This paper proposes and defends the multifactorial view of stereotyping. According to this view, multiple factors determine whether or not any act of stereotyping increases the chance of an accurate judgment being made about an individual to whom the stereotype is applied. To support this conclusion, various features of acts of stereotyping that can determine the accuracy of stereotyping judgments are identified. The argument challenges two existing views that suggest that it is relatively easy for an act of stereotyping to increase the chance of an accurate judgment being made. In the process, it shows why stereotyping that associates black people more strongly than white people with criminality in the United States cannot be defended, and actions to reduce the stereotyping criticized, on the basis that engaging in this form of stereotyping increases the chance of accurate judgments. As each of these important conclusions is supported by results from empirical psychology, the discussion exemplifies and vindicates the naturalistic approach to epistemology, according to which psychological findings provide an important contribution to understanding the epistemic standing of beliefs.