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.
Introduced
Citizen Poll