“In many emerging market countries, where the cash economy is more prevalent and credit is less common, far fewer people have any credit history, and thus have no credit score at all. The World Bank estimates that 61% of people in Latin America and the Caribbean are “unbanked,” or outside of the formal financial system. When a family in the region’s growing middle class and wants to finance a refrigerator or a car—instead of saving cash for months or years—they may be denied the loan because they lack a credit history.”

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