<font size="5"><center>SCLC Study Finds Over 80 Million Americans
with Sub-Prime Credit Scores</font size></center>
Contact:
Keisha Ray
(404) 522-1420 ext. 23 (office)
(404) 895-8228 (cell)
keisha.ray@sclcnational.org
ATLANTA, Ga. – The Southern Christian Leadership Conference (SCLC) announced that one of its initiatives leading into their 50th year anniversary is finding a solution to economic disparity in this country. For the past three years SCLC has researched this problem and found that more than 80 million Americans – nearly one-third of the country’s population – have credit scores that are considered “sub-prime.”
“Sub-prime” describes those individuals who are not considered credit-worthy by traditional financial institutions. Individuals with a credit score below 660 (on a scale of 300 to 850) are considered “sub-prime” by the Federal Deposit Insurance Corporation (FDIC). Millions more Americans are without a credit score at all.
Some 80,377,941 Americans have a credit score of 660 or below, according to SCLC’s analysis of national credit bureau data. 152,730,024 Americans have a credit score above 660, or what is known as a “prime” credit score. Another 55,789,000 Americans do not have a credit score.
As announced in November, SCLC is examining ways to address the urgent issue of helping Americans access credit to improve and maintain their credit scores.
“When one-third of our nation is outside the financial mainstream, action must be taken,” said Dr. Charles Steele, Jr., President of SCLC. “While these 80 million Americans come from all walks of life, they are disproportionately African-American, Hispanic and moderate-income. Consistent with the SCLC’s historic commitment to civil rights, our ongoing examination of these issues is part of our campaign for economic empowerment.”
To conduct its examination of the issue, the SCLC is using external professional resources, as well as its internal Economic Empowerment Team.
Today, the SCLC also announced that William Cheeks will serve as a consultant to the group for this project. Cheeks, President of the financial management firm ABBA Associates, Inc. and a former Vice President of Consumer Education at a major national credit reporting agency, has 34 and 1/2 years of industry experience.
“Today’s announcement demonstrates the breadth of the problem. One can’t ignore 80 million people. We are now working to determine the depth of the problem – what this means to these millions of people and their families. And then, we’ll work to develop specific prescriptions and actionable solutions to help address this problem,” said Cheeks. “We’ll look not only at the role of financial services firms, but also that of government regulations and how they may be modified to assure fair access to necessary financial services and products.”
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About SCLC
Co-founded by Dr. Martin Luther King, Jr. in 1957, the Southern Christian Leadership Conference (SCLC) is renewing its commitment to bring about the promise of “one nation, under God, indivisible” together with the commitment to activate the “strength to love” within the community of human kind. The SCLC is a nonprofit, non-sectarian, inter-faith, advocacy organization that is committed to non-violent action to achieve social, economic, and political justice. It consists of local chapters and affiliates around the country that supports the organization, and work in their own communities to implement national programs such as voter registration, improvement of education, economic empowerment and direct action against racial injustice.
http://www.blackpressusa.com/News/Article.asp?SID=13&Title=Press+Releases&NewsID=12574
with Sub-Prime Credit Scores</font size></center>
Contact:
Keisha Ray
(404) 522-1420 ext. 23 (office)
(404) 895-8228 (cell)
keisha.ray@sclcnational.org
ATLANTA, Ga. – The Southern Christian Leadership Conference (SCLC) announced that one of its initiatives leading into their 50th year anniversary is finding a solution to economic disparity in this country. For the past three years SCLC has researched this problem and found that more than 80 million Americans – nearly one-third of the country’s population – have credit scores that are considered “sub-prime.”
“Sub-prime” describes those individuals who are not considered credit-worthy by traditional financial institutions. Individuals with a credit score below 660 (on a scale of 300 to 850) are considered “sub-prime” by the Federal Deposit Insurance Corporation (FDIC). Millions more Americans are without a credit score at all.
Some 80,377,941 Americans have a credit score of 660 or below, according to SCLC’s analysis of national credit bureau data. 152,730,024 Americans have a credit score above 660, or what is known as a “prime” credit score. Another 55,789,000 Americans do not have a credit score.
As announced in November, SCLC is examining ways to address the urgent issue of helping Americans access credit to improve and maintain their credit scores.
“When one-third of our nation is outside the financial mainstream, action must be taken,” said Dr. Charles Steele, Jr., President of SCLC. “While these 80 million Americans come from all walks of life, they are disproportionately African-American, Hispanic and moderate-income. Consistent with the SCLC’s historic commitment to civil rights, our ongoing examination of these issues is part of our campaign for economic empowerment.”
To conduct its examination of the issue, the SCLC is using external professional resources, as well as its internal Economic Empowerment Team.
Today, the SCLC also announced that William Cheeks will serve as a consultant to the group for this project. Cheeks, President of the financial management firm ABBA Associates, Inc. and a former Vice President of Consumer Education at a major national credit reporting agency, has 34 and 1/2 years of industry experience.
“Today’s announcement demonstrates the breadth of the problem. One can’t ignore 80 million people. We are now working to determine the depth of the problem – what this means to these millions of people and their families. And then, we’ll work to develop specific prescriptions and actionable solutions to help address this problem,” said Cheeks. “We’ll look not only at the role of financial services firms, but also that of government regulations and how they may be modified to assure fair access to necessary financial services and products.”
------------------------------
About SCLC
Co-founded by Dr. Martin Luther King, Jr. in 1957, the Southern Christian Leadership Conference (SCLC) is renewing its commitment to bring about the promise of “one nation, under God, indivisible” together with the commitment to activate the “strength to love” within the community of human kind. The SCLC is a nonprofit, non-sectarian, inter-faith, advocacy organization that is committed to non-violent action to achieve social, economic, and political justice. It consists of local chapters and affiliates around the country that supports the organization, and work in their own communities to implement national programs such as voter registration, improvement of education, economic empowerment and direct action against racial injustice.
http://www.blackpressusa.com/News/Article.asp?SID=13&Title=Press+Releases&NewsID=12574
