Opt-out savings accounts and rent reporting may be considered
To increase the supply of housing in America, and for other purposes, section 505, Sec. 505.
Written by .
Opt-out savings accounts and rent reporting may be considered
The document says “can”Who acts: Secretary of Housing and Urban DevelopmentHow: statuteSec. 505 in the PDF
What the document says
“the Secretary may consider policy options to provide opt-out savings or escrow accounts and report positive rental payments to consumer reporting agencies (as defined in section 603 of the Fair Credit Reporting Act (15 U.S.C. 1681a)) with resident consent.”
The section lets the Secretary consider policy options for the new cohort that provide opt-out savings or escrow accounts and that report positive rental payments to consumer reporting agencies, as defined in the Fair Credit Reporting Act, with resident consent.
What the document actually says
“the Secretary may consider policy options to provide opt-out savings or escrow accounts and report positive rental payments to consumer reporting agencies (as defined in section 603 of the Fair Credit Reporting Act (15 U.S.C. 1681a)) with resident consent.”
That sentence, in plain words
The housing agency may look at two ideas. One is savings accounts a tenant is in unless they opt out. The other is telling credit bureaus when rent is paid on time. The tenant must agree first.
What this is about
A credit report shapes what a person can borrow. Rent paid on time usually does not show up there. Reporting it can build a record.
No action is recorded against this proposal. That is not evidence that none has been taken, and nobody has yet read it against the record. See what the tracker does not yet cover.
Increase the supply of housing in America, Public Law 119-101, sec. 505, 140 Stat. 948 (2026). https://www.govinfo.gov/content/pkg/PLAW-119publ101/html/PLAW-119publ101.htm
This page
“Opt-out savings accounts and rent reporting may be considered,” Increase the supply of housing in America, section 505, Sec. 505. Read the Mandate, https://readthemandate.org/pl-119-101/proposal/sec505-policy-options/ (retrieved October 10, 2026).
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