Credit Access and Inclusion Act of 2023
12/18/2023, 3:30 PMSummary of Bill S 1654
The Credit Access and Inclusion Act of 2023, also known as Bill 118 s 1654, 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 or background.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 that can help individuals build a positive credit history.
Additionally, the bill aims to make it easier for individuals with limited credit history or no credit history to access credit by allowing for the reporting of alternative data sources to credit reporting agencies. This can help individuals who may have been previously excluded from the traditional credit system to establish credit and access financial products and services. Overall, the Credit Access and Inclusion Act of 2023 seeks to promote financial inclusion and access to credit for all Americans, with a focus on helping individuals who may have been historically underserved by the traditional credit system. This bill is currently being debated in Congress, and its passage could have a significant impact on the way credit reporting agencies operate and how individuals access credit in the future.
Congressional Summary of S 1654
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.
