H.R. 10316 aims to amend the Equal Credit Opportunity Act by requiring lenders to consider additional credit information, beyond what is reported to traditional credit agencies, when evaluating mortgage loan applications. This additional information may include bank...
Simple Explanation
H.R. 10316 is a rule that says banks should look at extra information, like if someone pays their rent on time, before giving them a loan to buy a house. This is to help more people, especially those who don’t have much credit history or are from different communities, get a home loan.