Having a credit score is important for gaining access to things like education, better jobs, homeownership -- the very things that feed financial and social opportunity. While credit disparities exist in large measure due to the same historic policies that have limited access to broader financial opportunities for minorities, credit scores are particularly important to consider because they also impact individuals' future financial opportunities.
In effect, credit scores can create a trap, one that minorities are more likely to fall into, thereby feeding the continued growth of income and wealth disparities.
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- Social IMPACT Research Center
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- Copyright 2014 Social IMPACT Research Center.