There’s a common misperception that the older you get, the less important it is to have good credit. But your credit score is a vital financial tool at every age, according to Ken Chaplin of TransUnion. This DS News article by Brian Honea highlights the results of a recent TransUnion survey of baby boomers and the importance of maintaining strong credit.
A recent survey conducted of 1,037 non-retired consumers ages 51 to 70, i.e. the “baby boomer” generation, found that almost half of them believe that their credit score does not matter as much after age 70, according to TransUnion.
About 70 percent of respondents indicated that they believe a healthy credit score is necessary for refinancing a mortgage, but only 61 percent said they believe a healthy credit score is necessary to co-sign a loan for a child or grandchild. Only 32 percent of boomers surveyed said they thought they needed a strong credit score to enter a long-term care facility.
“Baby boomers need to prepare their credit score for retirement so they have the tools to fund financial obligations later in life,” said Ken Chaplin, SVP for TransUnion. “As Americans age, good credit can not only help them finance medical expenses and long-term care, but also help them support children, grandchildren and other family members as they take on middle-life expenses, like buying a house or paying for school.”
