BHIM App Integrates CIBIL Score, Allows Users In-App Credit Tracking

The BHIM Payments App has rolled out a new feature that allows users to check their CIBIL score and Credit Information Report (CIR) within the platform itself. It has been done as part of a strategic collaboration between TransUnion CIBIL and NBSL (NPCI BHIM Services Ltd.).

The feature allows users to check and monitor their credit score on the app without having to log in separately on third-party sites. It can be found on the BHIM app version 4.0.19 and above. The information is made available to the users after providing explicit PPR (Personal Privacy Rights), as per the regulatory requirements regarding the use of credit information.

Feature Adds Credit Access to Payments Platform

The integration adds the credit information to a platform that is extensively used for daily transactions. BHIM, created under NPCI (National Payments Corporation of India), has been used in UPI (Unified Payments Interface) transactions, including sending and receiving money, paying bills, and paying merchants.

Having added the CIBIL score feature, users are now able to check their credit profile in addition to performing their financial tasks. The CIR (Credit Information Report) contains important information, such as:

• Active credit accounts

• Repayment history

• Outstanding balances

The Consent-based model makes sure that the user will have to authorise access before credit data is shared. This practice makes sure that the feature abides by the wider regulatory initiatives to improve data privacy and transparency in financial services.

Focus on Accessibility and Usage

The BHIM application supports over 15 Indian languages and is compatible with various kinds of devices. The user interface is designed to be easy to use, so that it can expand usage among users in semi-urban and rural regions.

The app has already added other features like expense tracking, shared payments, and reminders for pending payments. The integration of the credit data is likely to increase the number of financial instruments one can use in a single app.

The Importance of Credit Awareness

The availability of credit scores has seen growing importance as more people now interact with formal credit systems. Lenders generally use a credit score to evaluate the ability of an individual to repay, and qualify them to borrow loans and get credit cards.

By making the score available within a commonly used payments app, the integration may improve visibility of credit-related information. This would assist users in monitoring their changes in scores over time and what influences their credit profile. Currently, to check a credit report, you usually have to go to specific websites or apps; this integration decreases the steps taken.

Availability and Rollout

Those who have updated their BHIM app to the latest version can access this feature. It will be available to every qualified user who undergoes the consent procedure.

This integration does not, in any way, change the calculation of credit scores; it opens another channel through which consumers can get their existing credit information.