Legislation seeks to increase access to credit, opportunity

U.S. Sens. Tim Scott (R-SC) and Joe Manchin (D-WV) recently reintroduced legislation that seeks to expand credit access for those with no credit history or one that is too scarcely populated to generate a credit score.© Shutterstock The Credit Access and Inclusion Act of 2021 would enable landlords, as well as utility and telecom providers, […]

The post Legislation seeks to increase access to credit, opportunity appeared first on Financial Regulation News.

U.S. Sens. Tim Scott (R-SC) and Joe Manchin (D-WV) recently reintroduced legislation that seeks to expand credit access for those with no credit history or one that is too scarcely populated to generate a credit score.

© Shutterstock

The Credit Access and Inclusion Act of 2021 would enable landlords, as well as utility and telecom providers, to report on-time payments to credit reporting agencies.

The lawmakers maintain such action would provide consumers an opportunity to develop a positive credit history via a record of timely paying bills.

“Too many Americans are denied the opportunity to build wealth through buying a home or car or taking out a loan for school because they don’t have a credit score,” Scott said. “If you pay your bills on time, you should be able to build credit—simple as that. We must remove barriers to opportunity by fixing a broken system that currently locks out millions of people in South Carolina and across the country.”

Machine said Americans who pay their monthly bills on time deserve the opportunity to build credit.

“This common-sense, bipartisan bill would give ‘credit invisible’ Americans the chance to develop a credit score, which is needed to purchase a home or car, or take out student loans,” Manchin said. “It is frustrating that the current system keeps many of the most vulnerable Americans from building a credit score. I’m proud to reintroduce this bipartisan bill to ensure all Americans and West Virginians have the opportunity to build credit.”

The post Legislation seeks to increase access to credit, opportunity appeared first on Financial Regulation News.

Read more / Original news source: https://financialregnews.com/legislation-seeks-to-increase-access-to-credit-opportunity/