COSTA MESA, Calif.,
Oct. 10, 2019 /PRNewswire/ -- Lives
today are affected by a vast number of social media and online
numbers – likes, followers, scores and ratings. While some social
media platforms will possibly remove visible tallies such as
"likes" in the future, millennials already are on the right track
prioritizing the "numbers" that can truly affect their life and
financial future – credit scores. A national consumer survey by
Experian® reveals that 59% of survey respondents feel the most
important score to increase is their credit scores and 53% place
more importance in proactively trying to increase their credit
scores, versus growing their followers on social platforms such as
Instagram and Twitter.
How scores stack up
While social media and online
numbers command millennials' constant attention (19 percent say
it's an obsession), 49% of those surveyed believe a credit score
impacts their life the most. Fifty-nine percent of survey
respondents worry about their credit scores and 52% would be
disappointed if the scores went down.
Luckily, young adults can access tools such as Experian Boost™
to increase their credit scores instantly. Experian Boost is a free
online resource that allows consumers to add positive payment
history from utility and cell phone payments to their Experian
credit reports, which can possibly improve their FICO®
Score, in real time. In the age of immediate results, millennials
can now have more control over their credit scores by using
Experian Boost.
"Proud scorekeeping millennials can often have low credit scores
due to short credit histories, but there are steps they can take to
better manage their scores," said Rod
Griffin, director of public education for Experian.
"Ultimately, a good credit score has a greater lifelong impact than
social media likes and followers, and putting the emphasis on
monitoring this score will set millennials up for a successful
financial future."
Some stats cause stress, but high credit scores generate
excitement
Keeping track of various scores/ratings is
causing anxiety among some young adults. Twenty percent of survey
respondents say, in general, scores/ratings affect their reputation
negatively. The findings also reveal:
- Among those surveyed that said scores/ratings negatively
affected their life (51 percent), more than half feel bad when
their scores/ratings go down
- 48% of this group get anxiety knowing someone in their circle
had a higher score/rating
- Nearly 1 out of 2 (44%) also say they focus too much on
increasing their scores/ratings to the detriment of other
things
However, 56% of survey respondents overall feel most excited
when they have a high credit score above a high Yelp rating (49
percent) and a high number of YouTube followers (48 percent).
For more survey findings, go to
https://www.experian.com/blogs/ask-experian/millennials-see-credit-scores-increase/.
To learn more about credit and finance topics, visit
http://www.experian.com/education.
About Experian
Experian is the world's leading
global information services company. During life's big moments —
from buying a home or a car to sending a child to college to
growing a business by connecting with new customers — we empower
consumers and our clients to manage their data with confidence. We
help individuals to take financial control and access financial
services, businesses to make smarter decisions and thrive, lenders
to lend more responsibly, and organizations to prevent identity
fraud and crime.
We have 17,200 people operating across 44 countries, and every
day we're investing in new technologies, talented people and
innovation to help all our clients maximize every opportunity. We
are listed on the London Stock Exchange (EXPN) and are a
constituent of the FTSE 100 Index.
Learn more at www.experianplc.com or visit our global content
hub at our global news blog for the latest news and insights from
the Group.
Contact:
Sandra A.
Bernardo
Experian
1 949 567
3676
sandra.bernardo@experianinteractive.com
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SOURCE Experian