CHICAGO -

According to a new survey released by TransUnion, millennials are less likely than baby boomers to identify milestone life events that could affect their credit.

In fact, officials determined less than half of millennials surveyed could cite specific major life events that could negatively or positively affect credit, such as divorce (40 percent compared to 57 percent of boomers) or the death of a spouse (26 percent compared to 48 percent of boomers).

Also of note regarding vehicle financing, TransUnion reported just two of three millennials (66 percent) knew that taking out a car loan affects credit.

“It’s important for all people to understand the effect of life milestones on their credit so they can put themselves in a position to reach personal and financial goals,” TransUnion senior vice president Ken Chaplin.

“This survey reveals that many people, especially younger adults, may not be prepared for how certain events, such as marriage, buying a home or getting a car could alter their credit scores,” Chaplin continued.

According to the survey, consumers of all ages are generally unprepared for life events from a credit perspective because they don’t check their scores before or after the life event. Only 49 percent of all respondents said they checked their credit when planning for or experiencing a milestone, such as marriage, having a child or becoming unemployed.

TransUnion found respondents were only slightly more likely to check their credit when taking out a loan than they were when preparing for other life events. The survey showed 58 percent of participants indicated they did check their credit when applying for a mortgage and 56 percent said they did when pursuing a student loan.

“Many different events — from major life milestones to small incidents — can enhance or damage your creditworthiness,” Chaplin said. “It’s worth investing in a credit monitoring service that can keep you informed about how events in your life are altering your score.”

The survey found that, in general, millennials were more aware of the possible credit impact of ordinary life events than they were about the possible impact of major life milestones. For example, at least two-thirds of millennials identified that having a joint account with their spouse (65 percent), making late rent payments (76 percent) and filing for bankruptcy (83 percent) all have the capacity to affect one’s credit.

The online survey included responses from 1,136 U.S. consumers, ages 18 and older. The survey was conducted on Sept. 2 and 3.