CFPB Issues Report on ‘Credit Invisible’ Individuals

The Consumer Financial Protection Bureau today issued a report on the 26 million Americans it calls “credit invisible” — those without a history at a major credit reporting bureau — and the 19 million additional Americans whose credit histories are too old or sparse to be accurately scored.

The bureau’s findings show a correlation between low incomes and being credit invisible or unscored, noting that more than 45 percent of consumers in low-income neighborhoods fit these categories. The CFPB also said that whites and Asian Americans are less likely than blacks or Hispanics to be credit invisible or unscored.