According to a recent Experian analysis, millennials (ages 19–34) are now the largest segment of the U.S. population and are also the least credit savvy group. When compared to previous generations, millennials have the lowest average credit score at 625. While a smaller percentage of millennials are opening bankcards when compared to Generation X counterparts at the same age (27% versus 46%), millennials today have the highest average bankcard utilization rate at 43%.
Lenders can play a role in helping this growing market segment by providing consumer education on credit scores and responsible credit behavior.
