Credit Scores Fall For Gen Z
Summary
Gen Z's average credit score has decreased by three points since 2024, according to FICO, with 14.1 percent of this age group experiencing a 50-point drop. Factors like student loans, short credit histories, and economic challenges are contributing to these lower scores.Key Facts
- Gen Z includes people aged 18 to 29.
- Average credit scores for Gen Z have fallen by three points since 2024.
- 14.1% of Gen Z consumers saw their credit scores drop by 50 points.
- 34% of Gen Z individuals have student loans, affecting their credit.
- The national average credit score decreased from 718 in 2023 to 715 in 2024.
- FICO will soon include "buy now, pay later" loan data in credit score calculations.
- Economic factors like student debt, high interest rates, and inflation impact Gen Z's credit scores.
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