5 Things President Biden Plans To Change About Credit Scores 💵🏛️
This week on Money Monday we talked about about President Biden’s intention to create a new public credit reporting and scoring division within the Consumer Financial Protection Bureau (CFPB) as part of his plan to close the wealth gap. To be honest, I’m not that excited about it because the government has enough responsibility as it is.
Don’t get me wrong, the CFPB already serves a very useful purpose in helping to advocate for consumers when there are issues with the girls—Experian, Equifax and Transunion. My clients have benefited from this. There are some things that I like about the plan such as:
- The requirements for student loans to be covered by bankruptcies are revised and eased
- Medical bills would be removed after three to five years, reducing their impact on credit scores
- Ensuring the algorithms for credit scoring don’t have a discriminatory impact
- Non-traditional sources of data like rental history and utility bills being reported to establish credit
So that was four things I like about the Biden administration’s proposal. Watch the replay to hear the fifth thing I like about President Biden’s plans to overhaul credit reporting and scoring. Don’t be shy to drop your two cents in the comments on Youtube or down below on this post.
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