New Housing Bill by Senator Ossoff Seeks to Improve Credit Scores for Georgia Renters

U.S. Senator Jon Ossoff has introduced new legislation aimed at helping renters build credit and eventually become homeowners. The Access to Homeownership Act requires landlords who receive federal funds, such as from Fannie Mae or Freddie Mac, to report positive rental histories.

This bill would ensure that on-time rent payments are considered in risk assessments for Georgians applying for federally insured mortgages. If the bill passes and becomes law, the Federal Housing Financing Agency will review its impact after five years.

Ossoff believes the legislation will support Georgia families by helping them improve their credit scores and enhance their chances of homeownership. He collaborated with state Rep. Yasmin Neal to develop the bill, focusing on increasing affordable housing and credit benefits for renters.

A 2015 Consumer Financial Protection Bureau report found that 26 million Americans lack a credit record, and about 19 million have a record but no score. This can make it difficult to secure loans or mortgages. Currently, major credit bureaus do not track rental payments unless landlords use rent reporting services, which often have fees.

Ossoff’s initiative aims to change this by allowing positive rental histories to be factored into mortgage applications. Fannie Mae, for example, already considers bank records of consistent rental payments to assist with home loan approvals, though fewer than 5% of renters have their payment history reported.

This effort is part of Ossoff’s broader push for affordable housing. Earlier this year, he helped secure $2.5 million in federal funds for housing developments in Atlanta and Clayton County. He has also advocated for improved living conditions in Georgia’s apartment complexes and initiated an investigation into neglectful practices following a local news series.