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MILLENNIALS LESS LIKELY TO UNDERSTAND IMPACT OF MAJOR LIFE EVENTS ON CREDIT


Millennials are less likely than baby boomers to identify milestone life events that could affect their credit, according to a new survey released by TransUnion. In fact, less than half of millennials surveyed could cite specific major life events that could negatively or positively affect credit, such as divorce (40 percent compared to 57 percent of boomers) or the death of a spouse (26 percent compared to 48 percent of boomers).

According to the survey, consumers of all ages are generally unprepared for life events from a credit perspective because they don’t check their scores before or after the life event. Only 49 percent of all respondents said they checked their credit when planning for or experiencing a milestone, such as marriage, having a child, or becoming unemployed.

Respondents were only slightly more likely to check their credit when taking out a loan than they were when preparing for other life events. Fifty-eight percent indicated they did check their credit when applying for a mortgage and 56 percent said they did when pursuing a student loan.

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