There is a huge segment of the country’s population that doesn’t make it on to the radar of traditional credit scoring programs even though they have steady jobs and pay their bills on time. The Consumer Finance Protection Bureau has put out a call to the public for information and suggestions about how to broaden the measurements of someone’s financial stability so that they can have a typical credit score and use that to apply for bigger loans, such as mortgages. A few ideas that are making it on to the national conversation are: reporting of rent payments and cell phone bills (since the latter often replaces landline phones for many individuals, which at one point would have counted as a utility bill they could use for building a credit history).
What ideas do you have for getting more people a credit score? Let us know in the comments or let the CFPB know on their comment page which can be found here.