Legislation enables responsible use of rental and utility payment data to help “credit invisible” consumers build a financial future

Washington, D.C. (May 1, 2025) – The American Fintech Council (AFC), the premier industry association representing responsible fintech companies and innovative banks, sent a letter to the Senate Committee on Banking, Housing, and Urban Affairs announcing strong support for the Credit Access and Inclusion Act, pragmatic legislation led by committee Chairman Tim Scott (R-SC) and supported by several Committee members. The legislation would expand access to responsible and affordable credit by allowing the use of alternative payment data – such as rent, utilities, phone, and internet bills – in consumer credit reporting. In the letter, AFC praised the bill for offering a commonsense solution for millions of underserved Americans who manage their money effectively but still struggle to access credit.

“Too many Americans remain ‘credit invisible’ simply because they haven’t accessed traditional financial products. These individuals pay their rent, utility bills, and phone plans on time every month – yet these responsible and timely payments go unrecognized in our credit system,” said Phil Goldfeder, CEO of the American Fintech Council. “The Credit Access and Inclusion Act is a pragmatic, innovation-driven policy that will responsibly bring more Americans into the financial mainstream by more accurately accounting for how people manage their money.”

An estimated 26 million Americans currently have no credit file, and another 19 million have unscorable credit histories. This leaves them shut out from essential opportunities like homeownership, auto loans, and higher education financing. AFC has long advocated for the responsible use of “alternative data” – non-traditional payment records that reflect a fuller and more accurate picture of financial behavior. The legislation would enable landlords, utility providers, and telecom companies to report on-time payments to credit reporting agencies, helping consumers build credit histories and gain access to financial products at fair rates.

“This bill reflects years of rigorous research and consensus between critical stakeholder groups that incorporating rental, utility, and telecom payments into credit reporting can safely expand access to credit,” said Ian P. Moloney, SVP and Head of Policy and Regulatory Affairs at AFC. “By responsibly updating the Fair Credit Reporting Act, the Credit Access and Inclusion Act will build on the activities pursued by industry leaders to capture and use this data to improve economic mobility while maintaining strong consumer protections.”

A standards-based organization, AFC is the premier trade association representing the largest financial technology (Fintech) companies and innovative banks offering embedded finance solutions. AFC’s mission is to promote a transparent, inclusive, and customer-centric financial system by supporting responsible innovation in financial services and encouraging sound public policy. AFC members foster competition in consumer finance and pioneer products to better serve underserved consumer segments and geographies.

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