“Black homeowners are much more rare today than any time in the last 50 years,” economist Ralph McLaughlin told Bloomberg recently.
This came on the back of a worrying report that the U.S. market is “splitting along racial lines,” with black homeownership coming down to the lowest level since 1970.
Matters such as this formed the basis of a recent discussion on Facebook that brought two young black men Christopher Watson and Aaron Steede together for the first time.
Watson, who resides in Nashville, TN and Steede from Atlanta, GA, were responding to a post about financial deficits within the black community which was affecting black homeownership.
Observing people’s complaints, the two realized that the lack of homeownership among the African-American community was due to the lack of education about credit.
To help reverse the trend, the two founded Credit Bros, a company that seeks to eliminate financial illiteracy by assisting individuals who need financial and credit guidance.
From receiving its first client in 2018, the company has expanded its client base from Nashville and Atlanta to have clients from all over the world.
The other development is that since going public in May 2019, the company has helped over 50 families become homeowners. Aside from offering credit knowledge, Watson and Steede have been helping clients in budgeting and maintaining their credit as a basis to create more wealth.
“When considering a credit repair company, we want our clients to understand the value of maintaining a healthy credit score. Our first step in the consultation is understanding your credit history, focusing on your goals, and most importantly helping you reach your goals. Our process is simple we do the work, and our customers benefit from the work that is given,” the company said.
“We are doing this to help strengthen the communities that we came from as kids, and our focus is to teach what we weren’t taught. If you are interested in being a homeowner, we should be your first point of contact,” co-founder Watson explained.
Hoping to grow into a big operating financial powerhouse in some years to come, the company is already receiving positive reviews from its clients.
“So, this year has been going great for me. I have been setting goals and getting them done. This year I made a vow for financial stability and growth. I had it in my mind that I was going to get my credit in order. I originally seen a video of Chris and Aaron of The Credit Bros and I was very interested. I then noticed the services they offered was what was needed to help clean my credit report. I contacted The Credit Bros within weeks my scores started increasing. I am now eligible to purchase a home after being denied before due to my credit in the past. I’m a single parent but with the process, I can fully say that I appreciate all the help that I received from you guys. I have begun referring my friends and family, and I will continue for all that you guys have done thanks again,” said Tylisa Walker.
Over the years, the black homeownership rate has been lagging behind that of white families, and this gap has widened since the Great Recession, a report by Prosperity Now said.
It added that in 2017, the black homeownership rate was the lowest of all racial and ethnic groups at 41.8 percent, about what it was when the Fair Housing Act was passed in 1968.
Experts have blamed the situation on affordability. A Bloomberg report said renters across the U.S. are unable to find properties they can afford as starter-home prices continue to rise.