[Congressional Record Volume 164, Number 107 (Tuesday, June 26, 2018)]
[Extensions of Remarks]
[Pages E920-E921]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




              THE CREDIT ACCESS AND INCLUSION ACT OF 2017

                                 ______
                                 

                               speech of

                        HON. SHEILA JACKSON LEE

                                of texas

                    in the house of representatives

                         Monday, June 25, 2018

  Ms. JACKSON LEE. Mr. Speaker, I rise in strong support of H.R. 435, 
the Credit Access and Inclusion Act of 2017.

[[Page E921]]

  This bill expands credit access to millions of Americans by amending 
the Fair Credit Reporting Act with respect to reporting positive 
consumer credit information to consumer reporting agencies.
  H.R. 435 will help millions more low-income and minority households 
access credit by changing how Americans' financial information is 
reported to credit rating agencies.
  This means that millions of Americans who previously could not access 
a lower-cost loan, cheaper car payments, or better rent for their 
apartment will be able to do so.
  The passage of the Credit Access and Inclusion Act has the potential 
to bring a substantial number of people into the credit mainstream, 
particularly low-income families and households of color.
  Many families in this country will benefit from the opportunity to 
build strong credit, a cornerstone of financial security, that this 
bill makes possible.
  The absence of a credit history remains a significant barrier for 
households seeking safe and affordable credit products, rental housing, 
and jobs.
  This bill begins to level the playing field.
  Although the positive payments from nontraditional credit sources do 
not show up on their credit reports, derogatory data does so through 
the collections process.
  Without the ability to build a credit history with those positive 
payments, millions of Americans continue to lose opportunities to get 
and stay ahead in our economy today.
  This bill removes a major barrier to credit reporting proven payment 
data.
  When reported to nationwide credit bureaus, this data will ultimately 
help working Americans, younger and elderly Americans, and immigrants 
build or restore a good credit history in order to build assets and 
wealth, as well as enable financial security.
  The Credit Access and Inclusion Act, a bipartisan bill, will allow 
utility and telecom companies and landlords to report on-time payment 
data to credit reporting agencies, helping those with little to no 
credit build their credit scores based on a full picture of their 
payment history.
  I urge my colleagues to join me in voting for H.R. 435, the Credit 
Access and Inclusion Act of 2017, to ensure credit access to millions 
of new low-income and minority households.

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