What are the shifts in the distribution of housing wealth and how has it evolved after the Great Recession? A research by the New York Fed found some compelling answers.
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Establishing Credit History Harder in Low-income Areas
A new study shows that consumers located in lower-income areas are more likely to establish credit history through negative means, like debt collection, than those in higher-income areas. While 27 percent of low-income area consumers establish their history through what are called “nonloans,” just 7.9 percent of consumers in high-income areas establish credit via these non-loans. The study also found the percentage of Americans who became credit visible due to student loans more than doubled over the last decade.
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