Scott, Manchin Introduce Legislation to Expand Credit Access
WASHINGTON—Today, Senators Tim Scott (R-SC) and Joe Manchin (D-WV) reintroduced the Credit Access and Inclusion Act to expand access to credit for over 26 million Americans.
“While we have so much to be thankful for within our booming economy, we still have much work to do to ensure that the over 26 million ‘credit invisible’ Americans are able to climb the economic ladder,” said Senator Scott. “In South Carolina, 22 percent of adults are ‘credit invisible’ and in many instances, it’s not due to poor financial decisions but rather because they lack sufficient credit history. This bill aims to change that and provide avenues of opportunity for those who have been overlooked by the current system.”
“All West Virginians and Americans who pay their bills on time every month deserve a chance to build credit. This bill just makes sense and would give credit invisible Americans the chance to develop a credit score, which is needed to purchase a home or car, or take out student loans. It’s a real shame that the current system keeps some of our most vulnerable citizens in the shadows and I am proud to help introduce this bill to help all Americans have the opportunity to build their credit score,” said Senator Manchin.
“Credit invisible” Americans typically do not have the history of traditional payments such as student loans, mortgages, and car loan payments, which effectively eliminates their ability to receive a credit score under the current system.
Senator Scott’s Credit Access and Inclusion Act is a key piece of bipartisan legislation that allows landlords, telecom companies, and utility providers to report on-time payment data to credit bureaus, which in turn allows for the data to be used when a consumer’s credit score is calculated.
Senators Doug Jones (D-AL), Tom Cotton (R-AR), and John Tester (D-MT), Mike Rounds (R-SD), and Angus King (I-ME) are all co-sponsors of the Credit Access and Inclusion Act.
Click here to view full bill text.