 TITLE: Millennials Record Highest Credit Score Increase in 2020 CONTENT: Generational Credit Shows Change Since the Onset of COVID-19\n------------------------------------------------------------\nCredit is consumed differently across all generations. Younger Americans typically have lower debt balances and credit scores. Debt levels generally peak in a person's mid-50s, and then decrease as they head toward retirement. Credit scores are shown to grow throughout life, reaching a peak once consumers reach their late 70s on average.\nDue to factors such as savings and job security, each generation is positioned differently to weather an economic downturn like the one spurred by the COVID-19 pandemic. And as expected, since the beginning of the COVID-19 crisis each generation has seen nuanced changes in their credit reports.\nBetween the third quarter (Q3) of 2019 and Q3 2020, the change in credit report data showed measurable differences for all generations compared with years past. Younger generations saw the largest swings: Millennials experienced the largest growth in their average FICO® Score☉ , while Generation Z added the most to their total debt.\nLooking closer, much of this annual change occurred during the early days of the pandemic, Q1 2020 through Q3 2020, underscoring the impact the crisis has had on American finances—even if credit reports are not showing widespread negative impact for the time being.\nAs part of our ongoing review of debt and credit in the U.S., Experian compared consumer credit report data from Q3 2019 and Q3 2020 to see which generation experienced the most change since the start of the pandemic. We also compared data from Q1 2020 and Q3 2020 to understand how much of the change occurred after the beginning of the pandemic. Read on for our insights and analysis. END