with scores below 680 are deemed subprime or poor, while those with scores of 791 and above are considered super prime.
How do I view my CIBIL Score on Google Pay?
- With Google Pay, verifying your CIBIL score is simple, free, and will not affect your current score. Here are the necessary steps:
- Launch the Google Pay application.
- Proceed to “Manage your money”
- Click the “Check your CIBIL score for free” link.
- Provide your complete name, phone number, email address (optional), and PAN (optional) if you are a first-time user.
Following these procedures, your credit report will be generated. Then, you can observe your CIBIL score and receive individualised suggestions for improving it.