Washington: Presumptive Democratic US presidential nominee Joe Biden's campaign on Monday unveiled a broad policy targeted toward helping reduce racial wealth and health gaps among new policies aimed at reaching black voters.

As part of the wide-ranging plans, the former vice president pledged to open a new Public Credit Reporting Agency that could compete with private-sector credit reporting agencies Equifax Inc, Experian Plc and TransUnion and, according to the campaign, minimise racial disparities in lending.

"Today's credit reports, which are issued by just three large private companies, are rife with problems: they often contain errors, they leave many 'credit invisible' due to the sources used to generate a credit score, and they contribute to racial disparities, widening the African American homeownership gap," Biden's campaign said in a statement.

The former vice president also promised a new tax credit for first-time homeowners, $US900 million ($1.4 billion) over eight years to finance efforts to save 12,000 lives in high-crime cities as well as to expand the Small Business Administration's efforts to lend money to African American-owned enterprises.