Chances are, If you’re a millennial your credit score is “subprime” — enough to make lenders think twice about doing business with you.
TransUnion reported that 43% of borrowers ages 18 to 36 have a credit score of 600 or below on the 300-to-850 VantageScore scale. Generation X (ages 37-51) is at 33%, Baby Boomers (52-70) at 20%, and the silent generation (70+) rounds out at 9%.
One Out of Five Consumers Likely to Receive Meaningfully Different Score Than Creditor
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) released a study comparing credit scores sold to creditors and those sold to consumers. The study found that about one out of five consumers would likely receive a meaningfully different score than would a lender.
“This study highlights the complexities consumers face in the credit scoring market,” said CFPB Director Richard Cordray. “When consumers buy a credit score, they should be aware that a lender may be using a very different score in making a credit decision.”
The complete Analysis of Differences between Consumer and Creditor-Purchased Credit Scores is available at http://files.consumerfinance.gov/f/201209_Analysis_Differences_Consumer_Credit.pdf
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