A new FindLaw.com survey wanted to find out how younger people in the United States are being treated by financial institutions when it come to applying for loans, credit cards or a mortgage.
The results show they’re more than twice as likely to be turned down.
About one in five (22%) people between the ages of 18 and 34 said they were refused a mortgage, loan or credit card within the last year. That’s more than twice the percentage of any other age group.
They’re four times more likely to say they’ve been turned down than people age 55 and up.
Credit card denials top the list (15%).
Anyone applying to borrow money must meet strict standards set by the financial institution they approach. Younger people, according to Stephanie Rahlfs, an attorney and editor with FindLaw.com, often have had less time and opportunity to establish a credit history.
Rahlfs suggests you should be diligent about monitoring your credit score, correcting any errors in your credit report and building a good history of managing credit and loans.
The FindLaw.com survey was conducted using a demographically balanced telephone survey of 1,000 American adults and has a margin of error of plus-or-minus 3 percent.
Posted by Kevin Hunt in:
In Practice | Practice trends |
