Bill > HR5402

This bill amends the Fair Credit Reporting Act to expand the types of financial information that can be reported to consumer reporting agencies (credit bureaus). Specifically, the bill allows utility companies, telecommunications firms, and housing providers to report consumers' payment histories for utility services, lease agreements, and telecommunications contracts to credit reporting agencies. The bill includes several important provisions: it defines "energy utility firms" and "utility or telecommunication firms", permits reporting of payment performance for these services, limits the type of information that can be reported (focusing on payment history), prevents reporting of late payments if a consumer is on a payment plan, and allows consumers to opt-out of having their utility and lease payment information reported. The legislation also requires the Government Accountability Office (GAO) to conduct a study within two years of enactment to assess the impact of these new reporting provisions on consumers and their credit scores. The goal appears to be to help consumers, particularly those with limited credit history, build credit through regular utility and lease payments, potentially improving their access to financial services.

Business and Industry

https://www.congress.gov/bill/119th-congress/house-bill/5402/all-info