Scott sponsors bill to help veterans get credit for home loans
On May 26, U.S. Senator Tim Scott (R-SC) sponsored a bipartisan bill that would ensure U.S. veterans and military personnel have access to credit through more accurate and inclusive credit scoring systems that would allow them to ‘get home loans.
Senator Scott introduced the Building Credit Access for Veterans Act of 2021, S. 1838, with the original cosponsor, US Senator Richard Blumenthal (D-CT) to require the US Secretary of Veterans Affairs to conduct a pilot program on the use of alternative scoring information for veterans and servicemen of the armed forces, according to the text of the bill.
âAmerican veterans shouldn’t have to worry about whether they will have a roof over their heads when they return from serving our country,â said Senator Scott. âBut too often, limited access to credit hinders reliable housing for many of our country’s heroes. I am proud to present this bill to help correct this problem.
If passed, S. 1838 would streamline and formalize alternative methods of credit scoring for veterans and require a report to Congress on how many veterans participate in the program, as well as how they are affected. , according to a summary of the bill provided by Sen Office of Scott.
The American Legion, VantageScore Solutions and the Housing Policy Council are among the entities that recently approved the bill, which was referred for review to the U.S. Senate Veterans Committee.
âLower interest rates and closing costs, the ability to miss a down payment and no prepayment penalty are just a few of the benefits of a VA home loan. The American Legion is proud to support legislation that expands access to these benefits, âsaid Chanin Nuntavong, executive director of government and veterans affairs for the American Legion.