Bill Overview
Title: Servicemembers’ Credit Monitoring Enhancement Act
Description: This bill applies to uniformed service members free electronic credit monitoring that is currently available to active duty service members.
Sponsors: Rep. Stefanik, Elise M. [R-NY-21]
Target Audience
Population: uniformed service members
Estimated Size: 2300000
- The bill expands the free electronic credit monitoring currently available to active duty service members to include all uniformed service members.
- Uniformed service members generally include those in branches such as the Army, Navy, Air Force, Marines, Coast Guard, and certain other groups like the Public Health Service and NOAA Corps.
Reasoning
- The target population of this policy includes all uniformed service members, which is approximately 2.3 million individuals in the U.S.
- Cost-benefit analyses must consider the budget limitations and ensure that each member receives credit monitoring efficiently.
- Some members of the target population may already have access to credit monitoring or do not see significant benefit, hence the impact on Cantril wellbeing scores may vary.
- Given the budget and population size, the per-person cost allocation is around $12.50 in year 1, which could cover basic electronic credit monitoring services.
- Interviews should cover a diverse range of service members, including those not impacted by the policy, to provide a balanced perspective.
Simulated Interviews
Active Duty Navy (San Diego, CA)
Age: 24 | Gender: male
Wellbeing Before Policy: 8
Duration of Impact: 0.0 years
Commonness: 10/20
Statement of Opinion:
- The policy doesn't affect me directly as I already have free monitoring.
- It's good that they are extending this to other members.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 8 | 8 |
| Year 2 | 8 | 8 |
| Year 3 | 8 | 8 |
| Year 5 | 8 | 8 |
| Year 10 | 8 | 8 |
| Year 20 | 8 | 8 |
Army National Guard (Fort Hood, TX)
Age: 31 | Gender: female
Wellbeing Before Policy: 6
Duration of Impact: 10.0 years
Commonness: 8/20
Statement of Opinion:
- The additional credit monitoring will help me keep track of my finances better.
- I believe it gives peace of mind concerning credit security.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 6 |
| Year 2 | 7 | 6 |
| Year 3 | 7 | 6 |
| Year 5 | 8 | 6 |
| Year 10 | 8 | 6 |
| Year 20 | 8 | 6 |
Air Force Reserve (Anchorage, AK)
Age: 29 | Gender: male
Wellbeing Before Policy: 5
Duration of Impact: 5.0 years
Commonness: 5/20
Statement of Opinion:
- Having free credit monitoring helps reduce stress about identity theft.
- I appreciate this expanded benefit for reserves.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 5 |
| Year 2 | 6 | 5 |
| Year 3 | 6 | 5 |
| Year 5 | 6 | 5 |
| Year 10 | 5 | 5 |
| Year 20 | 5 | 5 |
Public Health Service (Miami, FL)
Age: 34 | Gender: female
Wellbeing Before Policy: 7
Duration of Impact: 3.0 years
Commonness: 4/20
Statement of Opinion:
- The policy might not directly improve my finances but offers a valuable service.
- Good safety net for monitoring credit changes.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 6 |
| Year 2 | 7 | 6 |
| Year 3 | 7 | 6 |
| Year 5 | 6 | 6 |
| Year 10 | 6 | 6 |
| Year 20 | 6 | 6 |
Coast Guard (Norfolk, VA)
Age: 43 | Gender: male
Wellbeing Before Policy: 9
Duration of Impact: 0.0 years
Commonness: 7/20
Statement of Opinion:
- I've managed my credit well over the years, but it's good for new members.
- Policy doesn't change much for me at this stage.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 9 | 9 |
| Year 2 | 9 | 9 |
| Year 3 | 9 | 9 |
| Year 5 | 9 | 9 |
| Year 10 | 9 | 9 |
| Year 20 | 9 | 9 |
NOAA Corps (Jacksonville, FL)
Age: 38 | Gender: female
Wellbeing Before Policy: 6
Duration of Impact: 5.0 years
Commonness: 3/20
Statement of Opinion:
- It'll be useful to monitor changes in credit given travel requirements.
- Supportive of all-inclusive monitoring for uniformed members.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 6 |
| Year 2 | 7 | 6 |
| Year 3 | 7 | 6 |
| Year 5 | 7 | 6 |
| Year 10 | 6 | 6 |
| Year 20 | 6 | 6 |
Marine Corps (Chicago, IL)
Age: 27 | Gender: male
Wellbeing Before Policy: 5
Duration of Impact: 10.0 years
Commonness: 6/20
Statement of Opinion:
- Credit monitoring can help avoid scams targeted at service members.
- It supports me in managing personal finance better.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 5 |
| Year 2 | 8 | 5 |
| Year 3 | 8 | 5 |
| Year 5 | 8 | 5 |
| Year 10 | 7 | 5 |
| Year 20 | 7 | 5 |
Space Force (Dallas, TX)
Age: 36 | Gender: female
Wellbeing Before Policy: 8
Duration of Impact: 2.0 years
Commonness: 2/20
Statement of Opinion:
- The policy is reassuring, though not having immediate personal impact.
- Important for overall service security.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 8 | 8 |
| Year 2 | 8 | 8 |
| Year 3 | 8 | 8 |
| Year 5 | 8 | 8 |
| Year 10 | 8 | 8 |
| Year 20 | 8 | 8 |
Army Reserve (Washington, D.C.)
Age: 45 | Gender: male
Wellbeing Before Policy: 6
Duration of Impact: 0.0 years
Commonness: 9/20
Statement of Opinion:
- Beneficial policy for younger members with less financial experience.
- Won't affect me as much, already financially savvy.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 6 |
| Year 2 | 6 | 6 |
| Year 3 | 6 | 6 |
| Year 5 | 6 | 6 |
| Year 10 | 6 | 6 |
| Year 20 | 6 | 6 |
Air National Guard (Atlanta, GA)
Age: 22 | Gender: female
Wellbeing Before Policy: 5
Duration of Impact: 10.0 years
Commonness: 3/20
Statement of Opinion:
- With student loans and credit cards, this monitoring is a great safety net.
- Happy they're extending free services to us too.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 5 |
| Year 2 | 8 | 5 |
| Year 3 | 8 | 5 |
| Year 5 | 8 | 5 |
| Year 10 | 9 | 5 |
| Year 20 | 8 | 5 |
Cost Estimates
Year 1: $28750000 (Low: $23000000, High: $34500000)
Year 2: $28750000 (Low: $23000000, High: $34500000)
Year 3: $28750000 (Low: $23000000, High: $34500000)
Year 5: $28750000 (Low: $23000000, High: $34500000)
Year 10: $28750000 (Low: $23000000, High: $34500000)
Year 100: $28750000 (Low: $23000000, High: $34500000)
Key Considerations
- The extension of credit monitoring may benefit service members' financial security and identity protection, without creating new tax burdens or economic outputs.
- Economies of scale in providing these services may reduce the overall per-person cost compared to initially anticipated estimates.
- Long-term contracted rates with credit monitoring agencies can influence cost predictability and fiscal planning.