Millennials: High Risk or Untapped Opportunity? 


Millennials White Paper

Millennials are one of the largest demographic groups in the U.S. It is estimated that by 2020, one in three adults will be millennials. Yet, unlike past generations, this group appears to be less active in traditional credit and financial markets. A recent Bankrate study of 18 to 29 year olds showed that 33% are under–banked and 63% do not have credit cards.  

Younger consumers are typically part of the thin-file population at the national credit bureaus, and the millennials’ slower participation in the credit market is keeping them in the thin-file population longer. According to the CFPB, young adults are likely to be 'credit invisible', meaning their lack of credit history renders them unscorable based on traditional credit scoring methods.

This generation represents a large and relatively untapped market.  Do your credit policies reflect how millennials are buying in today’seconomy?