Like the title says.
Currently, credit accounts stay on your report for seven years after your last payment-- good or bad. Rep. Maxine Waters from California wants to amend this to four years, arguing that the predictive value of debts more than two years old are dubious already. In other words, really old debts don't do a good job of indicating whether you'll pay in the future. The bankruptcy limit would change from ten years to seven for the same reason. Industry insiders argue these changes "would hamper lenders' capacity to evaluate the true risks posed by loan applicants."
Rep. Maxine also wants to get your utilities on your credit report, which for many people with thin reports would show that they are, in fact, regularly paying bills all the time. The resistance to this, notes the LA Times, came from "Chi Chi Wu, staff attorney for the National Consumer Law Center," who said that this would negatively impact lower income households, who often pay utilities a month or two late when money is tight.
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