Right now, more Americans own homes than in any year since the Great Recession. A CNN report claims that homeownership increased by 65.5% in 2020, a 1.3% gain over 2019, and the biggest yearly growth ever.
But Black homeownership is still lower today than it was ten years ago. According to CNN, it lags the homeownership rate of White people, which is 72.1%, by over 30%. These differences are a reflection of the difficulties Black people have buying a home.
Aaron Steede and Christopher Watson, two black businessmen, have stepped in to ease the process of becoming a homeowner for blacks. Since they first met in 2018, they have worked to help the underserved achieve financial freedom by founding Credit Bros.
After exchanging remarks over the financial shortfall in the Black community, they first connected on Facebook. The discussion followed a troubling report claiming that the American market is “splitting along racial lines,” with Black homeownership falling to its lowest point since 1970.
The two came to the conclusion that the lack of homeownership in the African-American community was caused by a lack of credit education after monitoring and studying people’s complaints and comments. They established Credit Bros, a business that attempts to combat financial illiteracy by supporting those who require financial and credit assistance, to help buck the trend.
A leader in the financial and credit services sector is emerging: Credit Bros. Through their business, they instruct people of color on how to build and keep good credit.
By repairing their credit reports through factual disputing, the team has so far assisted over 300 families in becoming homeowners. They have a global presence in addition to the USA. Over 200 persons received housing assistance from the co-founders. They have a tried-and-true program that assists clients in obtaining loans and managing their credit risk.
Additionally, they offer guidance on creating and managing a budget as well as clever methods to use credit as a tool for wealth creation. Through speaking engagements, Watson and Steede augment this by educating potential homeowners and imparting knowledge that has been withheld over the years.
Meanwhile, the duo is celebrating five years of helping homeowners in the black community.