WASHINGTON—Support for the Building Credit Access for Veterans Act of 2021 has been expressed in a letter from NAFCU ahead of a Senate Veterans’ Affairs Committee hearing.
"NAFCU’s members, particularly defense credit unions, take special pride in serving veterans, and this measure will help increase economic opportunity and make the financial system more inclusive," wrote Vice President of Legislative Affairs Brad Thaler.
In the letter, Thaler noted the association and its member credit unions have long advocated for the use of alternative credit scoring models that accurately identify creditworthy borrowers who would be excluded by traditional credit reporting.
In addition, he told Congress that the ability to use more and better information to improve credit scoring for loans guaranteed by the Department of Veterans Affairs will also strengthen credit unions’ unique relationships with their members and increase veterans’ access to affordable financial products and services.