Yesterday the Consumer Financial Protection Bureau (CFPB) issued a report titled “Credit Invisibles” (link to report). The report concludes that one in 10 adults in the United States, or about 26 million consumers, are “credit invisible.” Consumers that are credit invisible do not have a credit history with any of the three nationwide credit reporting companies (Equifax, Transunion or Experian).
The report further notes that an additional 19 million Americans (8.3% of the adult population) have credit histories containing insufficient or stale information. Insufficient or stale information causes those consumers to be “unscored” by a commercially available scoring model that is used with most credit scores, such as FICO or VantageScore.
The 37-page report was the result of a research project undertaken by staff in the Office of Research of the CFPB to better understand how many consumers are either credit invisible or have unscored credit records and what the demographic characteristics of such consumers are.
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