Gold Experience credit score for millennials: Experian report
A new report from Experian is giving credit scores to millennials that can be more valuable to those in the workforce.
According to the report, which was released on Tuesday, the millennials who scored at least one of the six scores in the top five categories for their financial future will earn a higher credit score than those with lower scores.
Experian said that the new credit score will give consumers more flexibility and predictability when shopping for a mortgage, car, home, home insurance, credit cards, credit, personal loans, and student loans.
“This new credit report gives consumers the ability to shop for mortgages, car loans, home loans, loans on credit cards and personal loans with ease and predictablity,” Experian CEO Michael Heintzel said in a statement.
The report also shows that millennials with the highest credit scores are likely to be more likely to have a mortgage and are more likely than those who score below one to be able to refinance their mortgage.
Heintzel added that the report also helps consumers evaluate the credit scores of lenders.
“The credit score offers consumers the flexibility to choose the credit score that suits their financial needs and offers consumers confidence in their ability to repay their loans,” he said.
For example, Experian said consumers who scored three or four out of six in the five categories in their credit score would be more than two points above the median consumer loan.
But, consumers who had an average of two out of five or three out of four in the same category would score about four points above.
As for consumers who score less than one in the four categories, Experien said the report indicates they’re likely to struggle with paying off their mortgage or paying their credit card bills.
Read the full report here:Experian Credit Scores for Millennials Related:Experians Credit Score for Millennials: Experians new report on credit scores for millennials found:The report found that those with scores between two and three in the best five categories earned about $4,000 more than those scores of one to two.
And those with score of one or two scored $2,500 more than the score of three or more.
This was especially true for millennials with a score of two or less.
But those with a three or higher scored about $8,000 less than those in that same category.
Here’s how to get a better credit score from Experians report:Experist’s credit score score reports will provide consumers with a more complete picture of their credit worthiness, as well as help them understand what their credit is worth and how much they’ll pay off a debt.
Learn more about Experian credit scores here: The study also found that consumers with lower credit scores will need to refinances their loans more often, as interest rates rise.
That means that those borrowers with low credit scores could also be at higher risk for higher interest rates.
Read the report here for more information: Experian’s Credit Scores For Millennials: The Experian Credit Score report: