BALTIMORE/CHICAGO— The NAACP and TransUnion have announced the launch of Connecting to Our Financial Future, a credit education website designed to promote financial inclusion among traditionally underserved and underrepresented communities.
“The announcement comes at a time when more than 45 million consumers in the U.S. are considered to be either credit unserved or underserved, meaning they have little to no credit products,” the organizations aid.
In announcing the initiative, the NAACP and TransUnion members of the Black community and other historically marginalized communities have faced more challenges building credit histories and accessing loans at reasonable rates.
“The website, crafted specifically for these audiences, is designed to reach people where they are in their credit journey — whether just getting started, maintaining financial health or advancing toward prosperity,” the organizations said.
A Connection Point
Research published by TransUnion in 2022 found Black consumers realize the importance of credit to meet their goals, with two-thirds saying that access is very important. However, given historical systemic barriers they are less optimistic about their prospects. Just over half of Black consumers (52%) believe they’d be approved for credit such as a mortgage or credit card if they needed it, compared to two-thirds of white consumers (65%), the organization said.
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