Black and Hispanic Americans often have lower credit scores—here’s why they’re hit harder
According to Megan Leonhardt of CNBC, In her article Published Thu, Jan 28 202112:33 PM EST.
"Credit scores in the U.S. aren’t working for many Black and Hispanic Americans, who typically have lower levels of creditworthiness than other racial groups and report feeling the system is stacked against them."
"About 54% of Black Americans report having no credit or a poor to fair credit score, which is considered to be any score below 640, according to a recent survey of 5,000 U.S. adults by Credit Sesame. About 41% of Hispanic Americans report falling into this category as well."
"In contrast, 37% of White Americans report having bad or no credit and only 18% of Asian Americans report similar credit circumstances."
“While the credit system was created to be blind, this data shows that Black and Hispanic Americans are being unfairly shut out of the system,” Jay Moon, general manager of credit at Credit Sesame, said in a statement."
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