Experian, a credit bureau and Gupshup, a conversational engagement platform, have partnered to offer credit scores to consumers on the WhatsApp. 

The chatbot-based WhatsApp journey makes it convenient for consumers to access credit reports, track irregularities and detect fraud, the company said.

With the launch of this initiative, the number of consumers checking their credit scores at Experian has reportedly grown almost two-fold.

Consumers can check their credit scores for free by sending a ‘Hi’ message to Experian India’s WhatsApp number. This service is available 24x7 for consumers. Going forward, additional value-added services will also be made available that will prompt consumers in real-time if there is a change in their score, the company stated in a media statement.

The services will be extended to financial institutions so that they can embed WhatsApp-based credit report access with consumer consent. The move is not only expected to speed up loan disbursals but will also make it easier for lenders to create WhatsApp-based lending journeys. This service enables financial institutions to further gain trust and build deeper relationships with their customers by gaining insight on their credit profiles.

“We partnered with Gupshup to enable our goal of empowering consumers to have easy access to credit. The initial response is extremely encouraging. We are now seeing growing interest from financial institutions to embed this service in their own WhatsApp channels as well,” said Neeraj Dhawan, country manager, Experian India.

"Conversational messaging is transforming financial services. Offering instant credit reports over WhatsApp enables Banking, Financial Services and Insurance (BFSI) and fintech companies to reduce the time taken for issuing loans while also improving the financial health of consumers.”, said Beerud Sheth, chief executive officer (CEO) and co-founder, Gupshup.

Credit scores are an important barometer for financial health and are key to ratifying the creditworthiness of individuals. This initiative, driven by tech innovation and customer centricity, will provide easy access to credit scores to consumers given WhatsApp’s popularity and ubiquity.