CNN Central News & Network–ITDC India Epress/ITDC News Bhopal: Credit score checks are a mandatory step when borrowers apply for an unsecured loan, such as a personal loan. Whether they apply on the personal loan app or offline at the bank, this step is part of the evaluation process to ensure that the applicant can service the loan and is likely to repay the loan on time.
Therefore, it makes sense for users to check their credit score beforehand and ensure it is high. This helps increase their chances of smooth approval and receiving a high-value loan. With the OneScore App, potential applicants do not need to guess or worry about their creditworthiness before applying for a loan.
Using this simple mobile application, anyone can easily check their score in minutes. If their score is good enough, then they have the best chance to get hassle-free approval. In case the score is not sufficient, the app offers personalised solutions to achieve the score required.
Why Lenders Rely on Credit Scores for Personal Loans
Personal loans aren’t backed by collateral, which is why lenders are more strict about borrowers having a good credit score. This 3-digit number represents the borrower’s creditworthiness. A high score of 730 or more indicates good credit management skills.
On the other hand, a low score shows that the borrower may not have much experience with credit or have a history of late payments, defaults, or overutilisation. So, applicants with a low score may not be able to get a personal loan.
Checking the score beforehand can help consumers avoid wasting time and getting rejected for loans.
How to Use the OneScore App to Check Credit Scores
Checking the score on OneScore is easy and free. Here are the steps to follow.
Step 1: Download the App
The first step is downloading the OneScore app from the Google Play Store or App Store.
Step 2: Log in With the Details
To register, users need to simply enter their mobile number and email address.
Step 3: Enter the PAN Card
In order to generate their credit score, users need to provide their PAN number.
Once they’ve provided all the details, they will get their updated CIBIL and Experian scores on the dashboard. On further exploring the app, borrowers will see more options related to their credit score to help them improve it.
How OneScore Helps Users Boost Credit Scores
OneScore gives users insights into their credit history at a glance. Under ‘Action for You’, they can get an in-depth breakdown of why their score is low. In the same section, they can get personalised tips on how they can increase their score with proactive steps.
Consumers can also reach their target score using the ‘Score Planner’ feature, which allows them to get to their desired score in time.
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