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Pennsylvania State Senate
04/29/2024 12:24 PM
Pennsylvania State Senate
https://www.legis.state.pa.us/cfdocs/Legis/CSM/showMemoPublic.cfm?chamber=S&SPick=20230&cosponId=38839
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Senate of Pennsylvania
Session of 2023 - 2024 Regular Session

MEMORANDUM

Posted: December 19, 2022 04:39 PM
From: Senator Jimmy Dillon
To: All Senate members
Subject: Utility Reporting
 
In the near future, I will be introducing companion legislation to require utility providers to offer the option to customers to have their utility payments reported to major credit reporting entities.  This change would assist consumers by creating a positive impact on their credit score through reporting regular payments on their water, electric, phone, internet, heating and other utility bills to major credit bureaus.  This legislation is a companion bill to Rep. Howard’s, previously introduced as HB 480 of 2021-22.

According to the Consumer Bureau of Financial Protection, over 26 million Americans are considered to be credit invisible.  Meaning that these individuals do not have enough information on record to have a scorable credit.  Credit impacts our ability to obtain emergency loans, apply for employment, find housing, and get a vehicle loan.  Lower credit leads to increased interest rates, costs, and so much more.  Our credit score impacts all parts of our financial lives and despite its significance very few people know much about how it works.

What most people do understand is that our credit is negatively impacted when a payment is late or missed.  The purpose of this legislation is to support the financial health of Pennsylvanians.  By requiring utility providers to offer opt-in credit reporting to customers, consumers are able to take control in an attempt to have a positive impact in their credit.

The COVID-19 pandemic had countless impacts on our financial sector and on the financial health of the average person.  Consumers need tools to help repair their credit and our hope is that tools such as credit reporting will have a positive impact on lower- and middle-income families as well as underserved populations.

Please join me in co-sponsoring this legislation.