COSTA MESA, Calif.,
Oct. 15, 2019 /PRNewswire/ --
Thursday, October 17 is "Get Smart About Credit Day" and Experian
is joining the American Bankers Association to provide young adults
with financial education – continuing Experian's on-going
commitment to helping consumers better understand and access
credit. Millennials and Generation Z are poised to make or break
the consumer confidence index in the next few decades and have been
labeled slackers, praised as multi-tasking wizards, credited with
driving the digital economy and branded "Children of the Great
Recession."
Both groups also have a strong drive to be financially
successful. Recent Experian surveys suggest that Gen Zers and
millennials are very interested in their financial health:
- 35% of millennials have checked their credit score within the
last week1
- More than 1 out of 3 (38%) Gen Zers find personal finance
topics interesting2
- 51% of millennials worry about their credit
scores1
- 76% of recent high school graduates agree a class about
managing finances should be required in high
school2
Not surprisingly, digital tools are important to young adults,
with 62% of Gen Zers preferring to check finances using their
smartphone.2
"I get the opportunity to talk to a variety of students and
young adults," said Rod Griffin,
Experian Director of Consumer Education, "and I don't think the
negative stereotypes stick. They watched the financial crisis
firsthand in their early years, and they really don't want to
repeat what their parents went through. They are very interested in
learning as much as they can about money, finance and credit and
they want to use technology to manage their financial lives. That
was a big consideration for Experian's launch of Experian Boost
earlier this year – these age groups will benefit the most from
it."
Experian Boost allows – for the first time – anyone to add
utility or telecom information to their Experian credit report,
increasing the number of positive payment histories associated with
their report and possibly increasing their FICO Score 8 in real
time. Young adults, who may not have much credit history, may
benefit the most from using Experian Boost. For more information
and to try Experian Boost, visit
https://www.experian.com/boost.
Facebook Live: Boosting Your Financial Health
As part of Get Smart About Credit Day, Griffin and Jeni Pastier, Director of Financial Education
Programs for the American Bankers Association, will participate in
a Facebook Live broadcast October 15
at 2 p.m. CT. The presentation will
address credit topics young adults typically don't understand or
don't know about at all.
"As the old saying goes, you don't know what you don't know,"
said Griffin. "We have a chance to give younger generations the
information and tools to know more than previous generations did at
their ages."
Tips for Those New to Credit
Griffin has some standard tips for those new to credit:
- Start small and grow slowly. A secured account with a small
credit limit can establish your credit history and help you start
saving at the same time. Good credit and strong savings habits go
hand-in-hand. You don't need a credit card with a high limit to
have good credit.
- Use the credit you have wisely. Good credit scores are not
about having a lot of credit, but rather about how you use the
credit you have available. Make a small purchase each month and pay
it in full. That will show you can use credit well without taking
on debt.
- Use your cell phone to improve your credit. With Experian
Boost, you can add positive telecom and utility payments to your
credit history and possibly boost your credit score. In the past,
failing to pay your utility or cell phone bills could hurt your
credit, but paying on time didn't help. With Experian Boost, that's
changed.
- Use technology to make managing your credit automatic.
Millennials and Gen Zers are the most technologically savvy
generations in our history. Use technology, such as online banking
apps and credit management tools like the Experian app, to automate
savings and payments, to alert you to potential fraud and to track
your progress as you build your credit history.
"Digital is the future," added Griffin. "Credit reports don't
look like they did 10 years ago, let alone when I was in high
school. Hand a Gen Zer or a Millennial a piece of paper with their
credit report and they won't like it. Show them an app and they
will figure out credit reports, scores and how to manage their
finances faster than Gen Xers or Boomers ever did."
For more finance and credit education, go to
http://www.experian.com/education.
1. Experian "Millennials: All About Scores" Survey; fielded
August 16- 30, 2019
2. Experian "Gen Z Financial Literacy" Survey; fielded August 15-16, 2019
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.
Get Smart About Credit Day
The Get Smart About Credit
(GSAC) program sponsored by the ABA Community Engagement Foundation
is a national campaign of volunteer bankers who work with high
school students and young adults to raise awareness about the
importance of personal finance skills. Bankers registered to
participate in this free program will receive access to a private
resource page containing promotional materials, student activities,
communication tools and lesson plans (also available in Spanish)
covering topics that include; Banking Careers, Budgeting, Credit
Scores, Identity Theft and Paying for College. Learn more at:
https://www.aba.com/advocacy/community-programs/get-smart-about-credit/
MEDIA CONTACTS
Greg Young
Experian Public Relations
Greg.young@experian.com
Amanda Garofalo
Experian Public Relations
Amanda.garofalo@experian.com
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SOURCE Experian