A recent survey by TransUnion Healthcare found that millennials are less likely than baby boomers to understand the impact of major life events on credit. Less than half of millennials surveyed could cite specific major life events that negatively or positively affect credit.
"It’s important for all people to understand the affect of life milestones on their credit so they can put themselves in a position to reach personal and financial goals," said Ken Chaplin, Senior Vice President at TransUnion. "This survey reveals that many people, especially younger adults, may not be prepared for how certain events, such as marriage, buying a home or getting a car could alter their credit scores.”
Consumers of all ages are generally unprepared for live events from a credit perspective because they don't check their score before of after the event.
The infographic below outlines some of the survey's key findings. To read the full survey, click here.
To see a larger version of the infographic, click here.