Credit Access and Inclusion Act of 2025
The Credit Access and Inclusion Act of 2025 would expand the information that can be reported to consumer reporting agencies by adding a new provision (section 623(f)) called “Full-File Credit Reporting.” It authorizes furnishers to share certain rent, utility, and telecommunications payment information with credit bureaus, including lease payments (even those subsidized by HUD) and payments under utility/telecom contracts. The bill sets limits on what can be reported (only information related to payment history and terms, such as deposits or interruptions) and creates protections such as an opt-out for consumers and a prohibition on reporting late payments if the consumer is on a compliant payment plan. It also requires a GAO study within two years to evaluate the impact on consumers and how reporting (including cash-flow data) affects credit scores. The measure would narrow some existing liability protections to explicitly cover the new reporting activities under subsection (f). In short, the bill aims to broaden the universe of information that can appear in credit reports (to include certain rent and utility payments), while providing consumer opt-out rights, protections around reporting during payment plans, and federal study oversight to assess effects on credit scores and consumer outcomes.
Key Points
- 1Full-File Reporting: Adds a new subsection (f) to Section 623 of the Fair Credit Reporting Act, allowing certain lease and utility/telecommunication payment information to be furnished to consumer reporting agencies.
- 2What can be reported: Information related to lease payments (including HUD-subsidized housing) and contracts for utility/telecommunication services. Limitations apply to ensure reporting focuses on payment activity and terms (e.g., deposits, discounts, or interruption/termination conditions).
- 3Payment plans protection: If a consumer is on a payment plan for an outstanding utility balance and is meeting the plan’s obligations, the utility firm may not report that balance as late.
- 4Opt-out: Consumers may opt out of having the described information reported by submitting a written request to the furnisher.
- 5Liability and oversight: The bill extends liability protections to cover furnishing information under the new subsection and requires a GAO study within two years to assess consumer impact and the effect of reporting cash-flow data on credit scores.