Overview
What exactly is a credit score? A credit score is a financial metric that shows the credit worthiness of a user/business and is used to decide the eligibility for a loan. When we applied for a loan, a credit card, or pay later service. At that time Financial institutions like banks use this information to measure the ability of a customer to repay the loan and the risk of default associated with it.
Goals
Aadhaar QR Code available on Aadhaar Letter, e-Aadhaar and m-Aadhaar can be read through our API and details can be found. Information in the QR Code is secure and tamper-proof as it is digitally signed by UIDAI. The application will display the demographic details, including photograph details, of residents once the QR Code of e-Aadhaar is digitally verified by UIDAI at the backend and gives scan QR Code verified. In case the digital signature is not verified the reader displays QR Code not verified GUI Screen.
Specifications
- To Know Credit history & score to understand purchase patterns & repayment behavior.
- Reduce the risk of default and increase the chances of simplified collections for your business.
- Fetch the entire credit report with just a simple API call via mobile number & name.
Steps involved
Your CIBIL score is an important factor that lenders look at while evaluating a loan application. The Credit score reflects your credit-worthiness, based on your borrowing and repayment history. A credit score is a three-digit number, typically ranging from 300 to 900. Along with your background & details. A score above 700 is generally considered good.
PaySprint API platform has Credit Score Check APIs to help businesses like yours speed up customer onboarding time by 95% and provide a seamless experience to your customers, partners, and vendors!
Our CIBIL API can provide you credit report along with a credit score which enables you to create multiple business use cases.
Difference Between Credit Report & Credit Score
The main difference between credit reports and credit scores is that a credit score is a numerical value that is used as a quick means for lenders & financial institutions to decide whether the loan applicant is eligible for credit.
On the other hand, a credit report is a comprehensive & detailed document containing the applicant's financial history.
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