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Senate committee discusses credit-reporting pilot that would forward positive rent payments to credit agencies; seeks enrollment statistics
Summary
Committee reviewed a proposed pilot to report positive on-time rent payments to credit reporting agencies and requested data on opt-in, enrollment and forwarded records.
The Senate Economic Development, Housing & General Affairs Committee on May 2 discussed language for a pilot program that would allow tenants who opt in to have on-time rent payments reported to credit reporting agencies.
Committee members said tenant participation would be voluntary and that only positive on-time payments would be forwarded; late payments or failures would not be reported. Staff said program participation would first require tenant consent. Committee members asked staff to collect accountability metrics for the pilot, including how many tenants opt in, how many enrolled tenants have data forwarded to credit agencies and the ratio of positive reports to nonreports.
Senators asked that staff invite the landlord association and the pilot vendor or program manager (referred to in committee correspondence as Becky) to testify and to supply draft statutory language detailing safeguards, enrollment procedures and data-reporting practices.
Why this matters: Reporting rent payments to credit agencies could help tenants who pay on time build a credit history, but lawmakers asked for transparency about enrollment, reporting thresholds and consumer protections.
Ending: Staff will request written materials from the pilot proponents, invite landlord and vendor testimony and incorporate a short reporting requirement into the draft so the committee can monitor outcomes of the pilot.
