RELEASE: REP. HILL REINTRODUCES BILL TO EXPAND OPPORTUNITY FOR ARKANSANS TO ACCESS AFFORDABLE CREDIT
WASHINGTON, D.C., May 17, 2023
WASHINGTON, D.C. – Rep. French Hill (AR-02), Vice-Chairman of the House Financial Services Committee and Chairman of the Financial Services Subcommittee on Digital Assets, Financial Technology, and Inclusion, today released the following statement after reintroducing the Credit Access and Inclusion Act, which would expand access to credit for “credit invisible” Americans:
“As new technology emerges and advances in innovation continue to change American lives, our current system for how credit scores are calculated has not kept up with our evolving technology. Many Arkansans are unfairly denied opportunities for affordable credit because they do not have a conventional payment history.
"My bill, the Credit Access and Inclusion Act, would bring fairness to credit access by allowing for important additional data, such as utility and phone payments, to be used in determining credit worthiness. It is past time for us to open the door for millions of Americans to be welcomed into a 21st century lending economy that supports economic growth and empowers consumers.”