Is Credit an LGBTQ Equality Issue? 

June 17, 2022
10 mins
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When we talk about LGBTQ rights, credit scores are usually not part of the conversation. 

However, a recent study from the Center for LGBTQ Economic Advancement and Research showed that LGBTQ Americans were twice as likely to have "poor" or "very poor" credit scores as non-LGBTQ respondents.

As StellarFi continues our mission to eliminate the wealth gap that helps maintain the marginalization of BIPOC and LGBTQ groups, we understand that credit scores play a key role in leveling the playing field for all Americans.

The infographic below shows just a few of the ways that societal prejudice, discriminatory policies, medical insurance biases, and housing inequities all lead to lower credit scores for LGBTQ adults. 

Without adequate access to credit, LGBTQ Americans are at an incredible disadvantage when it comes to achieving long-lasting financial stability.

Take a look:

Credit and LGBTQ rights are deeply intertwined. The infographic above shows how societal prejudices, familial abandonment, discrimination in education and hiring, housing biases, and more result in lower credit scores for LGBTQ adults.

Please note that the information we've presented here doesn't cover the intersectionality of queerness with race, disability, citizenship status, and other aspects that increase a person's obstacles to financial stability. We plan on offering resources that dig deeper into these topics.

In the meantime, making credit-building resources available to ALL is our mission at StellarFi. Currently, 71% of LGBTQ Americans live in states without protections against credit discrimination. In the face of unfair treatment, it's imperative that queer individuals be able to obtain excellent credit scores.

However, empowering LGBTQ Americans goes beyond FICO scores. We encourage you to fight anti-LGBTQ legislation, support pro-queer organizations, and continue to offer love and support the people in your life who are targeted by bigotry, discrimination, and hatred. 🌈

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The StellarFi blog is intended to serve as an informational resource. While StellarFi can help you build your credit, we do not provide financial, legal, or accounting advice. Please consult a trusted advisor for financial, legal, or accounting guidance as needed.

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On-time payment history can have a positive impact on your credit score. Nonpayment may negatively impact your credit score. StellarFinance, Inc. will report your on-time payments to Experian®, Equifax® and TransUnion®. Impact on your credit may vary, as credit scores are independently determined by credit bureaus based on a number of factors including the financial decisions you make with other financial services organizations.