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Building Credit Access for Veterans Act of 2023

USA118th CongressHR-1266| House 
| Updated: 3/23/2023
William R. Timmons

William R. Timmons

Republican Representative

South Carolina

Cosponsors (2)
Nancy Mace (Republican)Mike Levin (Democratic)

Veterans' Affairs Committee, Economic Opportunity Subcommittee

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Building Credit Access for Veterans Act of 2023 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.
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Timeline

Bill from Previous Congress

HR 117-8758
Building Credit Access for Veterans Act of 2022
Feb 28, 2023
Introduced in House
Feb 28, 2023
Referred to the House Committee on Veterans' Affairs.
Mar 23, 2023
Referred to the Subcommittee on Economic Opportunity.
  • Bill from Previous Congress

    HR 117-8758
    Building Credit Access for Veterans Act of 2022


  • February 28, 2023
    Introduced in House


  • February 28, 2023
    Referred to the House Committee on Veterans' Affairs.


  • March 23, 2023
    Referred to the Subcommittee on Economic Opportunity.

Armed Forces and National Security

Building Credit Access for Veterans Act of 2023

USA118th CongressHR-1266| House 
| Updated: 3/23/2023
Building Credit Access for Veterans Act of 2023 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.
View Full Text

Suggested Questions

Get AI-generated questions to help you understand this bill better

Timeline

Bill from Previous Congress

HR 117-8758
Building Credit Access for Veterans Act of 2022
Feb 28, 2023
Introduced in House
Feb 28, 2023
Referred to the House Committee on Veterans' Affairs.
Mar 23, 2023
Referred to the Subcommittee on Economic Opportunity.
  • Bill from Previous Congress

    HR 117-8758
    Building Credit Access for Veterans Act of 2022


  • February 28, 2023
    Introduced in House


  • February 28, 2023
    Referred to the House Committee on Veterans' Affairs.


  • March 23, 2023
    Referred to the Subcommittee on Economic Opportunity.
William R. Timmons

William R. Timmons

Republican Representative

South Carolina

Cosponsors (2)
Nancy Mace (Republican)Mike Levin (Democratic)

Veterans' Affairs Committee, Economic Opportunity Subcommittee

Armed Forces and National Security

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted