Seeking to reach an audience likely to be underserved by the financial industry, a new digital platform designed for Hispanics lets users compare financial products and receive services in Spanish as well as English.
Hispanic-owned personal finance products company Crediverso launched the website Thursday. Besides offering free credit checks in Spanish, the platform lets users compare prices for things like remittances abroad, credit cards, and loans in either language.
The platform is the only place in the U.S. to get a credit check in Spanish, Crediverso said. Crediverso can also be used to sign up for identity theft insurance and credit monitoring, as well as reports and explanations about credit score changes. Crediverso said it has partnered with financial institutions like US Bank and Western Union and money transfer fintechs like Remitly, Wise, Worldremit, and Skrill.
Hispanic households are more likely than their White counterparts not to have a bank account. A June 2019 study by the Federal Deposit Insurance Corp. showed 12.2% were “unbanked” that year, down from 16.3% in 2015 but well above the 2.5% unbanked rate for White households in 2019.
Those who don’t have a bank account—or who have one but opt to use alternative financial products anyway—can cost themselves not only in terms of extra fees but also in missing chances to establish and build a credit score. And transactions like remittances can add up, with fees charged on each transfer. In 2020, $103 billion flowed into Latin America and the Caribbean via remittances, mostly from people working in the United States sending money home, according to the World Bank.
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