Congress is advancing competing legislative efforts to reshape credit access and reporting standards. House and Senate bills aim to expand credit availability through alternative data and modernized lending practices, while critics warn some proposals could enable predatory lending and weaken consumer protections.
·Young Kim's Credit Access and Inclusion Act cleared House Financial Services Committee with backing from anti-fraud advocates
·Pennacchio Bill to expand free credit reports passed Senate, targeting broader consumer transparency
·Financial institutions deploying AI and alternative credit data to approve borrowers traditionally locked out by conventional scoring
·Consumer advocates argue certain proposals prioritize lender access over safeguards against predatory practices and harmful reporting
drawn from Congresswoman Young Kim (.gov), Quiver Quantitative, Mastercard, NCLC · updated 6h ago