How does Generation Y compare to Generation X when it comes to credit scores and credit management? This article from HousingWire offers a snapshot of credit characteristics by generation, and highlights an interesting infographic from Experian that shows the borrowing trends of Generation X when they were young adults, compared to today’s millennial generation.
Millennials are not as savvy as their predecessors when it comes to their finances and credit management, a new report from Experian revealed. However, this same generation also has a lot of potential to improve their credit for the future.
“While this generation may not look like they are on the right track financially, it’s important to keep in mind that credit scores are built on credit experiences, and while this generation has been slower to use credit, they have plenty of opportunities to build a positive credit history,” said Michele Raneri, vice president of analytics and business development at Experian. “The best way to do that is to understand credit before using it.”
