COVID-19 accelerated a number of economic trends, but its biggest impact may be in accelerating financial inequality. The pandemic took a disproportionate toll on low-income Americans, including Blacks, Hispanics, millennials and mothers. Building and supporting a more inclusive financial system must be a priority.
One of the biggest challenges? Addressing the “credit invisible” or those without credit history. Roughly one in ten American adults struggle to access credit because they’ve never accessed it before. These individuals may rely on high-cost alternatives, such as check cashing services or pawn shop loans to meet their day-to-day financial needs, worsening their economic situation.
Join Equifax United States Information Solutions President Sid Singh; Chris Wheat, Co-President of the JPMorgan Chase Institute; and Kahlil Byrd, co-Founder and CEO of Invest America, to discuss how the industry can use alternative data to help these consumers obtain access to mainstream financial services.