Nearly half of Indian consumers have never checked their credit score, leaving themselves exposed to hidden costs and silent loan rejections, according to a new nationwide study by ZET, India’s leading credit score builder platform. 

The study titled, “India’s Credit Score Awareness Gap: The Hidden Cost of Not Knowing” draws attention to the urgent need for stronger credit literacy in the country. A credit score is a three-digit number between 300 and 900 that reflects repayment history, credit mix, credit age and outstanding balances. Maintaining a score above 750 can mean faster loan approvals, lower interest rates, reduced insurance premiums and even better career prospects. 

Based on inputs from credit bureaus, real user stories, and a survey of over 1,000 respondents, the study highlights how myths, misconceptions, and limited financial literacy continue to lock millions out of affordable credit.

This lack of awareness has real-world consequences, from silent loan rejections to higher interest costs, and risks that exclude millions from the formal credit ecosystem.

Stories such as a young doctor denied her first credit card because she had no credit history, or a shop owner who ended up paying lakhs more in home loan interest, show the real cost of not being financially prepared.

Key Findings 

• 1 in 2 Indians have never checked their credit score. Nearly 45% of respondents reported they had never checked their credit score or weren’t sure if they had.
• 30% have faced loan or credit card rejection due to poor or absent scores, often without being explained why.
• 1 in 4 Indians don’t know who generates their credit score.
• Only 66% knew that a score of 750+ is considered good. Many wrongly believed 500–700 is sufficient.
• 25% linked credit scores to salary or income, and 1 in 4 did not know who generates them.
• 58% were unsure if checking their own score reduces it, a persistent myth that discourages self-monitoring.
• Gender divide: Men tend to check their scores more often, while women are more likely to underestimate their eligibility, reflecting a wider confidence gap.
• Lack of credit history is a leading cause of rejections among first-time loan and credit card applicants. 

Also Read: Why Paying the Minimum Due Can Hurt Your Credit Score Goals?

Speaking about the study, Manish Shara, Co-founder and CEO, ZET said, “Credit scores decide who gets access to opportunity in India, yet for millions this number remains invisible or misunderstood. Our study shows that the challenge is not intent, but information. By combining survey insights with perspectives from financial planners and credit bureaus like Experian, we’ve been able to highlight both the myths and the structural gaps that hold people back. At ZET, we are rewriting the rules of credit, making access possible for the overlooked, the new-to-credit, and the next 400 million because when people understand the system better, they can use it to their advantage.”

The study underscores that credit awareness is not just about loans or credit cards. Globally, credit scores already influence insurance premiums, job opportunities, and financial reputation. As India’s financial ecosystem matures, the implications of not knowing or misunderstanding one’s score will only grow sharper. Some public-sector banks have already begun checking candidates’ credit scores, a practice likely to grow as financial stress increasingly affects workplace performance and productivity.