[Congressional Record Volume 164, Number 106 (Monday, June 25, 2018)]
[House]
[Pages H5586-H5587]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]
THE CREDIT ACCESS AND INCLUSION ACT OF 2017
Mr. HILL. Mr. Speaker, I move to suspend the rules and pass the bill
(H.R. 435) to amend the Fair Credit Reporting Act to clarify Federal
law with respect to reporting certain positive consumer credit
information to consumer reporting agencies, and for other purposes, as
amended.
The Clerk read the title of the bill.
The text of the bill is as follows:
H.R. 435
Be it enacted by the Senate and House of Representatives of
the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``The Credit Access and
Inclusion Act of 2017''.
SEC. 2. POSITIVE CREDIT REPORTING PERMITTED.
(a) In General.--Section 623 of the Fair Credit Reporting
Act (15 U.S.C. 1681s-2) is amended by adding at the end the
following new subsection:
``(f) Full-File Credit Reporting.--
``(1) In general.--Subject to the limitation in paragraph
(2) and notwithstanding any other provision of law, a person
or the Secretary of Housing and Urban Development may furnish
to a consumer reporting agency information relating to the
performance of a consumer in making payments--
``(A) under a lease agreement with respect to a dwelling,
including such a lease in which the Department of Housing and
Urban Development provides subsidized payments for occupancy
in a dwelling; or
``(B) pursuant to a contract for a utility or
telecommunications service.
``(2) Limitation.--Information about a consumer's usage of
any utility services provided by a utility or
telecommunication firm may be furnished to a consumer
reporting agency only to the extent that such information
relates to payment by the consumer for the services of such
utility or telecommunication service or other terms of the
provision of the services to the consumer, including any
deposit, discount, or conditions for interruption or
termination of the services.
``(3) Payment plan.--An energy utility firm may not report
payment information to a consumer reporting agency with
respect to an outstanding balance of a consumer as late if--
``(A) the energy utility firm and the consumer have entered
into a payment plan (including a deferred payment agreement,
an arrearage management program, or a debt forgiveness
program) with respect to such outstanding balance; and
[[Page H5587]]
``(B) the consumer is meeting the obligations of the
payment plan, as determined by the energy utility firm.
``(4) Definitions.--In this subsection, the following
definitions shall apply:
``(A) Energy utility firm.--The term `energy utility firm'
means an entity that provides gas or electric utility
services to the public.
``(B) Utility or telecommunication firm.--The term `utility
or telecommunication firm' means an entity that provides
utility services to the public through pipe, wire, landline,
wireless, cable, or other connected facilities, or radio,
electronic, or similar transmission (including the extension
of such facilities).''.
(b) Limitation on Liability.--Section 623(c) of the
Consumer Credit Protection Act (15 U.S.C. 1681s-2(c)) is
amended--
(1) in paragraph (2), by striking ``or'' at the end;
(2) by redesignating paragraph (3) as paragraph (4); and
(3) by inserting after paragraph (2) the following new
paragraph:
``(3) subsection (f) of this section, including any
regulations issued thereunder; or''.
(c) GAO Study and Report.--Not later than 2 years after the
date of the enactment of this Act, the Comptroller General of
the United States shall submit to Congress a report on the
impact of furnishing information pursuant to subsection (f)
of section 623 of the Fair Credit Reporting Act (15 U.S.C.
1681s-2) (as added by this Act) on consumers.
The SPEAKER pro tempore. Pursuant to the rule, the gentleman from
Arkansas (Mr. Hill) and the gentleman from Minnesota (Mr. Ellison) each
will control 20 minutes.
The Chair recognizes the gentleman from Arkansas.
General Leave
Mr. HILL. Mr. Speaker, I ask unanimous consent that all Members may
have 5 legislative days in which to revise and extend their remarks and
include extraneous material on this bill.
The SPEAKER pro tempore. Is there objection to the request of the
gentleman from Arkansas?
There was no objection.
Mr. HILL. Mr. Speaker, I yield myself such time as I may consume.
Mr. Speaker, H.R. 435, introduced by my good friend from Minnesota,
Keith Ellison, The Credit Access and Inclusion Act of 2017, would amend
the Fair Credit Reporting Act to authorize the Department of Housing to
furnish consumer credit reports to include an individual's payment
history from rental payments for a dwelling, including HUD-subsidized
properties, and payment history for utility and telecommunications
contracts.
