Millennials on average have weak credit according to studies, with a median age of 28, income of $33,000, credit score of 623, eight credit accounts on file and only 39% considered prime or better. Over the last four years, millennials have accounted for 21% of new personal loans and have increased balances by 40% since 2011, showing they are feeling pressure from mediocre credit histories. Freedom Mortgage claims to have tools to help millennials improve their credit situation.

1. Studies of millennials shows weak credit.

2. SNAPSHOT: Millennials without a mortgage have…
• an average age of 28
• income of $33,000
• 623 VantageScore
• eight trades on file
• 39% are viewed as prime or better (661 or higher).

3. Millennials are feeling the pressure that
comes from a mediocre credit history.
Over the last four years, millennials account
for 21% of all new personal loan dollars with a
40% increase in balances since 2011.

4. Freedom Mortgage has the tools to help.

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Source:
https://www.builderonline.com/money/mortgage-finance/study-of-millennials-shows-widespread-weak-credit_o