What does Preamble of HR 5402 do?

This bill proposes to amend the Fair Credit Reporting Act. The amendment aims to clarify federal law regarding the reporting of full-file consumer credit information to consumer reporting agencies. The bill's stated purpose is 'to clarify Federal law with respect to reporting certain full-file consumer credit information to consumer reporting agencies, and for other purposes.'

What does SHORT TITLE. of HR 5402 do?

This bill is formally titled the Credit Access and Inclusion Act of 2025.

What does FULL-FILE REPORTING PERMITTED. of HR 5402 do?

This section amends the Fair Credit Reporting Act to permit the furnishing of information related to lease agreements, utilities, and telecommunications services to consumer reporting agencies. The definition of 'energy utility firm' includes entities providing gas or electric utility services, while 'utility or telecommunication firm' covers entities providing services through various connected facilities. Information can be furnished only to the extent it relates to payment for services, deposits, discounts, or conditions for service interruption or termination. Energy utility firms are prohibited from reporting late payments if a consumer is meeting the obligations of a payment plan. Consumers have the right to opt-out of the furnishing of this information by submitting a written request. Section 623(c) of the Fair Credit Reporting Act is amended to include subsection (f) of this section in liability limitations. The Comptroller General of the United States must submit a report to Congress within two years of the Act's enactment, analyzing the impact of furnishing this information on consumers and its effect on consumer credit scores.

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Credit Access and Inclusion Act of 2025 — HR. 5402

Last updated: 9/16/2025 · Introduced: 9/16/2025

Author: Young Kim (R-CA)

TL;DR (AI)

This bill amends the Fair Credit Reporting Act to allow consumer reporting agencies to receive information about lease agreements, utilities, and telecommunications services, specifically related to payment history.
Energy utility firms are prohibited from reporting late payments if consumers are adhering to payment plans, and consumers can opt-out of having this information reported.
The bill requires a report to Congress within two years analyzing the impact of this expanded reporting on consumers and credit scores.

119th Congressin committeeOfficial page

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Other Sections

Includes provisions on preamble, short title., and 1 more.

3 sections

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