Consumer Financial Protection Bureau Study Finds Consumers in Lower-income Areas are More Likely to

Consumer Financial Protection Bureau press release June 7, 2017 ------ The Consumer Financial Protection Bureau (CFPB) today released a study on the transition to credit visibility that found that the way consumers establish credit history can differ greatly based on economic background. Consumers in lower-income areas are more likely than those in higher-income areas to become credit visible due to negative records such as a debt in collection. Consumers in higher-income areas are more likely than those in lower-income areas to establish credit history by using a credit card or relying on someone else. The study also found that the percentage of consumers transitioning to credit visibility due to student loans more than doubled in the last 10 years. To get more in depth information click on the picture below to read the release.