Lord Bird’s push to make credit more affordable for some of the poorest in society is a step closer to statute after overcoming a key parliamentary hurdle.
The proposed legislation, which aims to provide fairer access to more affordable credit for people living in poverty, had a first reading on June 28 last year before progressing to a second reading on November 24.
"Most people who are paying their rent are not having that rent record being used as a way of increasing their credit rating" @johnbirdswords on his bill in the Lords on Friday about credit records #bbcdppic.twitter.com/IiVW0qNtCu
— BBC Daily Politics and Sunday Politics (@daily_politics) May 11, 2018
The Bill has moved closer to a House of Commons debate after two amendments, brought by Lord Blencathra on behalf of Lord Naseby, calling for a FCA review after two years in force and reducing the obligation to ensure credit service providers take rental payment data into account from “must” to “may” were withdrawn following discussions.
Conservative Lord Blencathra suggested that the Bill could act as a “double-edged sword” as using rental data may lift 80 per cent renters out of poverty but leave 20 per cent unable to obtain fair credit.