Experian found, for example, that only 27% of millennials had opened credit card accounts by a certain age, while 46% of Gen X members had done so by the same age. However, student loans comprise 24% of all new accounts for millennials, but only 20% for Gen X members of a comparable age. And while only 1% of Gen X individuals at a given age had purchased a car with an auto loan in 1998, 14% of millennials had done so at the same age.

“We're seeing that millennials are purchasing cars at a much earlier point in life, which is giving them the opportunity to build credit a little differently than previous generations,” Experian Director of Public Education Rod Griffin said. “This is a critical time for members of this generation as they are learning to use credit as a tool. With so many financial education resources available to help them, we believe that members of this generation are more empowered and informed than members of other generations and are starting their adult lives off by building strong credit as they set out on their own.”

However, while the analysis found that while millennials are slow to take out credit cards, they tend to use them more when they do they take them out. That generation used bank cards more (43%) than Gen X (41%), and baby boomers and the greatest generation (25%) did.

Experian also reported millennials had average credit scores of 625, compared to 650 for Gen X and 709 for baby boomers and greatest generation. In addition, while millennials had an average income of $34,430, they had an average debt load, excluding mortgages, of $26,485, which was almost as high or higher than for other generations, even though other generations had significantly higher average incomes.

“Given the significance millennials play in financial services and the credit marketplace, it is crucial to understand this influential consumer segment and how they use credit as a tool,” Experian Vice President of Analytics and Business Development Michele Raneri said. “While this generation may not look like they are on the right track financially, it's important to keep in mind that credit scores are built on credit experiences, and while this generation has been slower to use credit, they have plenty of opportunities to build a positive credit history. The best way to do that is to understand credit before using it.”