Econintersect: The U.S. Consumer Protection Bureau has issued a report about the 20% of U.S. households that have no access to traditional banking and credit services. The study reviews the credit history data maintained by the three nationwide credit reporting agencies (NCRAs – Equifax, Experian, and TransUnion). A fifth of the U.S. population is either missing from these records or has insufficient data to create a “credit score”. As a result these people face significant challenges in accessing most credit markets. Who are these people? They are disproportionately low-income, African-American and young.
Click cover page below to read the report:
- Data Point: Credit Invisibles (Kenneth P. Brevoort, Philipp Grimm and Michelle Kambara, U.S. Consumer Protection Bureau, May 2015)
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