A new urban institute analysis that draws upon millions of consumer records from a major credit bureau finds young adults in majority black and majority Hispanic communities are more likely than their peers in majority white communities to begin their adulthood with lower average credit scores. They are also more likely to see their credit scores decline as they age.
These disparities are rooted in decades of discriminatory policies that have intentionally and systematically denied communities of color equal access to affordable financial services and wealth building opportunities.
Between the ages of 25-29, young adults in majority black communities have a median credit score of 582, compared with those in majority Hispanic communities, who have a median score of 644, and those in majority white communities, who have a median score of 687.
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