Latino families rely on credit to help them manage their monthly finances and purchase assets that will move them firmly into the middleclass. Currently. 22 percent of Latinos do not have enough credit information available to generate a credit score. and more than onethird do not maintain traditional banking or savings accounts. Because creditors generally rely on automated data mining. the fact that Latinos and immigrants are less likely to have robust credit files leaves them at a disadvantage. As a result. issuers do not solicit our communities with their best priced credit cards. Instead. they offer high fee cards. with higher rates. and engage in other practices that regularly trap families in cycles of debt.
Identified stereotypes
Latinos and immigrants are less likely to have robust credit files.