{"id":187731,"date":"2025-04-16T09:34:20","date_gmt":"2025-04-16T09:34:20","guid":{"rendered":"https:\/\/peraltafinancing.com\/alabama\/sen-britt-leads-bill-to-expand-access-to-credit-for-americans\/"},"modified":"2025-04-16T09:34:20","modified_gmt":"2025-04-16T09:34:20","slug":"sen-britt-leads-bill-to-expand-access-to-credit-for-americans","status":"publish","type":"post","link":"https:\/\/fivemor.com\/?p=187731","title":{"rendered":"Sen. Britt leads bill to expand access to credit for Americans"},"content":{"rendered":"<p> <br \/>\n<\/p>\n<div>\n<p class=\"p1\"><span class=\"s1\">U.S. Senator Katie Britt, R-Ala., a member of the Senate Committee on Banking, Housing and Urban Affairs, joined Chairman Tim Scott, R-S.C., in introducing the <a href=\"https:\/\/www.britt.senate.gov\/wp-content\/uploads\/2025\/04\/creditaccessandinclusionact.pdf\"><span class=\"s2\">Credit Access and Inclusion Act<\/span><\/a>, legislation to responsibly expand credit access for millions of Americans with limited or non-existent credit histories.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">\u201cHardworking Americans who have demonstrated financial responsibility deserve a pathway to establish and build their credit,\u201d\u00a0said Senator Britt.\u00a0\u201cThis bill takes into consideration the varying circumstances and experiences of individuals who hope to achieve their American Dream. Access to credit is a crucial component to establishing financial stability and economic independence for individuals and families \u2013 this legislation simply incorporates a more complete history of on-time payments, like rent and utilities, to reflect an accurate credit score and open the door to financial opportunities.\u201d<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">By allowing property owners and utility and telecom providers to report payments data to credit reporting agencies, this bill will help consumers with an established track record of paying their bills on time develop a positive credit history.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">\u201cIt\u2019s simple, if you pay your bills on time, your credit score should reflect that. This commonsense bill will reward hardworking Americans who manage their finances responsibly, expanding access to credit to help them purchase a home, finance their education, or pursue their dreams,\u201d\u00a0said Chairman Scott.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Senators Mike Rounds, R-S.D., Kevin Cramer, R-N.D., and Bernie Moreno, R-Ohio, also joined Chairman Scott and Senator Britt on the bill. Representative Young Kim, R-Calif.-40, is leading companion legislation in the House of Representatives.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Approximately\u00a0<a href=\"https:\/\/files.consumerfinance.gov\/f\/201505_cfpb_data-point-credit-invisibles.pdf\"><span class=\"s2\">26 million<\/span><\/a> Americans are \u201ccredit invisible,\u201d meaning they lack credit records or history of traditional payments, such as student loans, car loans or mortgage payments. Having no credit or thin credit makes economic mobility difficult and hampers an individual\u2019s ability to purchase a home, take out student loans, buy a car or even get a job.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Senator Britt has\u00a0<a href=\"https:\/\/www.c-span.org\/clip\/senate-committee\/user-clip-credit-invisible-individuals\/5068287\"><span class=\"s2\">long called<\/span><\/a>\u00a0for a legislative solution to this problem.\u00a0In an April 2023 Senate Banking hearing, she stated,\u00a0\u201c. . . this is personal to me. One-fifth of Alabamians . . . are either \u2018credit invisible\u2019 or have a thin credit file for lack of credit history.\u201d\u00a0Senator Britt added that a significant portion of this group consists of consumers from low-income and rural areas.<\/span><\/p>\n<div class=\"code-block code-block-6\" style=\"margin: 8px auto; text-align: center; display: block; clear: both;\">\n<div class=\"zox-post-ad-wrap\"><span class=\"zox-ad-label\">Advertisement. Scroll to continue reading.<\/span><\/div>\n<\/div>\n<p class=\"p1\"><span class=\"s1\">The Credit Access and Inclusion Act allows credit bureaus to collect payments data for services not traditionally factored into credit reporting, such as rent, internet, phone, electricity and utility payments. Factoring these payments into credit reporting would expand credit histories and generate credit scores for consumers who were previously \u201cunscoreable.\u201d<\/span><\/p>\n<p class=\"p1\"><span class=\"s3\">Senator Britt was also a\u00a0<a href=\"https:\/\/www.britt.senate.gov\/news\/press-releases\/u-s-senators-katie-britt-tim-scott-colleagues-reintroduce-bill-to-increase-access-to-the-american-dream\/\"><span class=\"s2\">cosponsor<\/span><\/a> of this legislation in the 118th<\/span><span class=\"s3\">\u00a0Congress. The full text of the bill can be found\u00a0<a href=\"https:\/\/www.britt.senate.gov\/wp-content\/uploads\/2025\/04\/creditaccessandinclusionact.pdf\"><span class=\"s2\">here<\/span><\/a>.<\/span><\/p>\n<p><!-- CONTENT END 1 -->\n\t\t\t<\/div>\n\n","protected":false},"excerpt":{"rendered":"<p>U.S. Senator Katie Britt, R-Ala., a member of the Senate Committee on Banking, Housing and Urban Affairs, joined Chairman Tim Scott, R-S.C., in introducing the Credit Access and Inclusion Act, legislation to responsibly expand credit access for millions of Americans with limited or non-existent credit histories. \u201cHardworking Americans who have demonstrated financial responsibility deserve a [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":187732,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11763],"tags":[1846,14640,6795,15708,235,21875,17454,15102,24871,10191,29525],"dealstore":[],"offerexpiration":[],"class_list":["post-187731","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-alabama","tag-access","tag-americans","tag-bill","tag-britt","tag-credit","tag-credit-scores","tag-expand","tag-leads","tag-sen-katie-britt","tag-sen","tag-u-s-senate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Sen. Britt leads bill to expand access to credit for Americans - Som2ny Network<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fivemor.com\/?p=187731\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Sen. Britt leads bill to expand access to credit for Americans - Som2ny Network\" \/>\n<meta property=\"og:description\" content=\"U.S. Senator Katie Britt, R-Ala., a member of the Senate Committee on Banking, Housing and Urban Affairs, joined Chairman Tim Scott, R-S.C., in introducing the Credit Access and Inclusion Act, legislation to responsibly expand credit access for millions of Americans with limited or non-existent credit histories. \u201cHardworking Americans who have demonstrated financial responsibility deserve a [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/fivemor.com\/?p=187731\" \/>\n<meta property=\"og:site_name\" content=\"Som2ny Network\" \/>\n<meta property=\"article:published_time\" content=\"2025-04-16T09:34:20+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/fivemor.com\/wp-content\/uploads\/2025\/04\/467608007_548213121498087_2135774383965528374_n-e1736429127750.webp.webp\" \/>\n\t<meta property=\"og:image:width\" content=\"2048\" \/>\n\t<meta property=\"og:image:height\" content=\"1150\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/webp\" \/>\n<meta name=\"author\" content=\"admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/fivemor.com\/?p=187731#article\",\"isPartOf\":{\"@id\":\"https:\/\/fivemor.com\/?p=187731\"},\"author\":{\"name\":\"admin\",\"@id\":\"https:\/\/fivemor.com\/#\/schema\/person\/b85e3c3dc0e1daea076524dc8810c371\"},\"headline\":\"Sen. 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