New rules for reporting rent and utility payments to credit bureaus
This act allows energy, telecommunication firms, and landlords to report on-time rent and utility payments to credit bureaus. This can help individuals who consistently pay their bills build a positive credit history. The act also protects consumers who enter into a payment plan with an energy utility from negative reporting if they adhere to the plan's terms.
Key points
Energy, telecommunication firms, and landlords can now report your on-time rent and utility payments to credit bureaus, potentially improving your credit score.
If you have a payment plan with an energy utility and meet its obligations, your outstanding balance won't be reported as late.
The act aims to help individuals without traditional credit build a credit history through their regular bill payments.
Status:
Introduced
Civic Will
Why does your vote on bills matter?
It creates raw, undeniable proof. Civic Will provides the permanent data to verify the Government's loyalty towards its citizens
(explained here).
Start recording it now.