Tag Archives: Credit Scores

Survey results released Monday show Americans—and Millennials especially—continue to have only a vague understanding of how their credit scores are calculated and used. Among other findings, fewer than half of Millennials seem to comprehend that age is not a factor in calculating credit scores, and less than two-thirds know that the three main credit bureaus collect the information on which their scores are based.

Looking back a quarter, TransUnion says new account originations in Q4 2013 totaled just 1.39 million, down by nearly a million from Q4 2012. While overall new loan activity was slow, participation increased among the non-prime population—defined by TransUnion as those with a credit score lower than 700 on the company’s VantageScore 2.0 model.