Lenders and credit bureaus say a bold new data push can expand credit to more consumers, but some worry the shift could sting the people it’s meant to help. Currently, lenders and credit reporting agencies review your mortgage, and student loan payment history, in addition to credit cards and car payments. How you pay these bills impacts your credit score. In the near future, credit reporting bureaus will also report payments to your utilities, gas, electric, and water bills. This new approach can be a two-edged sword. One side it gives a full window into the payment history for persons will little credit history especially low-income families. On the other side it captures the payments to utilities where payments may be late or failed to pay a previous landlord. There will be no escape for those who fall under the credit radar. Remember, your payment history is a public record and can either help or hinder you.
Rev. Dr. Donna Taylor is the Pastor of Andrew Chapel, United Methodist Church on the Northern Neck in Montross, VA. Rev. Dr. Taylor promotes best practices for financial literacy and financial empowerment in the church and leads workshops throughout Northern Virginia. Currently, she serves as the Chair of the District Finance Committee. In May 2015, Rev. Dr. Taylor received her Doctor of Ministry from Virginia University of Lynchburg in Lynchburg, VA. Rev. Dr. Donna Taylor is married to Dr. David Taylor, who is also the Director of our church-based free clinic. They have two adult children and three grandchildren. In her leisure time, Rev. Dr. Taylor enjoys traveling, jogging, weightlifting, swimming, yoga, and interior decorating. In May 2015, Rev. Dr. Taylor received her Doctor of Ministry from Virginia University of Lynchburg in Lynchburg, Virginia. Rev. Dr. Taylor was born and raised in New York City and recently discovered her ancestral roots in Guinea-Bissau, West Africa. Rev. Dr. Donna Taylor is married to David Taylor and they have a son and a daughter. Their daughter is a educator and son is an Active-Duty Senior Seaman in the Navy married with three children. In her leisure time, she enjoys traveling, reading, swimming, writing poetry, crocheting and spending time with her family.