OneScore, an AI-based application for checking credit scores has recently conducted a study and reported that the average credit score of Indians in the financial year 2021-22 was 715.

The credit literacy report as named by OneScore discusses the following important and interesting information.

  • This study was conducted among more than 9 million users of the OneScore platform.
  • 56.8% of the users kept track of their credit scores regularly.
  • There is a 26% drop in late payments and 83% of credit card users pay their bills on time.
  • The average credit score for the financial year 2021-22 was 715 while that of the financial year 2020-21 was 714. Though the difference is insignificant, there is a qualitative improvement in credit health among the borrowers. This shows that there is an increased awareness of the current generation to pay their loans and dues on time.
  • It is interesting to note that Kerala tops the list with an average credit score of 726. Then comes Gujarat, Chandigarh, and Delhi with 720.
  • Apart from the numbers, it is observed that the millennials are taking those extra steps to ensure that their credit history is good. They also make themselves educated about the financial world and learn the best practices.
  • Even though there is incredible access to credit, the Millenials use the options quite consciously. “The group is becoming increasingly credit conscious”, said Anurag Sinha, CEO, and Co-founder of OneScore.