One of the problems facing the Hispanic population is the lack of financial information and education on personal economy issues to navigate the U.S. banking and financial system, as well as tools to invest and increase their capital. The Latino, Carlos Hernández, created one of the solutions. We will explain what it is.

LOS ANGELES, California. – The Hispanic population in the United States continues to increase significantly. According to the data revealed by the 2020 Census, Hispanics or Latinos are already 62.1 million people in the country, a population that had a growth of 23% in the last decade.

This has been the ethnic group that registered the largest increase, taking into account that other non-Latino communities “grew by 4.3%,” according to Census data. And the trend is that the country will have an increasingly diverse and multiracial population.

However, in some sectors, such as finance, the Hispanic population continues to be marginalized. A recent study revealed by the Pew Research Center revealed that the Hispanic community in the United States has been the most affected in the financial field after more than a year of the coronavirus pandemic.

“About half of Latinos say they or someone close to them has faced financial or health difficulties during the pandemic,” according to the Pew report. Of the adult Hispanic population in the country, 49% lost their job or had a reduction in their income since February 2020.

One of the problems facing the Hispanic population is the lack of financial information and education on personal economy issues to navigate the U.S. banking and financial system, as well as tools to invest and increase their capital.

“As a member of the Latino community, as the son of a Mexican family, I have seen many examples of very talented and hardworking people who could not get the loans they needed because as recent immigrants they did not have a credit history,” said Carlos Hernandez, founder of Crediverso, a financial platform focused on the Hispanic community. “A lot of people who couldn’t get a credit card because they were undocumented or didn’t have social security numbers, but only had an ITIN or consular license plate.”

The entrepreneur, who was born in Los Angeles, said the new platform will allow people to find information in Spanish about rates to send money abroad, how to obtain credit cards with social security or ITIN, as well as which credit cards you could have access to based on your credit score.

“Hispanics usually send money to their families, to their friends in other countries, and on our platform a user enters how much they want to send and where they want to send it and can immediately see what are the safest, cheapest, fastest and most reliable providers,” said Carlos.

Free Spanish-language services also offer you the ability to ask financial experts questions about your personal finances.

However, despite the difficulties that Hispanics have faced during the pandemic, the Pew Research Center report showed that this is the most optimistic population regarding the future of the country. Nearly half of Hispanics say the worst of the coronavirus pandemic is over and better times are approaching in economic and social terms.

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Source: Ramírez, M. C. (2021, September 11). Latino creates a platform to facilitate sending remittances abroad and obtaining a credit card without social security. Univision. https://www.univision.com/local/los-angeles-kmex/carlos-hernandez-remesas-exterior-tarjeta-credito-seguro-social