Personal Finance

46% of millennials report an improved credit score in FY22

report an improved credit score

OneScore, India’s leading tech-based credit score monitoring platform, which enables one to keep a regular check on their credit health, disclosed the results of a study conducted among more than 9 million users on OneScore’s platform across the country. According to this report, more than 46% of millennial and Gen Z users reported an improved credit score in FY22.

The report highlighted that consumers are becoming more credit-conscious and taking an active role in managing their credit health. Millennial and Gen Z cohorts especially are actively undertaking self-monitoring of their credit score. The platform witnessed that over 56.8% of millennials actively monitored their credit score in FY21 vis-à-vis 48% in FY21. Whereas, in the case of Gen Z consumers actively monitoring their credit score, the platform witnessed a growth of over 2.5 times, from 7.1% in FY21 to 19.1% in FY22. The platform also stated that it witnessed a 16% jump in the average number of times millennials monitored their credit score annually.

Additionally, there was a massive jump of 163% in overall new consumers actively checking their scores in FY22 vis-à-vis the same period last year. The study observed that owing to the rising credit consciousness and regular monitoring of credit scores, the platform witnessed a 26% fall in late/deferred payments among the millennial and Gen Z audiences. 

The study also highlighted growing awareness among the cohort for paying credit card bills on time thereby portraying positive financial behaviour. The platform witnessed more than 83% of millennial and Gen Z users make timely repayments in FY21 vis-à-vis 77% in FY21. 

The platform observed that the average credit score of users was almost unchanged at 715 vis-à-vis 714 in FY21. The data indicated that there was an impending need for users to up the ante in terms of more responsible credit behaviour, to improve their credit score. While a credit score of 715 is considered fair, there is enough room for improvement. It also stated that the number of consumers having a mediocre score, i.e., score range of 300-747 remained stagnant at approximately 63% in FY21 and FY21. 

Kerala ranked highest when it comes to credit-conscious, self-monitoring millennials with an average credit score of 726, followed by Gujarat, Chandigarh and Delhi with an average credit score that was above 720. Whereas, Bihar and Assam featured at the bottom of the list with an average improved credit score hovering at around 700. 

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