AUGUSTA - Rep. Sam Zager, D-Portland, has proposed bipartisan legislation to create a new pilot project that would improve fair access to housing by helping low-income individuals establish or improve credit.
LD 1107 would create a two-year pilot program at the Maine State Housing Authority to connect renters' favorable payment history to the databases of national credit agencies, such as Equifax, Experian and TransUnion, on a voluntary basis.
"The ability to build credit is critical to lifetime financial health," said Zager. "This bill would be a groundbreaking step toward helping low-income Mainers establish and build credit. It would help address the growing problem of widening wealth inequality, and help the market work better and be fairer. A person's credit score largely determines the price of life-changing investments, like a home, a college education, a vehicle or a piece of major equipment. This bill aims to significantly lower barriers and long-term costs Mainers would face for all these things."
The Legislature's Labor and Housing Committee will hold a public hearing on the bill in the coming weeks.
Through the Legislature's website, members of the public can view public hearing schedules, sign up to testify live before the committee and access a livestream of the committee hearings online.
Zager, a member of the Health and Human Services Committee, is serving his second term in the Maine House and represents part of Portland.
Contact:
Brian Lee [Zager], c. 305-965-2744