Earlier this year, the Reserve Bank of India (RBI) said it had received numerous complaints against digital lenders who gave loans to people without their consent. Some of these loans had even defaulted, leading to unwarranted declines in the credit ratings of those affected.
With so much of our private data online these days, it’s not hard for fraudulent loan apps to use sensitive identifications like PAN card numbers to issue non-consensual loans. On top of that, with the rise in identity theft, things can get worse quickly and the next time you apply for an essential loan, you could be locked out due to your bad credit history.
To counter this, it is important to stay on top of your credit report. CIBIL is where you can easily access your credit report, see your loan repayment history, and generally get an idea of your profile as a borrower. But the report can sometimes be too jargon, too difficult to understand. Also, if you are actively looking to improve your credit rating, you may need to repeat the process of downloading your reports each time the report is updated.
Theapp helps solve these problems.
stables of—the company behind an Indian metal credit card startup – OneScore helps you get a complete 360 degree view of your credit profiles, from your CIBIL score to a breakdown of your EMIs, repayment histories and all loans ( via credit cards and BNPL products, as well as bank loans) signed in your name, whether you have used them or not.
Rated 4.5 out of 5 stars on the Google Play Store, this completely free app has a crore of downloads. FPL Technologies claims that it does not spam or ever display ads on the app.
How it works
To get started on the application, you must enter a phone number linked to your bank accounts, your PAN card number and your date of birth. Once that’s done, you’re in.
The home screen displays your CIBIL and Experian scores, prominently displayed, and plots them on a graph to show you how they have changed over time.
Below is a quick and very easy to understand summary of your credit report, which shows you how regular you are with your repayments and EMIs, how much limit you have left on your credit cards, type of loans on your account, any inquiries regarding your loans or credit card applications, among others.
There are several quick links to blog posts on improving your credit score and good loan repayment practices, which are very helpful if you’re just starting to build your credit profile.
Each of the subheadings comes with an assigned score – perfect, fair, ace, bad – which gives you a quick overview, without going into too much detail, of the finer points of your credit file. For example, on my credit report, the heading “Profile” gave me a “poor” rating; when I clicked on it, it told me that I had “inconsistent details” on one of my bank accounts.
Beyond just reading your credit health, the app lets you track how your score is changing with each update, which is useful if you’re actively working to improve your profile.
There’s a lot to like about this app and the service it provides, for free too!
The UI/UX is clean, simple and very effective. It fades as you explore it.
The app is well-built, hassle-free, and works great. The home screen is the only page, so there’s no unnecessary navigation.
Your Experian and CIBIL credit scores are updated automatically every month, and the tips she shares to improve your scores are very helpful.
OneScore lets you raise requests for fixes and fixes from within the app, which is really helpful. I also appreciated the depth of ideas and the simple way he presented those ideas.
What could have been better is the annoying OneCard advertisement that the app sometimes flashes when you turn it on. It’s mostly annoying because you can’t click on it. You must quit the app and restart to access it. To be fair, once you’re in the app, the OneCard ad is just a small window that doesn’t bother you that much. Also considering that the app is free despite adding so much value, I didn’t mind the cross-sell.
It would have been nice to have more credit agency reports, such as CRIF and Equifax, on the application, although Experian and CIBIL scores are acceptable for most loan applications.
Some users pointed out that they were unable to delete their profiles on the app if they accidentally entered incorrect PAN card information. Others said their CIBIL scores were not updating even after months of using the app.
I wish there was a way to download the credit reports, or at least browse the reports month by month, especially the historical data.
Despite all of this, the app has been helpful in giving me a quick and comprehensive picture of my credit health in an easy to understand way. And given that it’s free, there really isn’t much to complain about. It is a must.