Black people applying for credit in the United States in 2023 had higher denial rates than any other group. That year, 65 percent of black respondents with a family income of less than 50,000 U.S. dollars had their loan applications denied or approved for less money than requested. Those rates were significantly higher than for White applicants. Applicants in the lowest income group got denied more than applicants in the highest income group, regardless of their race.
Credit denied or approved for less than requested in the United States in 2023, by race and family income
Profit from the additional features of your individual account
Currently, you are using a shared account. To use individual functions (e.g., mark statistics as favourites, set
statistic alerts) please log in with your personal account.
If you are an admin, please authenticate by logging in again.
Learn more about how Statista can support your business.
Federal Reserve. (May 22, 2024). Credit denied or approved for less than requested in the United States in 2023, by race and family income [Graph]. In Statista. Retrieved October 09, 2024, from https://www.statista.com/statistics/1346005/credit-refusal-by-race-and-income-group-usa/
Federal Reserve. "Credit denied or approved for less than requested in the United States in 2023, by race and family income." Chart. May 22, 2024. Statista. Accessed October 09, 2024. https://www.statista.com/statistics/1346005/credit-refusal-by-race-and-income-group-usa/
Federal Reserve. (2024). Credit denied or approved for less than requested in the United States in 2023, by race and family income. Statista. Statista Inc.. Accessed: October 09, 2024. https://www.statista.com/statistics/1346005/credit-refusal-by-race-and-income-group-usa/
Federal Reserve. "Credit Denied or Approved for Less than Requested in The United States in 2023, by Race and Family Income." Statista, Statista Inc., 22 May 2024, https://www.statista.com/statistics/1346005/credit-refusal-by-race-and-income-group-usa/
Federal Reserve, Credit denied or approved for less than requested in the United States in 2023, by race and family income Statista, https://www.statista.com/statistics/1346005/credit-refusal-by-race-and-income-group-usa/ (last visited October 09, 2024)
Credit denied or approved for less than requested in the United States in 2023, by race and family income [Graph], Federal Reserve, May 22, 2024. [Online]. Available: https://www.statista.com/statistics/1346005/credit-refusal-by-race-and-income-group-usa/
