Tag Archives: Credit Score

Millennials Credit Scores

BEBdata-blog-consumer-bankruptcy-and-milennialsChances 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%.

CFPB Study Finds Credit Scores Can Differ

MATHEMATICIANOne 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

Read more here