- The development of the financial industry causes that young generations are more and more interested in credit opportunities. Also, consumerism, which is growing at the present time, means that we want our finances to be at a higher level than before, says newsrm.tv Tymon Zastrzeżyński, an expert at pozyczkaportal.pl.
It seems that the attitude towards creditworthiness is also a generational issue. Millennials (18-34) tested their creditworthiness more regularly than their peers in the previous generation X, reports Discover, which surveyed 2,000 consumers in March. Millennials also have a more personal relationship to their score. Almost half of Millennials said that the assessment of creditworthiness affects their self-esteem - in Generation X and baby-boomers it will be 43 and 30 percent, respectively.
Could my credit score affect my personal happiness? While it sounds original, such a conclusion is by no means unfounded. Awareness of our creditworthiness can have a positive impact on our financial behavior, long-term self-esteem, and even emotional life, suggest research by Discover, Federal Reserve Board and WalletHub.
Nearly three-quarters of people who check their credit score more than seven times a year say this frequency - some would say "compulsive" - has changed their financial behavior for the better, according to a recent DFRB study. An even larger group believe their score has improved over the course of the year. On the other hand, nearly one-third of consumers admitted that they had not checked their creditworthiness score once in the last year, according to another study, this time by WalletHub.
According to Laks Vasudevan, vice president of DFRB, there is a clear relationship between controlling our performance and improving our credit behavior. “We are beginning to better understand the factors that affect our result when assessing creditworthiness. This awareness helps us to better manage our creditworthiness and maintain its positive state "
More and more consumers are aware of the importance of creditworthiness assessment in their financial lives - it is important when applying for another payment card, buying a car or renting an apartment, and above all - when applying for a mortgage. The higher the creditworthiness ratio, the better the interest rate that consumers will qualify for.
