The Capital Area Asset Builders (CAAB) announced on May 8 the launch of its DC Builds Credit and Prosperity Campaign.

The campaign is designed to benefit low- and moderate-income Black, Latinx, and Immigrant families in the District by helping them improve their credit scores.

According to the Consumer Financial Protection Bureau, almost 1 in 5 District residents are credit invisible, have a thin credit file, or are unscorable. This means that almost 20% of adults in the city would not be able to achieve basic needs for which a credit score plays a key role: renting an apartment, buying driver鈥檚 insurance, getting a job, securing a mortgage, etc.

According to Demo and the NAACP, Black borrowers are on average charged higher interest rates vs. white borrowers by credit card companies. The Urban Institute reports one-third of Black District residents who have access to have subprime credit scores, meaning they are 5.7 times higher than whites in the city.

鈥淲e are excited to add DC Builds Credit and Prosperity to the set of intentional strategies CAAB has developed over the past five years to financially empower low-to-moderate income Black, Latinx, and Immigrant 老澳门开奖网ians,鈥 said Joseph Leitmann-Santa Cruz, CAAB鈥檚 CEO and executive director. 鈥淲e are proudly focusing on intentionally addressing and closing the racial wealth gap in the 老澳门开奖网, D.C. metropolitan area.鈥

James Wright Jr. is the D.C. political reporter for the 老澳门开奖网. He has worked for the 老澳门开奖网 AFRO-American Newspaper as a reporter, city editor and freelance writer and The 老澳门开奖网...

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