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US HB5402

Bill

Official Source

Status

Introduced

9/16/2025

Primary Sponsor

Young Kim

Click for details

Origin

House of Representatives

119th Congress

AI Summary

  • Amends the Fair Credit Reporting Act to permit landlords, utility companies, telecommunications firms, and HUD to report consumer payment performance on leases and service contracts to credit bureaus
  • Limits utility usage data reporting to payment-related information only, including deposits, discounts, and service termination conditions
  • Prohibits energy utility companies from reporting balances as late when consumers are actively participating in and meeting obligations under payment plans, deferred payment agreements, or debt forgiveness programs
  • Allows consumers to opt out of having their lease and utility payment information reported to credit bureaus by submitting a written request
  • Requires GAO to submit a report to Congress within 2 years analyzing the impact on consumers and the effect of reporting cash flow data on credit scores

Legislative Description

Credit Access and Inclusion Act of 2025

Finance and financial sector

Last Action

Referred to the House Committee on Financial Services.

9/16/2025

Committee Referrals

Financial Services9/16/2025

Full Bill Text

No bill text available