I want to thank my friend for this great piece of work on his part on
making credit more accessible, making it easier to get the data that
consumers need to build a credit record. It is not all just credit card
payments, Mr. Speaker, or payments to banks.
This kind of work that my friend from Minnesota has tackled improves
consumers' ability to build that very, very important thing in our
society, which is access to credit.
Mr. Speaker, I reserve the balance of my time.
Mr. ELLISON. Mr. Speaker, I yield myself such time as I may consume.
Mr. Speaker, I want to thank my friend from Arkansas and the
bipartisan group that came together to make this passage of The Credit
Access and Inclusion Act possible.
Mr. Speaker, let me just ask you, and anyone, a question. If you
could help millions of people get access to an apartment, get a lower-
cost loan, a lower phone or utility deposit all without creating a new
government program, without spending any government money, without a
government mandate, and virtually no new tax dollars, would you take
that deal?
I think that is a good deal. This is what we are proposing here. I
know I would take that deal.
Mr. Speaker, I am urging all Members to vote in favor of the passage
of The Credit Access and Inclusion Act, because that is what it would
do simply by saying we are going to use all the data that consumers
rely on now that is not necessarily credit related but does show that
they pay their bills to be included in the construction of that credit
score.
That is why I am proud to be here today, because the passage of this
bipartisan Credit Access and Inclusion Act is going to help Americans
be more successful in this economy. It will reward people who pay their
utility and their phone bills on time, because it is important to note
that when those bills are not paid on time, they are already reported.
People get credit, under this bill, for the bills that they pay on
time, and still are able and in a position to be able to get perhaps
lower interest rates, get lower deposits they have to put down, and be
able to lead more prosperous economic lives.
This bill is about bringing some basic fairness to the credit scoring
system. I mean, credit is currently a currency in our society. It
unlocks access to goods and services hardworking Americans need to
build some economic security for themselves and their families.
But there are currently, Mr. Speaker, 26 million, or at least one in
ten Americans, who do not have a credit record. They are what they call
invisibles. Another 19 million Americans do not have enough information
to score. Low-income individuals and racial and ethnic minorities are
often in the worst shape.
If we want to do something about closing the wealth gap between
different peoples of different backgrounds and really bringing economic
opportunity to all, this is the right bill to take a step.
About one in four Latinos and African Americans either don't have a
credit record or don't have enough of a record to score, and almost
half of the residents of low-income communities do not have a score.
That doesn't mean they don't have needs, Mr. Speaker. That doesn't
mean they don't get phones and they don't pay bills and they don't get
apartments. It just means they tend to pay more for them.
In fact, we have heard the old adage that the poor pay more. It is
expensive to be poor. Those things are true. This bill can make that a
little less true and bring a little bit more happiness and economic
prosperity to people.
This bill allows credit rating agencies to use on-time rent, phone,
and utility payments when determining credit scores. As a result, more
than a third of previously unscoreable Americans will now have access
to prime credit and the opportunities that come with it.
This bill isn't just about access to credit, though. It is about a
little bit more than that. It is also about saving hardworking
Americans real money, thousands of dollars, Mr. Speaker, on their car
loans and on their mortgages, because if you are unscoreable or if your
score is unnecessarily high because that non-loan data is not counted,
you may get the loan, but you will pay more for it.
That is money that could be used to help build a family's wealth,
create some savings, Mr. Speaker, so that when you get into an
emergency, you can use your own money as opposed to going to a payday
lender.
This is a good bill. That is why it has bipartisan support and that
is why I am glad that Congressman French Hill and I were able to work
together on it.
Mr. Speaker, I ask for a favorable vote, and I yield back the balance
of my time.
Mr. HILL. Mr. Speaker, I again want to thank my friend from
Minnesota. We have worked together on this bill during the year. I am
pleased to see it back on the floor today.
Mr. Speaker, I urge bipartisan support for helping all American
consumers have a new and better way to help build their credit and get
access to credit to preserve the American Dream.
Mr. Speaker, we have no other speakers on this side, and I yield back
the balance of my time.
The SPEAKER pro tempore. The question is on the motion offered by the
gentleman from Arkansas (Mr. Hill) that the House suspend the rules and
pass the bill, H.R. 435, as amended.
The question was taken; and (two-thirds being in the affirmative) the
rules were suspended and the bill, as amended, was passed.
A motion to reconsider was laid on the table.
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