40% Indians regularly monitor their credit scores, reveals survey

Moneyview has just revealed findings from its latest survey, offering insights into the changing dynamics of credit score awareness and financial preferences. At Moneyview, we are committed to empowering our users with the tools and knowledge they need to make informed financial decisions in this digital age.” Findings from the 2023 Consumer Credit Survey Report by Moneyview include: Monthly credit score monitoring: A notable 40 per cent of survey participants consistently monitor their credit scores each month, indicating a growing awareness of the significance of credit well-being. The survey indicates that individuals have adopted the purposes for obtaining loans and the awareness channels through the following sources: Loan purpose: Among those intending to secure a loan, 24 per cent plan to invest in business, 15 per cent require funds for medical emergencies, and an additional 15 per cent intend to use the loan for home renovation or construction. Regular credit score monitoring: A significant 88 per cent of surveyed respondents affirmed their consistent practice of regularly checking their credit scores without fail. Awareness sources: Communication channels such as WhatsApp/Text messages and emails from various platforms emerged as the primary sources of credit score awareness for 34 per cent of respondents.