Rent and Utility Payments Can Now Build Your Credit Score.
This law allows landlords, utility providers, and telecom companies to report timely payments for rent, electricity, gas, and phone services to credit reporting agencies. This change helps citizens who consistently pay their bills on time to establish or improve their credit history faster, making it easier to access loans and credit. Furthermore, consumers on energy debt repayment plans are protected from negative reporting as long as they meet the plan's obligations.
Key points
On-time payments for rent and utilities (power, gas, phone) can now be included in your credit history.
Easier path to building a positive credit history for individuals without traditional credit accounts.
Protection against negative reporting for energy customers who adhere to agreed-upon debt repayment plans.
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