Survey reveals that economic injustice and race and bias play a significant role in credit scoring.
Survey from Credit Sesame found that Black and Hispanic Americans are more likely to be denied credit, face higher interest rates, and receive fewer offers than their white counterparts.
The survey also revealed that Black and Hispanic Americans are more likely to have lower credit scores than white Americans, with 43% having a score of below 600, compared to 25% of white Americans. Furthermore, the survey found that almost half of Black and Hispanic Americans reported being denied credit in the last year, compared to just 16% of white Americans.
These findings demonstrate the systemic racism and inequality still present in the US financial system. It is clear that Black and Hispanic Americans are unfairly disadvantaged when it comes to access to credit and other financial products. Ultimately, it is vital that we continue to identify and challenge economic injustice and systemic inequality in order to create a fairer and more equitable financial system for all.