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 and people of color. Now, as we look to the post-pandemic future and the U.S. economy starts to recover, some groups continue to fare significantly worse than others, 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. And, a disproportionate share of these 26 million Americans are Black or Hispanic - with more than 12.5 million living in areas deemed “credit insecure” and lacking formal credit opportunities. These individuals may rely on high-cost alternative financial products and services 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, for a discussion on how the industry can help more of these consumers obtain access to mainstream financial services and the role of alternative data - information not found in traditional credit reports - in building a more inclusive financial system.
Sid Singh, President of USIS, Equifax
Chris Wheat, Co-President, JPMorgan Chase Institute
Peter Maynard, SVP of Data & Analytics, Equifax
Kahlil Byrd, Founder and CEO, Invest America
Webinar broadcast date: 6/24/2021
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