Bill > HR8485

This bill, the "Expanding Access to Credit through Consumer-Permissioned Data Act," amends the Equal Credit Opportunity Act to require creditors to consider certain additional credit information, such as bank statement or rental payment data, when making mortgage loan decisions, if the applicant requests such consideration, authorizes the provision of the information, and believes the information not reported through consumer reporting agencies (NCRAs) better reflects their creditworthiness. The bill aims to increase access to credit, particularly for individuals with little or no credit history with NCRAs, who are disproportionately low-income, younger consumers, and consumers of color. The bill also requires creditors and underwriting systems to treat the additional consumer-permissioned data in the same manner as information from NCRAs, and directs the Consumer Financial Protection Bureau to issue regulations to implement these changes within 18 months.

Business and Industry

https://www.congress.gov/bill/117th-congress/house-bill/8485/all-info