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Building Credit Access for Veterans Act of 2022
12/29/2022, 7:03 PM
Summary of Bill HR 8758
One key provision of the bill is the establishment of a pilot program that would provide financial counseling and education to veterans, helping them to better understand how credit works and how to improve their credit scores. This program would be available to veterans of all ages and backgrounds, and would be tailored to meet the specific needs of each individual.
Additionally, the bill includes provisions to help veterans who may have been negatively impacted by their military service, such as those who have experienced financial hardship due to deployment or other service-related issues. These provisions would help to ensure that veterans are not unfairly penalized for their service when it comes to their credit scores. Overall, the Building Credit Access for Veterans Act of 2022 is aimed at helping veterans to build and maintain good credit, providing them with the tools and resources they need to achieve financial stability and security. By addressing the unique challenges that veterans face in the credit market, this bill seeks to support those who have served our country and ensure that they have access to the credit they need to thrive.
Congressional Summary of HR 8758
Building Credit Access for Veterans Act of 2022
This bill requires the Department of Veterans Affairs (VA) to implement a pilot program to assess the feasibility and advisability of using alternative credit scoring information or models to improve the determination of creditworthiness of certain individuals and to increase the number of such individuals who are able to obtain VA housing and small business loans. Specifically, the program is for veterans or members of the Armed Forces who are eligible for VA housing or small business loans and have insufficient credit history.
Under the program, the VA must assess the feasibility and advisability of establishing criteria for acceptable commercially available credit scoring models to be used by lenders for the purpose of guaranteeing or insuring a VA housing or small business loan.
Participation is voluntary on an opt-in basis for lenders, borrowers, and individuals.
The VA must conduct outreach to lenders and individuals to inform them of the pilot program.
