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Unequal Access to Credit
Report

Unequal Access to Credit

The Hidden Impact of Credit Constraints

Kausar Hamdani, Claire Kramer Mills, Edison Reyes and Jessica Battisto
Federal Reserve Bank of New York, 2019
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Editorial Rating

7

Qualities

  • Analytical
  • Overview
  • For Experts

Recommendation

Access to credit lets people take advantage of opportunities and helps ensure their financial security. But many individuals face barriers to obtaining credit, and that has a knock-on effect on their communities’ economic stability. Analysts at the Federal Reserve Bank of New York have designed a “Credit Insecurity Index” to provide a more accurate picture of a neighborhood’s financial well-being. Financial professionals and community leaders will find the index a useful tool in assessing an area’s financial health.

Take-Aways

  • A community’s financial stability and its capacity to endure crises depend on the creditworthiness of its people.
  • The failure to include individuals without credit access makes areas appear more financially secure than they are.
  • The “Credit Insecurity Index” improves the assessment of community resilience.

About the Authors

Kausar Hamdani, Claire Kramer Mills, Edison Reyes and Jessica Battisto are analysts at the Federal Reserve Bank of New York.

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