Senators Britt, Scott Introduce Bill to Expand Credit Access for Millions of Americans
Legislation would make timely rent, utility payments part of credit scoring
U.S. Senator Katie Britt (R-AL) has joined Senator Tim Scott (R-SC), Ranking Member of the Senate Committee on Banking, Housing, and Urban Affairs, in introducing the Credit Access and Inclusion Act. The bipartisan legislation seeks to responsibly broaden access to credit for millions of Americans who lack traditional credit histories.
The bill aims to help consumers who are “credit invisible” or have thin credit files by allowing landlords, utility companies, and telecommunications providers to report on-time payment data to credit bureaus. These types of payments—such as rent, electric bills, and phone service—are not currently included in standard credit scoring models.
“Hardworking Americans who have demonstrated financial responsibility deserve a pathway to establish and build their credit,” said Senator Britt. “This bill takes into consideration the varying circumstances and experiences of individuals who hope to achieve their American Dream.”
Britt emphasized the importance of a more complete and inclusive credit system, noting that many Americans regularly pay rent and utility bills on time, yet remain unable to establish a strong credit profile under the current system.
“Access to credit is a crucial component to establishing financial stability and economic independence for individuals and families,” she said. “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.”
Senator Scott echoed that sentiment, calling the bill a “commonsense” measure that recognizes financial responsibility beyond traditional credit lines.
“It’s simple: if you pay your bills on time, your credit score should reflect that,” said Scott. “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.”
The Credit Access and Inclusion Act is also backed by Senators Mike Rounds (R-SD), Kevin Cramer (R-ND), and Bernie Moreno (R-OH). A companion bill is being led in the House of Representatives by Rep. Young Kim (R-CA-40).
According to the Consumer Financial Protection Bureau (CFPB), roughly 26 million Americans are considered “credit invisible”, meaning they do not have credit records with any of the three nationwide credit bureaus An additional 19 million have “unscorable” credit files due to insufficient credit history. This lack of credit access can prevent individuals from renting homes, purchasing cars, applying for student loans, or even securing employment.
Senator Britt has been vocal on this issue, especially as it affects her Alabama. During an April 2023 Senate Banking Committee hearing, she stated, “This is personal to me. One-fifth of Alabamians… are either ‘credit invisible’ or have a thin credit file for lack of credit history.”
She also pointed out that many affected individuals come from low-income and rural communities, where access to traditional financial tools is limited.
If passed, the legislation would give credit reporting agencies the ability to incorporate non-traditional payment data into consumers’ credit files, helping millions gain access to better financial opportunities.
