Credit Access: Reporting Rent and Utility Payments to Credit Bureaus.
This Act allows utility providers, telecommunication firms, and landlords (including those in HUD-subsidized housing) to report consumer payment history to credit reporting agencies. This change means that timely payments for rent and bills can help establish or improve your credit score, particularly if you have a limited credit history. Consumers maintain the right to opt-out of this reporting, and energy companies must protect customers adhering to debt repayment plans.
Key points
Payments for housing leases and utility services (electricity, gas, phone) can now be included in your credit history, potentially helping you build creditworthiness.
You have the right to opt-out of having this information furnished to credit bureaus by submitting a written request.
Energy utility firms cannot report an outstanding balance as late if you are meeting the obligations of an agreed-upon payment plan.
Introduced
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