What does Preamble of Credit Access and Inclusion Act of 2025 do?

This bill, formally titled '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,' aims to amend the Fair Credit Reporting Act.

What does SHORT TITLE. of Credit Access and Inclusion Act of 2025 do?

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

What does POSITIVE CREDIT REPORTING PERMITTED. of Credit Access and Inclusion Act of 2025 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. Specifically, it allows individuals or the Secretary of Housing and Urban Development to provide information on a consumer's payment performance for lease agreements and contracts for utility or telecommunications services. The reporting is limited to information related to payment for services, deposits, discounts, or conditions for service interruption or termination. Energy utility firms are prohibited from reporting late payments if the consumer is meeting the obligations of a payment plan. The bill also amends liability limitations within the Fair Credit Reporting Act to include subsection (f) of section 623. Finally, the Comptroller General of the United States is required to submit a report to Congress within two years of the Act's enactment, assessing the impact of this new reporting on consumers.

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Credit Access and Inclusion Act of 2025

Last updated: 4/10/2025 · Introduced: 4/10/2025

Author: Tim Scott (R-SC)

TL;DR (AI)

This bill allows consumer reporting agencies to include information about lease payments, utility bills, and telecommunications services in credit reports.
Energy utility firms are prohibited from reporting late payments if consumers are adhering to a payment plan.
The bill requires a report to Congress assessing the impact of expanded credit reporting on consumers within two years of enactment.

119th Congressin committeeHR. 5402(In Committee)Official page

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Other Sections

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

3 sections

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