Revve has excitedly shared that we’ve officially onboarded our first customer who is interested in improving his credit profile in order to get a mortgage approval. One of the first steps we recommended was to pull his credit report and review it for inaccuracies.
I remember a time back in December of 2020 when I was the victim of a social engineering scam. I was eager to find a job and mistakenly took a fake job as a project manager. I was asked to purchase a bunch of Apple laptops and put it on my credit card, and instead of helping me recover from the loss of over $6k in laptops, Chase denied my claim for help and on top of that permanently closed my account due to a ‘returned payment.’ I absolutely know I wasn’t delinquent, but I did complain formally about being a victim of fraud.
Today, about 3 1/2 years later, I have put in my formal complaint to Chase to reinstate my account, which was unfairly closed against my permission. I’m NOT a fan of Chase for this terrible experience. In that moment, I discovered I wasn’t a customer of Chase anymore, as I was basically discriminated against and adversely impacted by their ignorance. I lost out on both a job and 6k.
In an ideal world, financial institutions would provide equal opportunities and fair treatment to all customers, regardless of their background or identity. However, discrimination in the financial sector can sometimes be subtle, making it challenging to recognize and address. Here are some subtler signs to watch out for that may indicate discriminatory practices in financial institutions:
Unequal Treatment
One of the subtler signs of discrimination is unequal treatment. Pay close attention to how you are treated compared to others. Differences in communication, responsiveness, or the willingness to accommodate requests may hint at discriminatory practices lurking beneath the surface.
Disproportionate Scrutiny
If you find yourself subjected to excessive scrutiny or additional requirements compared to other applicants with similar financial profiles, it could be a sign of discrimination. Be wary of any disparities in the level of scrutiny applied to different customers.
Limited Product Offerings
Financial institutions may subtly steer certain demographics toward specific products or services, or conversely, limit access to certain products based on discriminatory factors. If you notice limited options or unequal access to products, discrimination could be at play.
Inconsistent Policies
Inconsistencies in how policies are applied to different customers, especially if these inconsistencies seem to align with protected characteristics such as race, gender, or age, may indicate discriminatory practices. Keep an eye out for any patterns of unequal treatment.
Subtle Biases in Communication
Watch for subtle language cues or attitudes in communication from financial institution representatives. Biased language or assumptions about your financial capabilities based on personal characteristics may signal discrimination lurking beneath the surface.
Refusal to Provide Information
If you encounter resistance or reluctance from financial institution staff when seeking information about products or services, it could be a subtle indication of discriminatory behavior. Lack of transparency can be a red flag for discriminatory practices.
Unequal Access to Resources
Disparities in access to resources or support services provided by the financial institution may suggest discriminatory practices. Pay attention to any differences in access or treatment compared to other customers.
Differential Pricing
Differences in pricing or interest rates offered to you compared to others with similar financial backgrounds could be a subtle sign of discrimination. Be wary of pricing disparities without valid justification.
Lack of Transparency
If the financial institution is not transparent about its lending criteria, decision-making processes, or how certain fees are determined, it could be concealing discriminatory practices. Transparency is crucial for fostering trust and fairness.
Feeling Unwelcome or Uncomfortable
Trust your instincts. If you feel unwelcome or uncomfortable when interacting with staff or visiting the financial institution, it could be a subtle indication of underlying biases or discriminatory attitudes.
Being aware of these subtler signs can empower you to recognize and address discriminatory practices if you encounter them. Remember, discrimination can manifest in various forms, and it’s essential to stay vigilant and advocate for fairness and equality in the financial sector.