The Technology on Credit Score System in Bengaluru City: A Study Assessing Public Perception

The current study's objective is to evaluate the public's degree of understanding and awareness of the credit scoring system. A numerical expression for a credit score that represents a person's solvency condition through level examination of their credit files. It is mostly based on a credit report, which typically contains data obtained from credit agencies. Additionally, it looked at how demographic factors affected how well-informed and aware of the credit score system the general population was. A detailed questionnaire was used to gather information from 237 respondents in Bengaluru, the capital of the state of Karnataka. The data was collected during June-July 2019 by employing convenience sampling and snowball sampling methods. Bengaluru city was chosen as the study area because there are lot of different types of individuals been setup over there like businessmen, industrialists, IT employees, salaried individuals etc. In order to achieve the objectives of the study, the statistical tools chi-square analysis and correspondence analysis were used. The statistical software SPSS version 22 was used for data analysis. The study found that that the demographic variables such as gender and number of dependents were significantly associated with level of knowledge on credit scoring system. It may be possible to undertake more research to examine public perceptions of the credit score system in different Indian areas and to evaluate how well it influences loan repayment.