Cardnomics is written by credit card industry professionals which helps you to take more informed view about credit cards.
All of us who have taken loans at some point in time have to deal with credit scores.
The Credit score is a very important data point about how you are behaving with your loans across all loan providers, credit cards, even short-term BNPLs, etc.
It’s a sort of a mandated report that is to be shared by lending institutions to authorized credit bureau service providers like CIBIL, Equifax, Experian, CRIF.
Free Credit Score = Increasing database for selling products
Almost every website that promises a free credit score is in the lending business, either they are an aggregator (like Bank Bazaar, Paisa Bazaar) or directly lending it to you.
Now inside these companies there could be teams around products - like credit cards, personal loans, two-wheeler loans etc. under these products, there could be large teams focused on a certain bank.
Here’s what they get when you get your free credit report - all your loans, card details, address details, contact details, credit enquiries and finally the score itself - it can go upto 4000 lines of data!
Sample of a credit report
Now this “free credit report” is analysed by systems and sent to respective teams for calling, sending SMS, pre-approved offers, targeting campaigns on social media etc.
Basically, you are a target for these teams to sell their products. If you dont convert it to a sale - it is churned to a different team at a later point in time.
Being in the credit card industry for years and having done research on how credit cards are sold - it takes 20 lakhs credit score reports to convert to 10,000 card customers !!
And each of these customers are contacted at least 12-15 times !
If you want peace of mind - avoid these portals just for free credit score.
Head directly to credit bureaus:
If you want a peaceful way to get your credit score, go directly to the bureaus.
Get an account registered and download your free credit report.