This is a well-studied phenomenon and has been recorded in many research studies. The introduction of public registries and private bureaus has been found to raise the ratio of private credit to GDP in many countries by 7 to 8 percentage points over a five-year horizon 9.
Importantly, credit registries and bureaus do not just increase the amount of borrowing; they are also responsible for improving the quality of borrowing. India currently has a robust and unique digital identification for every citizen in the form of Aadhaar. Similarly, the Corporate Identification Number (CIN) as well as GSTN provide identities to businesses.