Recently, Rep. French Hill (AR-02) introduced the “Credit Access and Inclusion Act,” a significant step forward for financial inclusion. The bill would clear the way for public housing authorities, utilities, telecommunications companies and others to furnish payment information on behalf of their customers.
TransUnion is a longtime proponent of advancing financial inclusion through the use of alternative and trended data. Previous research from TransUnion found that when rent payments alone were included in the credit file, consumers experienced an average increase to the credit score of nearly 60 points to their credit score.
Under the Credit Access and Inclusion Act, consumers would have the opportunity to see not only rent payments included on their credit reports, but also phone bills, water bills, electric bills, and other expenditures they already make on a regular basis.
This gives consumers additional opportunities to put their best financial foot forward and offers millions of ‘credit invisible’ consumers the opportunity to build credit. Rep. Hill is a senior Member of the House Financial Services Committee, and TransUnion looks forward to working with him to see this legislation move forward.
Read TransUnion’s formal letter of support for the Credit Access and Inclusion Act.