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Jose Quinonez, 2016 MacArthur Fellow. Photo courtesy of MacArthur Foundation
Early in his work, Quinonez realized that many immigrants from Latin America, Africa, and Asia already made loans between one another. However, because these exchanges were so informal, they weren’t documented in their credit history. This left many of these immigrants with low credit scores that did not necessarily reflect the actual lending habits happening on the ground. To address the problem, Quinonez founded Mission Asset Fund, which helps immigrants report these informal exchanges to credit bureaus. The organization has helped document over 6,000 loans in over seventeen states, covering more than $6 million dollars. On average, people who participate in his program raise their credit score by 168 points.
Read more on Quinonez in this profile by the L.A. Times.
Source: matadornetwork.com