A U.S. Congressman from the Upstate has co-authored Bipartisan legislation to help expand credit access for veterans. 4th District Representative William Timmons and California Representative Mike Levin have introduced the "Building Credit Access For Veterans Act". The bill would require the VA to evaluate the use of alternative credit scoring in the housing or small business loan application process.
Timmons said " “Serving our nation comes with many sacrifices, but homeownership should not be one of them. “I am proud to introduce this bipartisan legislation to help our servicemembers and veterans utilize alternative credit sources to access VA loans. Our legislation will help put the dream of owning a home within reach for more of America’s heroes.”
Veterans covered by this bill would be those that are eligible for a VA loan but do not have a credit record with one of the major reporting agencies. Alternative scoring info may include proof of rent, utilities and other payment history.