For many Americans, the biggest hurdle to buying a home isn't their income, but a lack of a traditional credit score. Because the current system mostly tracks debt, people who pay for everything in cash or avoid credit cards are often shut out of the housing market. If this bill becomes law, it could provide a path to homeownership for millions of people by recognizing that paying rent on time is a good sign you will pay a mortgage on time.

If the bill doesn't pass, these potential buyers may continue to be denied loans or be forced to use high-interest private loans. The bill also includes strict reporting to see if this new way of scoring actually works without making the housing market riskier for taxpayers.