Skip to content

June 17, 2019

King, Colleagues Introduce Bill to Break Down Barriers to Building Americans’ Credit

Legislation allows regular bills like phone and utilities to count toward credit rating score

BRUNSWICK, ME – U.S. Senator Angus King (I-Maine) joined a bipartisan group of his colleagues to introduce the Credit Access and Inclusion Act of 2019, which would open new opportunities for more than 26 million Americans who are currently unable to access credit because they do not have a history of traditional loan payments, such as student loans, mortgages, and car loans. The legislation will allow telecom companies and utility providers to report payments to credit bureaus, allowing these Americans additional avenues to build credit.

“Oftentimes, Americans who struggle with access to credit are able to pay their bills – but the recurring bills they pay are not included in the credit rating process,” said Senator King. “Maine people who pay their phone and utility bills on time every month should be able to point to these bills as an example of credit, because these are the major expenses they incur every month. This bill is about giving people the chance to establish themselves and open up new avenues to success – it doesn’t get more commonsense than that.”

Senator King has consistently worked to remove structural barriers that prevent low-income Maine people from getting ahead. On Tax Day, Senator King met with tax professionals, advocates, and clients to discuss ways to help low-income Maine people navigate the complexities of tax season. Earlier in April, he wrote a letter challenging the IRS to refocus its limited resources away from disproportionately auditing lower-income households who utilize the Earned Income Tax Credit (EITC). Also in April, he cosponsored the Working Familes Tax Relief Act, legislation that would expand the EITC and Childcare Tax Credit (CTC). The expansion of these tax credits would benefit 400,000 Maine people, including 164,000 children.

In addition to Senator King, the Credit Access and Inclusion Act is supported by Senators Joe Manchin (D-W. Va.), Tim Scott (R-S.C.), Doug Jones (D-Ala.), Mike Rounds (R-S.D.), Jon Tester (D-Mont.) and Tom Cotton (R-Ark.).

Next Article » « Previous Article