The findings: According to analytics firm Open Lending’s and Transunion’s report, “Financing the Future: Millennial and Gen Z Consumer Borrowing Habits and Credit Outlook,” young consumers are adept at improving their credit quickly.
By the numbers: Establishing strong relationships early with young lending customers can help solidify a bank’s future growth, per the report.
- Between 2021 and 2023, 30% of millennials and Gen Zers improved their credit tier status, while 22% of older customers did the same.