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:
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. 🌈
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.