MALVERN, PA State Rep. Kristine Howard, D-Chester, this week launched H.B. 2932 which might require public utility corporations to supply clients the choice of reporting their month-to-month funds to credit score bureaus to show a historical past of on-time recurring funds.
The financial fallout attributable to the pandemic has brought on many shoppers to overlook funds, hurting their credit score scores, Howard mentioned. Shoppers striving to determine or restore their credit score discover an unbalanced system solely reporting unfavourable, delinquent funds, whereas different on-time funds go unreported.
My invoice would assist shoppers construct up good credit score by requiring that public utilities provide their clients the selection of opting to have their utility funds reported to credit score reporting businesses, together with well timed funds. This measure will permit shoppers to opt-in at any time, with no restrictions or expiration date.
In accordance with Howard, Experian was the primary credit score reporting company to supply shoppers the power to have on-time utility and hire funds credited to their report to enhance their credit score rating, however the different businesses have but to supply something related.
Its time we modify this credit score reporting system to profit hardworking shoppers who pay utility payments on time. My invoice would supply a lifeline and assist folks get better from the monetary disaster attributable to the pandemic, Howard mentioned.
The invoice has been referred to the Home Client Affairs Committee for consideration.
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