Establishes a four-year "Rent for Credit Pilot Program" in the Department of Community Affairs to help low-income tenants build credit by reporting.
The bill establishes a four-year "Rent for Credit Pilot Program" within the Department of Community Affairs. The program aims to enable low-income tenants renting subsidized units to build credit by reporting their rent payments to consumer reporting agencies. Landlords can volunteer to participate, and tenants can choose to join voluntarily. If a tenant opts to participate, they may be subject to a monthly credit reporting fee of up to $10.
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