U.S. Senator Katie Britt To Reintroduce Bill to Expand Access to The American Dream

Washington D.C. – U.S. Senators Katie Britt, Tim Scott, Colleagues Reintroduce Bill To Expand Access to The American Dream

U.S. Senator Katie Britt (R-Ala.) is a member of the Senate Committee on Banking, Housing, and Urban Affairs and the ranking member senator Tim Scott (R-S.C.) in introducing the Credit Access and Inclusion Act to provide credit access to millions of Americans with a lack of or inadequate credit history. The bipartisan legislation will allow homeowners and utilities as well as telecom providers to report payments information to credit reporting agencies, providing people with a proven history of making their payments punctually the opportunity to build a strong credit score.

“Hardworking Americans as well as Americans who have shown financial responsibility should have a way to build and strengthen their credit score,” declared Senator Britt. “This legislation takes into account the diverse circumstances and the experiences of people who want to realize your American Dream. Credit reporting is an essential element in the economy of our country to ensure financial stability for both the person and the lender. This law simply includes a full list of payments that are on time such as rent and utility bills to provide a complete credit score. .”

“If you make your payments punctually your credit score will reflect that,” stated Ranking Member Scott. “Americans shouldn’t be prevented from buying a house or financing their education or even pursuing their dream just because timely payments don’t be counted towards your credit scores. This bill will end unnecessary obstacles and allow the most hardworking Americans get credit access .”

In addition to Senator Britt and the ranking member Scott as cosponsors of the legislation include the senators Joe Manchin (D- W.Va.), Tom Cotton (R-Ark. ), Angus King (I-Maine), Mike Rounds (R-S.D. ) and Cynthia Lummis (R-Wyo.). U.S. Representative French Hill (R-Ark.-02) introduced the bill in the U.S. House of Representatives in the last week alongside Reps. Tom Emmer (R-Minn.-06), David Schweikert (R-Ariz.-01), Michelle Steel (R-Calif.-45), Young Kim (R-Calif.-40), Maria Elvira Salazar (R-Fla.-27) as well as Byron Donalds (R-Fla.-19).

BACKGROUND

About 2 million Americans approximately 26 million Americans are “credit inaccessible,” meaning they lack credit histories or records of payments that are traditional for example, auto loans and student loans or mortgage repayments. The lack of credit or weak credit limits economic mobility and limits the individual’s ability to get a home or borrow student loans, purchase cars, or obtain an employment.

The Credit Access and Inclusion Act permits credit bureaus to gather payments data from services that aren’t normally included in credit reports like rent telephone, internet electricity, utility bills. Incorporating these payments into credit reporting could increase credit histories and create credit scores for people whom were “unscoreable.”

For more details, go through the bill’s text here..