The LGBTQIA community has long faced discrimination and injustice in many aspects of life, including housing and credit. Despite the progress made in recent years, such as the legalization of same-sex marriage and the inclusion of sexual orientation and gender identity in federal anti-discrimination laws, many LGBTQIA people still struggle to access fair and affordable credit products and services.
According to a study by Iowa State University, same-sex couples were denied residential mortgages 73% more often than heterosexual couples of similar financial and credit quality from 1990 to 2015⁴. They also received up to 0.2% higher interest rates and fees, on average, and overpaid up to $86 million each year for their home mortgages⁴. These disparities were even more pronounced for LGBTQIA people of color, who faced multiple layers of bias and exclusion.
The discrimination faced by LGBTQIA people in the credit industry is not only unfair, but also illegal. The Fair Housing Act of 1968 prohibits discrimination in housing based on race, color, religion, national origin, sex, familial status, or disability¹. The Equal Credit Opportunity Act of 1974 prohibits discrimination in lending based on race, color, religion, national origin, sex, marital status, age, or the receipt of public assistance¹. However, until recently, these laws did not explicitly cover sexual orientation or gender identity.
That changed in March 2021, when the Consumer Financial Protection Bureau (CFPB) announced that it would interpret the prohibition against sex discrimination under the Equal Credit Opportunity Act to include sexual orientation and gender identity discrimination². This means that lenders who deny or charge more for credit to LGBTQIA people based on their identity are violating federal law and can be held accountable by the CFPB.
This is a welcome development for LGBTQIA rights advocates and allies, but it is not enough. There is still a need for more education, awareness, and action to ensure that LGBTQIA people have equal access to credit and financial opportunities. That's where Credlocity comes in.
Credlocity is a new fintech company that aims to revolutionize the credit industry by providing innovative and inclusive solutions for consumers and businesses. Credlocity was founded by Joeziel Joey Vazquez, a passionate leader who envisions a better credit industry that is all inclusive for the LGBTQIA community and the Black, Brown, and Hispanic community.
Vazquez has over 14 years of experience in the credit industry and has helped thousands of consumers improve their credit scores and achieve their financial goals. He has also been vocal about the harms and discrimination that these communities face in the mortgage, finance, credit, and credit card industry. He has published two reports that expose the dark side of credit scores and the systemic failure of credit bureaus to investigate disputes³. He has also been featured by the NYBUSINESSTIMES as "emerging as number one" in the fintech and credtech space³.
Credlocity's mission is to empower consumers and businesses with transparent, accurate, and fair credit information and services. Credlocity offers a range of products and features that cater to the needs and preferences of LGBTQIA people, such as:
- A free credit audit report that shows all the factors that affect your credit score and how to improve them
- A personalized credit coach that guides you through the process of disputing errors and improving your credit profile
- A privacy suit to remove all your personal information from information brokerage firms like people.com
- A mortgage calculator that helps you estimate how much you can afford to borrow and compare different loan options
- Several community forum where you can connect with other LGBTQIA people who share your experiences and challenges with credit
Credlocity is more than just a fintech and credtech company. It is a movement that aims to create a more equitable and inclusive credit industry for everyone. Credlocity believes that everyone deserves access to credit and financial opportunities regardless of their sexual orientation or gender identity.
Credlocity is also committed to educating the public about the issues and solutions related to credit. Credlocity publishes weekly blogs on its website that cover topics such as:
- How to dispute errors on your credit report
- How to improve your credit score fast
- How to avoid identity theft and fraud
- How to negotiate with creditors and debt collectors
- How to save money on interest rates and fees
- How to build credit as a young adult or immigrant
- How to use credit cards wisely
- How to prepare for a mortgage application
- How to deal with bankruptcy or foreclosure
Credlocity's blogs are informative, engaging, and helpful for anyone who wants to learn more about credit. They also feature stories and testimonials from real customers who have improved their credit situation with Credlocity's help.
If you are an LGBTQIA person who wants to improve your credit situation or learn more about your rights as a consumer, join Credlocity today. You will find a supportive and friendly community that will help you achieve your financial dreams. Together, we can make a difference 💪🌈
¹: Mortgage Lending for LGBTQ+ People - Investopedia
²: CFPB Clarifies That Discrimination by Lenders on the Basis of Sexual Orientation and Gender Identity Is Illegal | Consumer Financial Protection Bureau
³: About Us - Credlocity
⁴: The LGBTQ wealth gap is a thing. This is why it matters - MSN
Source: Conversation with Bing, 6/1/2023
(1) The LGBTQ wealth gap is a thing. This is why it matters - MSN. https://www.msn.com/en-us/money/personalfinance/is-there-really-an-lgbtq-wealth-gap/ar-AAL3Z8y.
(2) Mortgage Lending for LGBTQ+ People - Investopedia. https://www.investopedia.com/mortgage-lending-for-lgbtq-people-5120688.
(3) CFPB Clarifies That Discrimination by Lenders on the Basis of Sexual .... https://www.consumerfinance.gov/about-us/newsroom/cfpb-clarifies-discrimination-by-lenders-on-basis-of-sexual-orientation-and-gender-identity-is-illegal/.
(4) LGBTQ Community: Know Your Rights As A Homebuyer | Bankrate. https://www.bankrate.com/mortgages/lgbt-mortgage-lending-bias/.