The U.S. Department of the Treasury on Sunday announced it won’t enforce the penalties or fines associated with the Biden-era “beneficial ownership information,” or BOI, reporting requirements for millions of domestic businesses. 

Enacted via the Corporate Transparency Act in 2021 to fight illicit finance and shell company formation, BOI reporting requires small businesses to identify who directly or indirectly owns or controls the company to the Treasury’s Financial Crimes Enforcement Network, known as FinCEN.

After previous court delays, the Treasury in late February set a March 21 deadline to comply or risk civil penalties of up to $591 a day, adjusted for inflation, or criminal fines of up to $10,000 and up to two years in prison. The reporting requirements could apply to roughly 32.6 million businesses, according to federal estimates.     

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The rule was enacted to “make it harder for bad actors to hide or benefit from their ill-gotten gains through shell companies or other opaque ownership structures,” according to FinCEN.

In addition to not enforcing BOI penalties and fines, the Treasury said it would issue a proposed regulation to apply the rule to foreign reporting companies only. 

President Donald Trump praised the news in a Truth Social post on Sunday night, describing the reporting rule as “outrageous and invasive” and “an absolute disaster” for small businesses.

Other experts say the Treasury’s decision could have ramifications for national security.

“This decision threatens to make the United States a magnet for foreign criminals, from drug cartels to fraudsters to terrorist organizations,” Scott Greytak, director of advocacy for anticorruption organization Transparency International U.S., said in a statement.

Greg Iacurci contributed to this reporting.

For years, restrictive student visa policies in the U.S. have been a drag on college enrollment among international students. President Donald Trump’s proposed “gold card” could change that for some wealthy college hopefuls.

While the details of the initiative remain unclear, experts say the gold card visa program could offer these students from overseas a path to citizenship in return for $5 million.

“Over the past 24 hours, we received an unusual influx of inquiries from students in China, Korea and India because of Trump’s gold card visa,” Christopher Rim, president and CEO of college consulting firm Command Education, said Thursday, two days after Trump first floated the idea.

“Now these wealthy international students have a clear path of staying in the country after graduation,” he said.

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Currently, there are more than 1.1 million international undergraduate and graduate students in the U.S., mostly from India and China, making up slightly less than 6% of the total U.S. higher education population, according to the latest Open Doors data, released by the U.S. Department of State and the Institute of International Education.

“It’s a relatively small cohort but these policies can have great value,” said Robert Franek, editor-in-chief of The Princeton Review.

International enrollment is an important source of revenue for schools like New York University and Columbia University, which is why colleges tend to admit more foreign students, who typically pay full tuition, according to Franek. 

“We know those students are incredibly attractive because they are not applying for financial aid,” he said.

In fact, “more than 95% of four-year colleges in the U.S. are tuition driven,” Franek said. “For schools dependent on students paying tuition, we know this [visa option] is going to be a benefit.”

Altogether, international student enrollment contributed $43.8 billion to the U.S. economy during the 2023-2024 academic year, according to a separate report by NAFSA: Association of International Educators.

Higher education already costs more than most families can afford, and college costs are still rising. 

Tuition and fees plus room and board for a four-year private college averaged $58,600 in the 2024-25 school year, up from $56,390 a year earlier, the College Board found. At four-year, in-state public colleges, it was $24,920, up from $24,080.

For far more families, financial aid is crucial when it comes to covering the cost of college, and particularly for students from low-income, first-generation or minority backgrounds.

Rent payments don’t typically affect your credit — but they can in a few circumstances. The consequences can be significant.

Rent doesn’t show up in your credit history, experts say because landlords don’t usually report payments to credit bureaus as credit card issuers and other lenders do.

When rent payments do appear, it’s generally because a tenant — or a property manager on a tenant’s behalf — has enrolled in a so-called rent reporting program. These services are meant to provide tenants with the opportunity to grow their credit history through on-time rent payments.

“The good news is that there are a lot of them out there,” said Matt Schulz, chief credit analyst at LendingTree. “It’s certainly been a growing space over the last few years.”

If you fall behind, however, those services can also hurt your credit, experts say. And whether you report your rent to the bureaus or not, debt collection efforts for late or unfulfilled rent payments can also be a black mark on your credit.

