Black, Hispanic Neighborhoods See More Errors in Credit Reports
(Bloomberg) -- Consumers in majority Black and Hispanic neighborhoods are far more likely to have disputes appear on their credit reports, the Consumer Financial Protection Bureau said in a report Tuesday.
As credit reports are used for lending decisions, tenant and employee screening, the accuracy of credit reports is a policy concern for the consumer watchdog.
“Families living in majority Black and Hispanic neighborhoods are far more likely to have disputes of inaccurate information appear on their credit reports,” CFPB Director Rohit Chopra said in a statement. “Error-ridden credit reports are far too prevalent and may be undermining an equitable recovery.”
©2021 Bloomberg L.P.