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Credit Shield
Why LazyPay Credit Shield
3 reasons you should activate LazyPay Credit Shield
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What is a Credit Score? And why is it important?

A Credit Score is a value that stands as proof for an individual’s capacity to pay back money borrowed from a financial institution. Maintaining a good Credit Score is essential if you are planning on applying for a Credit Card or a loan such as a personal loan or a home renovation loan.

Banking and non-banking financial institutions will take your Credit Score into account to decide whether you are capable of paying back in time or if there is a reason to decline your application. Several factors are considered while calculating an individual’s Credit Score, including - credit history, repayment behavior, the existing line of credit, type, and the number of accounts. Generally, it takes about 18 to 36 months to achieve a satisfactory Credit Score. The better your Credit Score, the more benefits you will get to enjoy as well have the power to negotiate better interest on loans.

Not everybody finds it easy to stay up-to-date with payments. Delays can lead to lowering your Credit Score and hence, affecting your line of credit. Step in, LazyPay’s Credit Shield. LazyPay provides customers with easy access to their Credit Reports. Now, think of the Credit Shield like a suit of armour that protects you from harm’s way (in this case, avoiding a decrease in your Credit Score). Through alerts and updates, Credit Shield helps you to stay on track with their Credit Score and inch your way closer to the 900-mark

About LazyPay’s Credit Shield

  • LazyPay's 'Credit Shield' helps users track their credit score through alerts and updates on any changes in their respective credit scores. This can help them check if they have missed a loan payment or there is some kind of misreporting by financial institutions. Given that the RBI recently announced an EMI holiday for your loans, tracking your credit score has become all the more essential to prevent misinformation that can affect your financial health.

  • LazyPay’s Credit Shield gives the customer the power to ensure that their financial health is strong and eventually, get access to the lowest possible interest rates on personal loans or more benefits on a credit card.

  • What’s the range for Credit Score
    • NA/NH: To calculate a Credit Score you require a credit history. If you are starting out on a clean slate, you will be marked as Not Applicable (NA) or No History (NH).
    • 300 -549: This is generally considered a poor Credit Score. For lenders, this will be a point of concern since it means you have been very laid back with your payments and dues.
    • 550-649: This is considered as an average Credit Score. You will need to improve your score if you want to enjoy credit-related benefits.
    • 650-749: This is a good range and a financial institution will consider accepting your application for a Credit Card or a loan. But if you want a better deal and lower interest rates, you will still have to improve your score.
    • 750-900: If you fall in this range, you need not worry about anything. Your application is accepted easily with lower rates on loans and more benefits on credit cards.
    • Like mentioned before, it is imperative to maintain a good Credit Score for various reasons. Lower interest rates on loans and credit cards, easier to rent an apartment, better rates for car insurance and simply staying on good terms with a financial institution. Your Credit Score is not fixed - it fluctuates depending on how efficient are you in paying off dues, maintain a line of credit, etc. Your Credit Score gets affected in small increments so you may not see much of a difference every month but in the long run and when it is needed the most, your high-ranking Credit Score will prove to be most helpful
    What is Credit Score?
    A Credit Score is a numerical value that determines your efficiency in staying up-to-date with payments and your ability to pay back the sum you borrowed from your lender (banking or non-banking financial institution). Your Credit Score is valued between 300-900. A good Credit Score is important if you are looking to apply for a loan or Credit Card. The closer you are to 900, the better chances of negotiating and getting lower interest rates.
    How does a good score affect you?
    You get to enjoy multiple benefits without having to worry about being under a watchful eye of the financial bureau. Applying for a loan or a Credit Card will be very easy and for always paying your dues on time, you will get lower interest rates on your applications.
    How does a poor score affect you?
    A poor Credit Score (between 300-549) will make it difficult for you to acquire a loan. Lenders will not trust any individual who is currently in this range because there is a high possibility that the payment will be late.
    What is a high Credit Score useful for?
    If you are applying for a Credit Card or a loan (home loan, personal loan, etc.), your application will be accepted easily since the financial institution will have the assurance that you will repay the amount in time. Moreover, you have a better chance of renting an apartment, getting better rates on car insurance, and maintaining a higher credit limit.
    What updates can the LazyPay Credit Shield send me?
    Here is a list of the LazyPay Credit Shield updates:
    • Changes in credit score
    • How to opt for EMI relief
    Note: Using this application/service does not impact your credit score. Also, the RBI Relief Package does not apply to LazyPay’s Pay Later dues.