Critics have long criticised credit scores as arbitrary and potentially discriminatory, yet they remain crucial for obtaining necessities like homes, cars, and lower insurance rates. Building a robust credit file, typically necessary for a “good” score (above 700), can take years, posing a challenge for many young consumers.
However, a recent report by Open Lending and TransUnion suggests that Millennials and Gen Zers are on track to improve their credit scores.
While the average U.S. credit score sits at 715, Millennials average 690, and Gen Zers average 680. Despite starting with lower scores, younger generations are poised to improve their scores more rapidly than their older counterparts, thanks to factors like credit length and payment history.
https://finance.yahoo.com/news/millennial-gen-z-credit-scores-202129159.html
