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Nearly 50 million Americans—disproportionately including poor and minority Americans—are credit invisible, because they do not have a credit file with the credit reporting agencies and lack a credit score, and cannot obtain mortgages, credit cards, or other lending products. Many people in this segment of society, however, consistently pay rent, utilities, and other recurring financial obligations, which demonstrates financial responsibility and reliability.
The Project REACh Alternative Credit Assessment Workstream promotes partnerships to facilitate entry into mainstream financial services for credit invisibles and economically disadvantaged individuals, communities, and small businesses. The Project REACh Alternative Credit Assessment Workstream is actively working to improve financial access, credit availability, and consumer financial literacy for underserved borrowers and communities by:
The Alternative Credit Assessment Workstream has taken steps to tear down the barriers to economic access for underserved populations by:
The Project REACh Alternative Credit Assessment Workstream aims to expand its work by: