Key Points
Self monitoring of credit scores by Indian has risen by 73 percent in 2023 as this credit discipline helps to access new borrowing opportunities and also helps them better manage debt according to a report by credit bureau Transunion Cibil...
With the number of Indian consumers enrolling to monitor their credit Score rising 73% in 2023, a new global study by the credit bureau has found that the benefits are shown to lead to better credit profiles, greater access to credit, or an improved ability to pay down debt, depending on the intent of consumers who monitor credit...
In India, 92% of surveyed consumers said that it is important to monitor their credit with nearly two fifths (39%) saying its extremely important..
Additionally, after using monitoring services for some time, consumers reported added benefits that credit monitoring has allowed them to achieve: learn how to monitor and manage their CIBIL Score (43%), get better credit offers (43%), learn how to make regular payments (40%), gain visibility to changes on their credit report (33%), and pay down debt (28%)...
Indias growth story gets a strong foundation with improved consumer awareness about credit management as revealed in this study, which shows a remarkable increase in consumers monitoring their credit report and improving their score after accessing it, said the senior director and head of Consumer Interactive (Direct-To-Consumer) India - Bhushan Padkil..
