Credit Bureau News: 30 Percent of Americans Risk Damaging Credit Score in Retirement

Posted by Joachim Bartels | Mar 9, 2017 | Credit Bureau News, Financial Inclusion and Financial Literacy, Member News, The BIIA Network, TransUnion, United States | 0 |

More than 30 percent of American baby boomers may be making mistakes detrimental to their financial well-being in retirement, according to a new TransUnion^® (NYSE: TRU) survey, published recently.

The report examined credit perceptions and behavior of non-retired, U.S. consumers between the ages of 51 and 70. It found that 34 percent are actively reducing their reliance on credit cards, behavior that may actually result in account closures and ultimately, credit score reductions. A concurrent analysis of TransUnion’s proprietary consumer data revealed that 20 percent of people in that age range already have subprime credit.

TransUnion offers several resources to help consumers of all ages build and maintain credit health, including boomers in their retirement years. To read the full release click on the link below.

Source: TransUnion Press Release

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Joachim Bartels

Joachim C Bartels is a co-founder, director, head of information resources and Editor-in-Chief of BIIA. In his capacity as Editor-in-Chief he is responsible for the selection of relevant information content concerning industry insights, trends, technological developments, standards and policies impacting BIIA members in particular and the business information industry in general.

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