Scott, Blumenthal Introduce Bill to Expand Veterans’ Credit Access

WASHINGTON – Today, U.S. Senators Tim Scott (R-S.C.) and Richard Blumenthal (D-Conn.) introduced the Building Credit Access for Veterans Act, which seeks to expand reliable access to housing for our nation’s veterans and current servicemembers.

“America’s veterans should not have to worry whether they’ll have a roof over their heads when they come back from serving our country,” said Senator Scott. “But too often, limited access to credit stands in the way of reliable housing for many of our nation’s heroes. I’m proud to introduce this bill to help right that wrong. After everything they have sacrificed for this country, our veterans and servicemembers deserve more than just our gratitude—they’re counting on us to take action.”

“This bill will help put homeownership within reach for more veterans. Current VA rules make it difficult for some veterans to get home loans through no fault of their own. This bipartisan measure would update VA’s credit scoring, expanding financial options to make owning a home possible for our country’s bravest,” said Senator Blumenthal.


  • Six percent of all veterans are unable to obtain VA-guaranteed loans by means of traditional financial evaluation—often because they lack traditional lines of credit.
  • This bill would streamline and formalize alternative methods of credit scoring for veterans, opening doors to financial options including mortgages.
  • The bill would also require a report to Congress on how many veterans participate in the program and how they are being affected. 

Click here to view full bill text.

Endorsing Organizations:

“The VA Home Loan Guaranty Program is widely recognized as one of the most valuable benefits earned by serving our nation. The program is responsible for some of the largest increases in homeownership this nation has ever seen. Lower interest rates and closing costs, the possibility of no down payment, and no penalty for paying off the loan early are just some of the advantages of a VA home loan. The American Legion is proud to support legislation that expands access to these benefits,” said Chanin Nuntavong, executive director of government and veteran affairs for The American Legion.

“Bringing more consumers into the financial mainstream through alternative data reporting is a critical imperative for TransUnion. As a veteran, I’m proud to support Senators Scott and Blumenthal’s Building Credit Access For Veterans Act, which will enhance credit health and increase financial opportunities for those who’ve honorably served our country. TransUnion is proud to support this legislation, and we look forward to continuing to work with Congress to expand these credit health enhancements to all Americans,” said Jason Laky, executive vice president and head of TransUnion’s financial services business.  

“Senator Tim Scott has established himself as a leader in ensuring that all consumers have access to the credit they deserve through more accurate and inclusive credit scoring systems.  Senator Scott’s ‘Building Credit Access for Veterans Act’ would accomplish this for active-duty military and our nations’ veterans seeking to buy a home…VantageScore Solutions applauds Senator Scott’s and Senator Blumenthal’s efforts to guarantee that all creditworthy military personnel and veterans have access to the credit which they earned and for which they legitimately qualify,” said Barrett Burns, president & CEO of VantageScore Solutions.

“As a trade association comprised of the leading national mortgage lenders and servicers, mortgage and title insurers, and technology and data companies, HPC advocates for an efficient, equitable, and sound mortgage market that promotes sustainable homeownership opportunities for all families. We believe that the objective of your bill, to streamline and reduce the costs associated with the U.S. Department of Veterans Affairs (VA) mortgage lending process, lives up to these goals,” said Edward DeMarco, President of the Housing Policy Council.