'SenatorTimScott’s Credit Access and Inclusion Act is not a major panacea, but its enactment would be another helpful step in the expansion of the proverbial American Dream.' -QuinHillyer
to high-risk lending institutions Fannie Mae and Freddie Mac as they consider whether would-be borrowers are credit-worthy. The approach of Scott, Manchin, Britt, and colleagues does the opposite: It expands the amount of information available to the credit bureaus upon which lenders rely.
Specifically, the bill would let property owners and utility providers report to the credit bureaus the payment records of applying borrowers. Because people with less wealth may not own credit cards or have other means of establishing their reliability, their records of on-time payments for rent and utilities might be the best way they can demonstrate bona fides as trustworthy customers.
The bill sponsors say that about 26 million Americans are “credit invisible,” not because they have “bad” credit but because they lack any traditional credit records, such as car loans or mortgage payments. In testimony to Congress, Equifax CEO Mark Begor estimated that using the rent and utility data “could raise the credit scores of as many as 2.4 million consumers by an average of 30 points.” Those 30 points could be the difference between securing a mortgage and, conversely, being denied.
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