The Consumer Financial Protection Bureau began accepting complaints about rental debt collection in August 2023. Since then, there have been roughly 10,960 consumer complaints about rental debt collection in the U.S., per CFPB data through Feb. 21.

If you’re a renter or plan to be, here’s what you should know. 

Rent reporting can especially help those who are “credit invisible” or do not have any credit history. If you’re looking for ways to grow your credit, such platforms can be a helpful tool.

Those who have enrolled typically see their credit scores increase. When rent payments are included in credit reports, consumers see an average growth of 60 points to their credit score, according to a 2021 TransUnion report.

But if you fall behind on your rent payments, that activity could be also reflected in such tools, and in turn, your score, experts say.

What’s more, rent reporting services are not always free and do not always report the data to all three major credit bureaus, experts say. For example, rent reporting platform Rental Kharma charges $8.95 a month after an initial setup fee of $75. The service reports the data to two of the three bureaus: TransUnion and Equifax. 

The addition of any paid or unpaid collections tradeline — amounts of allegedly past-due accounts appearing on consumer credit reports — of at least $100 to a credit report will reduce a score of 680 by more than 40 points and a score of 780 by over 100 points, according to a 2014 report by the CFPB, citing the FICO 8 scoring model.

But the impact of a collection tradeline will depend on variable factors like your current score, the score model and even how recent the collection is, experts say. It could be less impactful once paid. 

“If the debt collection items are a few months old, that’s going to hurt a lot more than if it’s a few years old. It’s very variable,” Wu said.

Here are some key factors to keep in mind about how your track record as a tenant could affect your credit history, according to experts:

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“For some people, their credit may already be good. So it won’t make much of a difference, whereas for others, particularly those who have no credit history or a thin file, it could be very important,” Rust said.

2. Does the service cost anything? Some rent reporting services are free of charge, others require a fee that can range from $6.95 to $9.95 a month, according to Apartment List. Some services charge a one-time enrollment or setup fee that can cost from $25 to $95, the site found. See if it would come at an additional cost to you or if your landlord covers any of the fees.

3. Does the service report to all three major bureaus? It makes sense to confirm that the rent reporting services report your payment history to all three credit bureaus, Schulz said. Sometimes the service will report to one or two of the bureaus, but not all three — which can mean a limited or uneven effect on your credit.

“It’s something that people don’t always think about,” he said.

4. What data does the service report? Some only share on-time, in-full rent payments to credit bureaus while others might include late-payment activity, experts say. And even if they only report positive history, if you’ve paid on time for eight consecutive months and all of a sudden the record is blank, future landlords and lenders might be able to connect the dots, Wu said.

Also remember that “life happens,” she said. “Look at all of these federal employees that are out of a job right now. They didn’t think they were going to be late on rent either, and they had secure jobs.”

If you understand there is inaccurate or erroneous information on your credit report, you have the right to dispute that information under the Fair Credit Reporting Act, a law that governs credit reports, tenant screening reports and background checks, Wu said. 

“You have the right to dispute it,” she said. But keep in mind that it has been historically difficult to dispute reporting errors that involve debt collectors, Wu said. Creditors typically will take the side of the debt collector.

“It’s like a judge that always rules for the defendant or a referee that always makes the call for the home team,” she said. 

Even if you decide to ultimately pay the collection item on your credit report, with the exception of medical debt, it does not immediately go away, Wu said — it just appears as “paid.”

Under the provisions of the Fair Credit Reporting Act, adverse information like debt collections may remain on your credit report for seven years.

In 2022, the three credit bureaus announced voluntary changes to remove some medical debt from credit reports, which included paid off medical debt and unpaid debt under $500, Wu said. 

Outside of that, the item stays as a “ding” on your credit report even if you pay. 

“So paying it off might not solve the problem,” she said. One thing you could do is “pay-for-delete,” or pay the debt collector for them to kick the collection line off your credit in return, she said. If you decide to go through this route, make sure to get the agreement in writing, Wu said. You may want to consult legal experts about the idea.

Similar to your landlord — if you’re going to end your lease early, and you get the landlord’s “OK,” get the agreement and any details on your outstanding balance or obligations in writing.