Gen Z and millennials drive up credit score self-monitoring among Indians: CIBIL report

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Gen Z and millennials' accessibility to mobile and tech drove an 83 percent surge in Indians self-monitoring their credit score for the October 2021 to September 2022 period at 61.1 million people from a year ago, according to a report by Credit Information Bureau (India) Ltd or CIBIL.

Millennials and Gen Z formed 81 percent of the overall self-monitoring base.

The report added that overall the self-monitored Indians had an average credit score of 715, which was lower than unmonitored accounts' 711.

Nearly 23.8 million millennials began monitoring their credit profiles between October 2021 and September 2022.

Additionally, the number of Gen Z Indians monitoring their credit grew 2.9 times during the same period.

People from Andhra Pradesh, Bihar and Karnataka reported the highest growth in self-monitoring consumers. Non-metro cities clocked 96 percent growth.

Women led the growth in credit awareness, leaving men behind. Where female consumers grew by 2.1 times between October 2021 and September 2022, males grew 1.8x.

Out of the self-monitoring accounts, around 47 percent of consumers improved their CIBIL score.