Why Credit Access Is a Barrier to the American Dream
Summary
What does it mean to be underbanked in America? For 92 million people, it means being locked out of credit cards, car loans, mortgages—even job opportunities.
In this clip from Recruit Rockstars Podcast, Tony Huang, co-founder and CEO of Possible, breaks down why financial health is just as essential as physical or mental health, and what we can do to make credit access more equitable.
Because the American dream should be possible for everyone.
Source: Equifax, “Expanding Access to Credit With Alternative Data”
Transcript
We can't just abandon a third of our society, we have to build a system that works for everyone. So the 92 million number is the number of Americans who have a credit score below 600 or are what's considered unscorable by the major credit bureaus, as in they don't even have a credit score.
And if you don't have a credit score, and if your credit score is below 600, then you generally don't have access to financial credit products, a credit card, a mortgage, a car loan, any personal loans, any access to credit. You generally can still have a debit card, so you are banked, but you are just underbanked in that you don't have the access to the tools you need to succeed. And I think especially in America where credit is the gauge of the American dream, if you don't have credit, you can't buy a home, you can't buy cars, can't even get certain jobs. A lot of employers are checking credit scores these days. So you know, you are somewhat invisible if you don't have access to credit. Um, and your financial health is sometimes just as. As physical health or your mental health, and that's something we really underinvested and underlooked in this country.
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