CIBIL Survey - 74% of Indian consumers check credit scores at least twice a year
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CIBIL Survey - 74% of Indian consumers check credit scores at least twice a year
by Admin Mon Jul 10, 2017 2:18 pm
The survey found that the young urban adults are among the most credit-vigilant in India with 49% aged between 18 and 24 years.
MUMBAI: If you thought credit scores continue to be alien concepts for Indian consumers think again, almost 74% of the respondents surveyed by the oldest credit bureau of the country TransUnion CIBIL said which they check their credit score at least twice a year.
While 29% regarding the 1002 urban consumers surveyed said that they do it primarily to boost it, 28% checked to organize for a new credit card or submit an application for new loans.
“Checking your CIBIL score and report before you apply for a loan or line of credit is a step that is important but that should not function as the only method of credit management,” said Hrushikesh Mehta, vice president of TransUnion CIBIL’s Direct-to-Consumer business. “To be truly financially healthy, monitoring the knowledge in your credit report must certanly be treated as a credit health management exercise and really should be done on a frequent basis.”
A surprising 62% didn’t realize that lenders check consumer credit scores so that you can determine the regards to a loan, and 63% didn’t know that mobile contract providers may use CIBIL scores to create post paid credit limits.
Also, the survey discovered that the young adults that are urban among the most credit-vigilant in India with 49% aged between 18 and 24 years who ever check their credit scores achieve this primarily so that you can boost their scores, in comparison to a mere 20% of the 45 and older.
Similarly, from and between the survey participants, it seems that Indian consumers with high incomes of Rs 5,00,000 check their fico scores more often compared to those in lower income groups.
Specifically, 77% of middle-class consumers Rs 5,00,000 to Rs 49,99,999 per checked their credit scores at least twice per year, compared with 65% of lower income consumers with less than Rs 4,99,999 per year year. Indians with an income of Rs 50,00,000 or higher per are most likely to check their score twice per year year.
“A credit score is a fundamental piece of a consumer’s financial health,” said Mehta. “It will help them purchase a property, car or open a credit card, and these findings reveal a necessity for stronger credit education.”
MUMBAI: If you thought credit scores continue to be alien concepts for Indian consumers think again, almost 74% of the respondents surveyed by the oldest credit bureau of the country TransUnion CIBIL said which they check their credit score at least twice a year.
While 29% regarding the 1002 urban consumers surveyed said that they do it primarily to boost it, 28% checked to organize for a new credit card or submit an application for new loans.
“Checking your CIBIL score and report before you apply for a loan or line of credit is a step that is important but that should not function as the only method of credit management,” said Hrushikesh Mehta, vice president of TransUnion CIBIL’s Direct-to-Consumer business. “To be truly financially healthy, monitoring the knowledge in your credit report must certanly be treated as a credit health management exercise and really should be done on a frequent basis.”
A surprising 62% didn’t realize that lenders check consumer credit scores so that you can determine the regards to a loan, and 63% didn’t know that mobile contract providers may use CIBIL scores to create post paid credit limits.
Also, the survey discovered that the young adults that are urban among the most credit-vigilant in India with 49% aged between 18 and 24 years who ever check their credit scores achieve this primarily so that you can boost their scores, in comparison to a mere 20% of the 45 and older.
Similarly, from and between the survey participants, it seems that Indian consumers with high incomes of Rs 5,00,000 check their fico scores more often compared to those in lower income groups.
Specifically, 77% of middle-class consumers Rs 5,00,000 to Rs 49,99,999 per checked their credit scores at least twice per year, compared with 65% of lower income consumers with less than Rs 4,99,999 per year year. Indians with an income of Rs 50,00,000 or higher per are most likely to check their score twice per year year.
“A credit score is a fundamental piece of a consumer’s financial health,” said Mehta. “It will help them purchase a property, car or open a credit card, and these findings reveal a necessity for stronger credit education.”
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