Latinos are more likely to be credit invisible
Latino and Black consumers are more likely to be credit invisible or have unscored credit records than White or Asian consumers, according to a report by the Consumer Financial Protection Bureau (CFPB).
About 15 percent of Hispanic and Black consumers are credit invisibles compared to 9 percent of White consumers.
An additional 12 percent of Latino consumers and 13 percent of Black consumers have unscoreable records, compared to 7 percent of White consumers.
In total, 26 million consumers in the United States are credit invisible, or about one in 10 Americans. Additionally, 19 million consumers have unscored credit records, or about 8 percent of the population.
Almost 30 percent of consumers who live in low-income neighborhoods are credit invisible and an additional 15 percent have records that are unscored. In contrast, only 4 percent of the population in upper-income neighborhoods is credit invisible and another 5 percent are unscored.