MoneyTap has launched its latest app, titled Fit.Credit tol help people get their credit report free of charge and monitor and track changes in their credit history. It will also provide insightful tips to improve your credit score.
According to company’s official communiqué, Fit.Credit helps an individual with suggestions and recommendations to improve their credit score.
The product will not only help people build a stronger credit score but will also help them secure low-interest rates while opting for their first loan, whenever they choose to opt for one.
Ashutosh Dabral, Chief Product Officer, MoneyTap says, “People today are keen to understand their finances and plan their life better. But, there are a huge number of people who do not know the myriad factors that affect their scores and how it impacts their chances of getting credit in the future.
Our research with our users showed us that there was a gap in understanding credit scores – and where this product could fulfil their needs. For e.g. People were not aware that when someone utilizes a higher percentage of their total credit limit, it has a negative impact on their credit score. When looking for a credit product applying to multiple lenders at the same time, or too many credit report inquiries at the same time may also impact your credit score.”
“We are educating users why it is important to keep a regular track of their credit score, and then how they can improve it. The Fit. Credit app will answer people’s questions and help take the mystery out of credit scores. The aim is to enrich people’s financial lives through transparency, simplicity, and certainty.”
Dhaarini Vijay, Senior Product Manager, MoneyTap Labs says, “Fit.Credit goes beyond just the functional value of what your credit score is and how it has changed. It will also help people understand their credit scores better. More importantly, it will create more value and awareness by making them feel better about their financial situation. Many users may not be able to make quick changes but we want to give them a long-term path towards financial wellness.”