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.

Share.

About Author

Evan Sparks

Evan Sparks is editor-in-chief of the ABA Banking Journal and vice president for publications at the American Bankers Association.