Rep. Hill Protects Arkansan’s Access to Credit by Rejecting House Democrats’ H.R. 2547

WASHINGTON, D.C – Rep. French Hill (AR-02) today issued the following statement after voting against H.R. 2547, the Comprehensive Debt Collection Improvement Act:

 “The Comprehensive Debt Collection Improvement Act is nothing more than a partisan, progressive attempt to disrupt the consumer credit market at a time when our economy is grappling to recover from the effects of a pandemic,” said Rep. Hill. “This bill would make it difficult for small businesses, healthcare providers, and individuals to receive payments from customers and could lead to increased medical insurance costs as providers would be left with limited access to patient medical expenses. House Democrats and Congresswoman Waters claim this bill will aid consumers - in reality, lenders inability to effectively assess risk will limit Arkansan’s access to capital while also making it more costly.”

Further Background:

Rep. Hill has long championed expanding access to affordable credit. Last Congress, Rep. Hill introduced H.R. 4231, the Credit Access and Inclusion Act, legislation to expand access to credit for individuals with lower credit or are ‘credit invisible,’ meaning someone that does not have a credit history with any of the three national credit reporting agencies. Rep. Hill’s legislation allows for alternative data, such as utility and phone payments, to be used in determining credit worthiness further empowering these consumers and building their credit scores. He looks forward to reintroducing this Congress. 

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