Millennials are having a difficult time establishing financial security. Many millennials burst into adulthood as we were going through the housing crisis and subsequent recession, on top of being burdened with excessive student loan debt along with a shrinking job market. Unfortunately, the recovery from the Great Recession is slow which keeps Millennials at a disadvantage. Studies from Experian show that Millennials are still feeling the aftereffects.
According to Experian, Millennials have the lowest average FICO credit scores of all generations that have had significant time to build a credit score. Studies reveal that Millennials had an average FICO score of 665 on the 300-850 scale which is quite similar to Generation Z (ages 18-22), who haven't had much time at all to build any credit history.
Millennial credit scores lag far behind the average scores of both the Silent Generation (756) and Baby Boomers (732). The average score across all of the age groups was 701 in which is right in the middle of the good credit range (670-739).
If you're a Millennial and you fall in this category, it's not too late. How can you improve your standing? Start by checking your credit report to see why your score is low. Look for any errors or signs of identity theft and/or inaccurate accounts. Let Rise365 protect your credit and your identity with a $1 credit monitoring trial. Address any errors or fraudulent accounts with the credit reporting agencies immediately.
Alternatively, you can opt to use our automated credit repair services here to get you results quicker without the hassle.