As children, we were not taught how to balance a checkbook in school, or how important your credit score is. It is the most important number in your financial life. Your credit is checked when you apply for an apartment or a cell phone carrier, car insurance, and employers even use your score when considering you as a candidate. A high credit score can lower your interest payments on student loans and mortgages, which can save you thousands of dollars.
More than 50% of White households had a FICO credit score above 700, compared with Black and Brown (54% and 41%) households that have scores below 640, or have no credit at all. One of the factors that put our community at a disadvantage is America’s long history of discriminatory lending and banking practices. From 1933 to 1968, U.S. banks denied Black Americans access to financial services in a practice called redlining. This may be illegal today, but it still had long lasting, catastrophic results. This has forced so many of us to turn to high-fee financial products like payday loans.
Systemic issues makes it apparent racial disparities have contributed to holding back generations of Black and Brown Citizens. Across all income levels, Black and Brown adults are more than twice as likely to be denied credit or denied or approved for less than requested, than their white counterparts. Discrimination has harmed Black Americans’ creditworthiness. Our community earns less, we have higher-interest debt, and are less likely to own a home than White Americans. The Black Credit Doctor service will help to reverse this damage.
In this country, having a high credit score is important. Don’t spend hundreds of dollars with credit repair companies. Sign up with your Black Credit Doctor membership today! Let us get you on the road to building great credit.
***All new members are subject to a 90-day probationary period before the use of any service. This protects both our members and the company. A registration fee plus the first month of any plan is required to start a new membership.***