Worried About Your Credit Health? This AI-Powered Advisor Aims To Help

Your credit score and credit health can impact both your ability to reach long-term financial goals and overall financial well-being. By keeping a close eye on your credit report and score, you can track debt, including loans and credit cards, credit inquiries from banks or lenders, and default payments, which can help you take action and potentially build a strong credit profile. It is here that artificial intelligence-powered solutions can help.

To deepen awareness and enable responsible behaviour, consumer credit marketplace Paisabazaar, operated by PF Fintech Ltd., has launched PB Assist, an AI-driven Credit Advisor, which offers access to insights around users’ credit health.

PB Assist will offer a comprehensive view of an individual's credit history, allowing consumers to make informed credit decisions and improve their credit health. The chatbot is part of the company’s subscription-based credit improvement services.

According to Paisabazaar, PB Assist is powered by AI, proprietary algorithms, and Chat GPT 3.5. In the future, the chatbot would leverage predictive analytics and pattern recognition, to provide insights such as loan details, credit card information, and repayment patterns, the company said.

Radhika Binani, chief product officer, Paisabazaar, said, “The tailor-made real-time insights and recommendations offered by PB Assist would help consumers, particularly those who need to climb up the credit ladder.”

Paisabazaar has been driving a credit awareness program by offering consumers a free credit score every month through partnerships with credit bureaus in India. The company offers a Credit Health Report, which looks into a consumer’s credit history and offers personalised insights. PB Assist aims to make the experience more seamless and interactive.

Mukesh Sharma, chief technology officer, Paisabazaar, said, “Using AI, our objective is to enable the chatbot to not only provide easy access to key aspects of one’s credit history but also forecast future behaviour and identify potential risk areas, helping consumers to make informed decisions swiftly.”