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S 1838 117th Congress Senate Armed Forces and National Security Congressional oversight Consumer credit Government information and archives Government lending and loan guarantees Government studies and investigations Housing finance and home ownership Small business Veterans' education, employment, rehabilitation Veterans' loans, housing, homeless programs

Building Credit Access for Veterans Act of 2021

Introduced: May 26, 2021 Introduced by: Scott, Tim Republican · South Carolina See on congress.gov
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 Everywhere this bill has been 3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Nov 17, 2021
Committee on Veterans' Affairs. Hearings held.
May 26, 2021
Read twice and referred to the Committee on Veterans' Affairs.
May 26, 2021
Introduced in Senate
 Plain-English summary Congressional Research Service

Building Credit Access for Veterans Act of 2021

This bill requires the Department of Veterans Affairs (VA) to implement a pilot program to assess the feasibility and advisability of using alternative credit scoring information or models to improve the determination of creditworthiness of certain individuals and to increase the number of such individuals who are able to obtain VA housing and small business loans. Specifically, the program is for veterans or members of the Armed Forces who are eligible for VA housing or small business loans and have insufficient credit history.

Under the program, the VA must assess the feasibility and advisability of establishing criteria for acceptable commercially available credit scoring models to be used by lenders for the purpose of guaranteeing or insuring a VA housing or small business loan.

Participation is voluntary on an opt-in basis for lenders, borrowers, and individuals.

The VA must conduct outreach to lenders and individuals to inform them of the pilot program.

What's happening now November 17, 2021

Committee on Veterans' Affairs. Hearings held.

 Committees of jurisdiction 1
 Cosponsors 2
All 2 Democratic 2