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Rep. Hill Introduces Bill to Expand Opportunity for Arkansans to Access Affordable Credit

Statement

Date: Sept. 5, 2019
Location: Washington, DC
Issues: Economy and Fiscal

Today, Congressman French Hill (AR-02) released the following statement after introducing H.R. 4231, the Credit Access and Inclusion Act, legislation to expand access to credit for 26 million "credit invisible" Americans:

"New technology and advances in innovation continue to change every aspect of how Americans live their lives. Yet the current system for how credit scores are calculated hasn't kept up with the times. Too many people living in Arkansas are unfairly denied opportunities for affordable credit because they don't have a traditional payment history. The Credit Access and Inclusion Act levels the playing field by allowing for alternative data, such as utility and phone payments, to be used in determining credit worthiness. As part of my work as Ranking Member on the House Financial Services Committee Task Force on Financial Technology (FinTech), I've learned about the positive impacts of using this data. It's time we open the door for millions of Americans to be welcomed into a 21st century lending economy that empowers consumers and boosts economic growth."


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