Press Releases

WASHINGTON, D.C. — Today, Congressman French Hill (AR-02) released the following statement after introducing H.R. 4231, the Credit Access and Inclusion Act, legislation to expand access to credit for 26 million "credit invisible" Americans:

“New technology and advances in innovation continue to change every aspect of how Americans live their lives. Yet the current system for how credit scores are calculated hasn't kept up with the times. Too many people living in Arkansas are unfairly denied opportunities for affordable credit because they don't have a traditional payment history. The Credit Access and Inclusion Act levels the playing field by allowing for alternative data, such as utility and phone payments, to be used in determining credit worthiness. As part of my work as Ranking Member on the House Financial Services Committee Task Force on Financial Technology (FinTech), I’ve learned about the positive impacts of using this data. It's time we open the door for millions of Americans to be welcomed into a 21st century lending economy that empowers consumers and boosts economic growth.” 


Background: 

The full text of the Credit Access and Inclusion Act can be found HERE.

The Credit Access and Inclusion Act would allow public housing authorities (PHAs) as well as utility and telecom companies to report payment data to credit reporting agencies. H.R. 4231 seeks to help those with little or no credit build their credit scores based on a more comprehensive picture of their payment history. About 26 million people were considered "credit invisible" according to a 2015 report from the Consumer Financial Protection Bureau, which means they did not have a credit history with any of the three national credit reporting agencies.

Companion legislation has been introduced in the Senate by Senator Tim Scott (R-SC) and Senator Joe Manchin (D-WV). The Credit Access and Inclusion Act was previously passed in the House during the 115^th Congress.