Hill offers House bill aimed at helping Americans gain credit worthiness

U.S. Rep. French Hill (R-AR) on Sept. 6 sponsored legislation that would expand credit reporting agencies’ access to American’s payment data.

Rep. Hill introduced the Credit Access and Inclusion Act of 2019, H.R. 4231, which he said would level “the playing field by allowing for alternative data, such as utility and phone payments, to be used in determining creditworthiness.”

If enacted, H.R. 4231 specifically would amend the Fair Credit Reporting Act to clarify federal law with respect to reporting certain positive consumer credit information to consumer reporting agencies, according to the bill’s text.

“New technology and advances in innovation continue to change every aspect of how Americans live their lives. Yet the current system for how credit scores are calculated hasn’t kept up with the times,” said Rep. Hill, ranking member on the U.S. House Financial Services Committee Task Force on Financial Technology (FinTech). “Too many people living in Arkansas are unfairly denied opportunities for affordable credit because they don’t have a traditional payment history.”

H.R. 4231 would permit public housing authorities, utilities, and telecommunications companies to report payment data to credit reporting agencies with the end goal being to support Americans who have little or no credit, according to the congressman’s office.

“I’ve learned about the positive impacts of using this data” while serving on the FinTech task force, said Rep. Hill. “It’s time we open the door for millions of Americans to be welcomed into a 21st century lending economy that empowers consumers and boosts economic growth.”

H.R. 4231 is companion legislation to the same-named S. 1828, introduced in June by bill sponsor U.S. Sen. Tim Scott (R-SC) and cosponsors including U.S. Sens. Mike Rounds (R-SD) and Joe Manchin (D-WV).