Building Credit Access for Veterans Act of 2021

The Building Credit Access for Veterans Act of 2021 would require the Department of Veterans Affairs (VA) to create a pilot program that evaluates the use of alternative credit scoring methods for veterans and service members. This program is designed to help those with limited traditional credit histories qualify for VA-backed home and small business loans by considering non-traditional data, such as rent and utility payment history. Participation in the program would be voluntary for both lenders and borrowers, with the goal of expanding financial opportunities for those who might otherwise be denied credit.