Report finds Black, Hispanic consumers twice as likely to have disputes of inaccuracies on their credit reports.
Report: Black, Hispanic consumers twice as likely to have disputes of inaccuracies on credit reports
"The thief got away with $8,600 worth of merchandise, furniture, electronics, and appliances. I was like, wow," said Akil Wilson.Akil Wilson says identity theft has sideswiped his peace of mind and his credit score. The Consumer Financial Protection Bureau found consumers in Black and Hispanic communities are twice as likely to have disputes on their credit reports, regarding auto loans, student loans, and credit cards. The report did not pinpoint why or whether the problem is from identity theft or inaccurate reporting.
"The Consumer Financial Protection Bureau recently issued a misleading report that undermines the credit reporting ecosystem’s commitment to expanding financial inclusion to American consumers, especially among communities of color and others who have traditionally been underserved. Credit reporting is good for consumers. The system improves the credit decision process, and regulators can be proud of the role they play in ensuring that discrimination in lending is pushed out of the system.
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