93% of millennials are aware of their credit score, according to Discover’s Credit Health survey
This increased awareness can be attributed to the numerous tools available that make checking your credit score so accessible, Stefanie O’Connell, personal finance expert, tells CNBC Select.
Additionally, she says that many millennials are coming of age and need to check their credit for major milestones, such as renting an apartment or taking out a lease.
In comparison, 79% of Gen X (ages 35 to 54) and 73% of boomers (55 and older) are aware of their credit score. Millennials are also the most likely to believe their credit standing has an impact on their day-to-day life (78%), compared to just 52% of Gen X and 35% of boomers.
When it comes to actually checking their credit score, 82% of respondents said they checked it at least once in the last year, up from 72% in 2017.
It’s a good idea to check your credit score on a regular basis for several reasons. For starters, checking your score can make you aware of any possible fraud on your account. If you see a drastic dip in your score, it may indicate that someone opened an account in your name or stole your card number.
Monitoring your score can also help you track progress when building credit. More than half (56%) of respondents said they are actively trying to improve their credit. You can raise your credit score by implementing simple actions into your daily life, such as limiting spending and making on-time payments. Plus the higher your credit score, the more likely you’ll qualify for the best credit cards and financing options.