H.R. 3629: Clarity in Credit Score Formation Act of 2019

CBO Score

$10 million

Date of Report

Mon October 7th, 2019

CBO Report Details

Legislation Details

116th Congress

To amend the Fair Credit Reporting Act to establish clear Federal oversight of the development of credit scoring models by the Bureau of Consumer Financial Protection, and for other purposes.

Sponsor: Rep. Stephen Lynch — D — MA

Requires the Consumer Financial Protection Bureau (CFPB) would establish standards for validating the accuracy and predictive value of credit scoring models. The bill also requires the CFPB to conduct a biannual review of credit scoring models and would authorize the agency to prohibit the use of certain of those models, and requires the CFPB to study and report to the Congress about the effects of using traditional versus alternative modeling techniques to analyze nontraditional consumer report data as defined in the bill. Finally, the bill requires the CFPB to assess the effects of including nontraditional data in consumer reports.

View the full vote history of this bill on GovTrack.us.

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