Expanding Access to Credit through Consumer-Permissioned Data Act

This bill requires mortgage lenders to consider consumer-permitted alternative data (like rent or bank transaction history) when evaluating loan applications, specifically for applicants who lack traditional credit history. It directly affects approximately 45 million "credit invisible" consumers - disproportionately low-income, younger, and people of color - who struggle to qualify for mortgages due to thin or nonexistent credit files. Lenders must treat this permissioned data equally with traditional credit reports, provide clear multilingual notices explaining the option, and include it in underwriting decisions. The law mandates these changes within 18 months of enactment, aiming to expand mortgage access through standardized, consumer-controlled data sharing.