The private credit bureau coverage in India has seen significant changes over the past decade. The coverage increased from 19.8% of the adult population in 2013 to 74.1% in 2023. The most notable jump occurred between 2016 and 2017, when coverage more than doubled from 21.4% to 43.5%. From 2018 onwards, the growth rate has generally slowed down, averaging a year-on-year increase of around 4-5% in the last few years.
In 2023, the coverage stood at 74.1%. If we consider the forecast data from 2024 to 2028, the coverage is expected to continue increasing but at a slower rate. The CAGR for the forecast period is anticipated to be about 3.02%, leading to a projected coverage of 89.8% by 2028.
Future trends to watch for:
- Implementation of more advanced credit scoring technologies.
- Expansion of coverage to underrepresented segments of the population.
- Potential regulatory changes that could impact data sharing and privacy.
