Tell your Representative to help raise the credit scores of millions of working families. No Images? Click here Help Millions of Families Build CreditA new bill would expand access to safe and affordable credit for low- and moderate-income consumers. Will you call your Representative today to ask them to vote "YES"? Access to credit is a critical first step for families to acquire assets and build wealth. Whether it's purchasing a home or a car, or starting a small business, you need a good credit score to get ahead. The House of Representatives will vote soon on the Credit Access Inclusion Act of 2017 (H.R. 435), a bill that has the potential to bring millions of people into the credit mainstream, particularly low-income families and households of color. Right now, if a consumer does not pay utility or phone bills or their rent on time, the credit bureaus are eventually notified, potentially hurting the consumer's credit score. However, if someone pays these bills on time every time, it doesn't boost their credit; they get no credit for paying their bills on time, because companies aren't required to report on-time payments. H.R. 435 would permit the reporting of positive rent, utility and phone bill payment histories to the credit bureaus. This is a win for consumers, as evidence suggests the reporting of these payment histories can boost credit scores or create scores for those who otherwise lack a significant credit history. The higher a person’s credit score, the less they pay (in interest, fees, etc.) for loans, saving borrowers a significant amount of money over time. Credit scores can also impact a person’s chance to get a job or insurance. Take action today by contacting your Representative and asking them to vote "YES" on H.R. 435! Call your Representative or email your Representative today! |