NAR Support Letter to Representative Hill Regarding HR 8985 The Credit Access and Inclusion Act of 2022
Issue Date: September 27, 2022
On September 27 NAR sent a letter to Representative Hill. The letter expresses NAR’s support for H.R. 8985, the Credit Access and Inclusion Act of 2022.
A consumer’s credit score is one of the main factors in determining whether a borrower has access to the housing market. However, more than 60 million Americans have a thin credit file, meaning few or no credit accounts on their credit report. Without a robust credit score, a borrower has a very slim chance in obtaining mortgage credit. This impact is felt most heavily by those kept out of the traditional credit system, such as communities of color, immigrants, those with low- and moderate-incomes, borrowers in rural communities, and those who have chosen to avoid debt.
NAR supports H.R. 8985 as a solution to help many of the existing “thin file” borrowers seeking mortgage credit. The bill amends the Fair Credit Reporting Act to allow providers such as telecommunications, gas, and electric companies to report a consumer’s payment history to the credit reporting agencies.