Ru­bique ties up with CIBIL for credit score checks

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Ru­bique has now part­nered with CIBIL, In­dia’s pre­mier Credit In­for­ma­tion Com­pany (CIC). The com­pany’s plat­form will pro­vide credit scores to pro­vide valu­able in­sights and in­crease the trans­parency in the con­ven­tion­ally-opaque credit-seek­ing process for all its users.

Ru­bique has part­nered with CIBIL as it is the pre­ferred agency for fi­nan­cial in­sti­tu­tions when un­der­writ­ing any fi­nanc­ing deal. While sev­eral fin­tech play­ers have en­gaged in col­lab­o­ra­tions with credit bu­reaus in In­dia, this is the first ever tie-up for CIBIL with a fin­tech com­pany like Ru­bique. This is part of Ru­bique’s vi­sion to ed­u­cate the pop­u­la­tion of In­dia about the sig­nif­i­cance of credit scores in de­ter­min­ing their credit-wor­thi­ness, and to en­able them to bet­ter un­der­stand their el­i­gi­bil­ity for loans, cards, and other fi­nan­cial ser­vices. By rat­ing in­di­vid­u­als and their credit scores across 6 cri­te­ria – uti­liza­tion of credit lim­its, credit mix, re­pay­ment his­tory, credit ap­pli­ca­tion, re­cent en­quiries, and loan set­tle­ments – and rat­ing the user as good, av­er­age, or poor with rea­sons­for each cri­te­rion, the deep anal­y­sis will help users un­der­stand their credit score and take re­me­dial steps to im­prove it, if re­quired.

This data will also be used by Ru­bique to pro­vide cus­tom­ized of­fers to in­di­vid­u­als based on their credit scores and the credit score cut­offs for fi­nan­cial in­sti­tu­tions. This will en­sure im­proved chances for ap­provals for Ru­bique users, while im­prov­ing the com­pany’s ap­proval ra­tios. Users will be able to come to the Ru­bique web­site ev­ery month and check their score, which shall help them track their credit score’s move­ment and take the right steps to re­ceive the credit prod­uct from their choice of fi­nan­cial in­sti­tu­tions.

Ru­bique has been dis­rupt­ing the tra­di­tional lend­ing process by dig­i­tiz­ing the fi­nan­cial sec­tor in di­verse ways. The ad­vance tech­nolo­gies used on the plat­form an­a­lyze hun­dreds of data points to as­sess the cred­it­wor­thi­ness of cus­tomers and pro­vide them the of­fers they are el­i­gi­ble for. The com­pany’s unique On­line PLUS model comes with pa­per­less-fo­cused fea­tures that trans­form the loan ap­proval and pro­cess­ing – through e-KYC, bank state­ment anal­y­sis, and real-time sta­tus track­ing – into an op­ti­mized and ef­fi­cient sys­tem tak­ing up min­i­mal time and greatly in­creas­ing ac­cu­racy. Ru­bique also de­ploys Rubot, an AI de­ci­sion en­gine pow­ered bot that eases the trans­ac­tion ex­pe­ri­ence by us­ing cus­tomer data to match the cus­tomer’s fi­nan­cial re­quire­ments with the prod­ucts hosted on the plat­form. SPOT, an in­ter­nal data plat­form run by Ru­bique cov­ers the en­tire con­sumer jour­ney from lead gen­er­a­tion to dis­burse­ment for all types of loans and credit cards. Through the de­ploy­ment of these tech-driven so­lu­tions and the ac­cess to the prod­ucts hosted on the plat­form, Ru­bique of­fers a wide range of loan prod­ucts and end-to-end loan ful­fil­ment to in­di­vid­u­als and SMEs.

Com­ment­ing on the part­ner­ship, Manav Jeet, MD and CEO, Ru­bique, said, “We are driven by our be­lief in im­prov­ing choices and in­creas­ing trans­parency across the fi­nan­cial ecosys­tem, and an im­por­tant as­pect of this is em­pow­er­ing our users with the right knowl­edge. By in­te­grat­ing our plat­form with CIBIL and pro­vid­ing deep anal­y­sis on user’s credit scores, we not only in­crease trans­parency but also im­prove our abil­ity to of­fer them the best op­tions through our pro­pri­etary AI-driven rec­om­men­da­tion en­gine, lead­ing to a win-win sce­nario for ev­ery­one. We also plan on help­ing in­di­vid­u­als with per­son­al­ized score im­prove­ment strate­gies and dis­pute res­o­lu­tion through our part­ner­ship with CIBIL.”

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