Manchin, Scott Reintroduce Legislation To Expand Credit Access For Millions Of Americans
Washington, D.C. – U.S. Senators Joe Manchin (D-WV) and Tim Scott (R-SC), reintroduced the bipartisan Credit Access and Inclusion Act to expand access to credit for over 26 million Americans that are currently without credit because they do not have a history of traditional loan payments, such as student loans, mortgages, and car loans. The legislation will allow landlords, telecom companies, and utility providers to report on-time payments to credit bureaus, allowing these Americans additional avenues to build credit.
“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.
“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.”
This legislation is also co-sponsored by U.S. Senators Doug Jones (D-AL), Tom Cotton (R-AR), Mike Rounds (R-SD), and Angus King (I-ME).
To read the full bill, click here:
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