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10% of Americans are "Credit Invisible"

Wednesday, May 6, 2015

About one in 10 American adults have no credit history according to a report from the Consumer Financial Protection Bureau, a total of 26 million persons who are "credit invisible."  These are persons who have no information on file with any of the nationwide consumer reporting agencies.

Credit histories contain data on a consumers bank loans, car loans, credit card bills, student loans, and mortgages; details about the terms of credit, totals owed, payment histories, and any liens or judgments that may have been incurred.  This information is used by the agencies to produce three digit credit scores. Most decisions to grant credit and set interest rates for loans are made based on information contained in credit reports and on the resulting credit scores. As a result, those consumers who have a limited or nonexistent credit history face greater hurdles in getting credit.

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