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Committee hears proposal for voluntary rent-reporting pilot to build renters’ credit scores
Summary
Treasury and housing stakeholders described a proposed pilot that would allow tenants and landlords to opt into reporting on-time rent payments to credit bureaus, with safeguards proposed for unenrollment and dispute handling; committee asked staff to draft language and pursue vendor/cost details.
The Senate Economic Development, Housing & General Affairs Committee on March 19 heard testimony supporting a pilot program to report on-time rent payments to consumer credit bureaus, a step proponents said could help renters establish or improve credit histories.
Corey Parent, a landlord and committee witness, described how on-time rental payments do not currently benefit tenants’ credit reports while other regular payments — such as car loans and medical bills — are recorded. Parent said landlords already face high costs when a tenant is evicted and that adding positive rent reporting could both reward reliable tenants and give landlords…
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