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New tool uses rent payments to help young people establish credit

Decrease or nonexistent credit score scores are a part of the barrier to homeownership confronted by many individuals of coloration, and a contributor to the racial wealth hole. In keeping with Creditcards.com, 18 % of Black Americans had no credit score rating, in comparison with 15 % of Latinos, 13 % of White People and 10 % of Asian People in 2020. In October 2020, White People had a median credit score rating of 725 in comparison with 661 for Latinos, 612 for Black People and 603 for Native People.

https://www.washingtonpost.com/enterprise/2021/08/04/new-tool-uses-rent-payments-help-young-people-establish-credit/?utm_source=rss&utm_medium=referral&utm_campaign=wp_business | New instrument makes use of lease funds to assist younger folks set up credit score

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