Overall, the year can largely be seen as a tale of generational percentages.
Millennials and Gen-Xers combined for nearly 80 percent of the industry’s loans, with millennials (1981-1997) accounting for 40 percent inquiries and Gen-Xers (1965-1980) consisting of 38 percent. Baby Boomers (1946-1964) the Silent Generation (1928-1945) and Gen Z (1974+) collectively generated 23 percent of inquiries.
Given the vast purchasing needs from Millennials and Gen-Xers within the alternative credit data market, prioritizing the borrowing needs of these two generations is a safe assumption.
During the first nine months of 2017, Clarity data collected 5,666,666 tradelines, with 2,904,153 coming from unique borrowers. The following contextualizes how alternative financial credit was used:
These findings will help us better understand the trends of 2018’s alternative credit market, and who may be best suited to leverage Clarity data.