H.R. 3629 · 116th Congress
Clarity in Credit Score Formation Act of 2019
- Stage
- Reported from committee
- Sponsor
- Stephen Lynch
- Introduced
- 2019-07-09
- Latest action
- 2019-11-21 · Reported (Amended) by the Committee on Financial Services. H. Rept. 116-307.
Summary
Clarity in Credit Score Formation Act of 2019
This bill provides that the Consumer Financial Protection Bureau (CFPB) must regulate credit score models by establishing standards for validating the accuracy and predictive value of these models. The bill also gives the CFPB the authority to prohibit the use of certain factors in credit score models.
The CFPB must report on the impact of the inclusion of nontraditional data in these models.