Tester Cosponsors Bill to Help #Montennials Strengthen Finances
Senator's Bipartisan Legislation Will Help Montanans Improve Credit Scores
(U.S. Senate) – U.S. Senator Jon Tester is cosponsoring bipartisan legislation to help young Montanans access credit and improve their credit scores.
The Credit Access and Inclusion Act of 2018 will allow utilities and phone service providers to more accurately report a young person’s credit history.
“Young Montanans need access to credit to buy a car, own a home, or go to college,” said Tester, Montana’s only member of the Senate Banking Committee, which oversees the nation’s credit card industry. “This bill will make it easier for folks to establish credit and achieve the American Dream.”
Right now, millions of young Americans can’t access credit despite having a good payment history, because utility and telecom companies often only report negative payment histories.
The Credit Access and Inclusion Act of 2018 would allow these companies to fully report both positive and negative payment histories, giving thousands of Montanans the ability to repair their credit and build a better credit score.
“Giving responsible folks access to credit will allow them to better support their families and strengthen our economy,” said Tester.
An estimated 60 million Americans struggle with accessing credit and maintaining a positive score, and more than 40 percent of Montanans struggles with subprime credit. These folks often must seek credit from more predatory lenders who can charge exorbitantly high annual interest rates.
Tester introduced this bill as part of his #Montennial initiative, which aims to address issues directly affecting Montana millennials. Yesterday, Tester launched his #Montennial Advisory Council, made up of students, small business owners, farmers, and community leaders who will offer input and insight on how to address the unique challenges facing their generation. More on Tester’s #Montennial initiative can be found HERE.