Not Just Social Media! Indians Check Phones To Look At Their Credit Scores As Well, Reveals Survey

The latest survey by Moneyview, a financial services platform, has revealed that over 40% of respondents regularly check their credit score. They do so almost every month which highlights a growing awareness of the importance of credit health among citizens. 50 per cent of participants said that they get suggestions from different platforms regarding their credit scores and improving them at no cost. This shows a proactive approach in users towards credit management. A whopping 71 per cent of respondents said that they plan to take a loan which can range between Rs. 30,000 to Rs. 200,000. This underlines the growing demand for financial assistance. Some 26 per cent of participants said that they look at the positive ratings when choosing a lender, while 29 per cent prefer low processing fees as the deciding factor. 48 per cent go for low rates of interest while 31 per cent seek high loan amounts, 25 per cent value instant approvals, 21 per cent prioritize quick disbursements, and 16 per cent prefer a completely online process.

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The survey also highlighted the purpose and awareness mediums for availing loans which are inculcated from loan utilization, consistent credit score monitoring and keeping a tab on frauds. 24 per cent of those interested in taking a loan aim to invest in business while 15 per cent require funds for medical emergencies, and another 15 per cent want to use it for home renovation or construction. In a landslide, some 88 per cent of respondents said they check their credit scores regularly, without fail. The survey reflected on the growing concerns of frauds/loans availed in customers’ names without obtaining their consent, which necessitates checking credit reports regularly.

The primary source of awareness for most (34 per cent) of the respondents were WhatsApp/Text messages and emails from various platforms. Google/Online Search accounted for 18%, and recommendations from friends and family contributed to 12%.

Talking further about the survey Prasanth Naidu, Chief Marketing Officer, of Moneyview, said, “As we navigate through a rapidly evolving financial landscape, the insights from our recent survey underscore the importance of credit awareness and prudent financial planning. The findings highlight not only the increasing frequency of credit score monitoring but also the dynamic nature of individuals' financial goals.”