How scores stack up
While social media and online numbers command millennials' constant attention (19 percent say it's an obsession), 49% of those surveyed believe a credit score impacts their life the most. Fifty-nine percent of survey respondents worry about their credit scores and 52% would be disappointed if the scores went down.
Luckily, young adults can access tools such as Experian Boost™ to increase their credit scores instantly. Experian Boost is a free online resource that allows consumers to add positive payment history from utility and cell phone payments to their Experian credit reports, which can possibly improve their FICO® Score, in real time. In the age of immediate results, millennials can now have more control over their credit scores by using Experian Boost.
"Proud scorekeeping millennials can often have low credit scores due to short credit histories, but there are steps they can take to better manage their scores," said
Some stats cause stress, but high credit scores generate excitement
Keeping track of various scores/ratings is causing anxiety among some young adults. Twenty percent of survey respondents say, in general, scores/ratings affect their reputation negatively. The findings also reveal:
- Among those surveyed that said scores/ratings negatively affected their life (51 percent), more than half feel bad when their scores/ratings go down
- 48% of this group get anxiety knowing someone in their circle had a higher score/rating
- Nearly 1 out of 2 (44%) also say they focus too much on increasing their scores/ratings to the detriment of other things
However, 56% of survey respondents overall feel most excited when they have a high credit score above a high Yelp rating (49 percent) and a high number of YouTube followers (48 percent).
For more survey findings, go to https://www.experian.com/blogs/ask-experian/millennials-see-credit-scores-increase/. To learn more about credit and finance topics, visit http://www.experian.com/education.
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