According to a recent survey commissioned by VantageScore Solutions, millennials cite being unscoreable as the main obstacle to credit access. Among the findings:
- One-third of millennials cannot obtain the credit they need
- Of those unable to obtain credit, 34% attribute it to lack of a credit score
- 49% of millennials agree that competition in the credit-scoring marketplace is beneficial
Lenders can help this segment and open the gateway of credit by using advanced risk models that can accurately score consumers considered unscoreable by conventional risk models.
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