Credit Access and Inclusion Act of 2023

Credit Access and Inclusion Act of 2023

This bill allows for the reporting of certain positive consumer-credit information to consumer reporting agencies. Specifically, a person or the Department of Housing and Urban Development may report information related to a consumer's performance in making payments either under a lease agreement for a dwelling or pursuant to a contract for a utility or telecommunications service. However, information about a consumer's usage of any utility or telecommunications service may be reported only to the extent that the information relates to payment by the consumer for such service or other terms of the provision of that service. Furthermore, an energy-utility firm may not report a consumer's outstanding balance as late if the firm and the consumer have entered into a payment plan and the consumer is meeting the obligations of that plan.

Specified provisions that establish civil liability with respect to furnishers of information to consumer reporting agencies shall not apply to any violation of the bill.

The Government Accountability Office must report on the consumer impact of such reporting.

The Credit Access and Inclusion Act of 2023, also known as Bill 118 hr 3418, is a piece of legislation currently being considered by the US Congress. The main goal of this bill is to promote financial inclusion and access to credit for all Americans, regardless of their credit history.

One of the key provisions of the Credit Access and Inclusion Act is the requirement for credit reporting agencies to include certain non-traditional data in credit reports. This includes information such as rental payments, utility bills, and other non-traditional forms of credit history. By including this information, the bill aims to help individuals who may not have a traditional credit history build a positive credit profile.

Additionally, the bill seeks to improve the accuracy of credit reports by requiring credit reporting agencies to investigate and correct errors in a timely manner. This is important because inaccuracies in credit reports can have a significant impact on an individual's ability to access credit and financial services. Overall, the Credit Access and Inclusion Act of 2023 is aimed at expanding access to credit for all Americans and promoting financial inclusion. By including non-traditional data in credit reports and improving the accuracy of credit reporting, this bill has the potential to help individuals build and maintain a positive credit history.