Bill > HR5083

This bill requires the Bureau of Consumer Financial Protection (CFPB) and the Federal Trade Commission (FTC) to conduct a comprehensive study on expanding credit scoring models by December 31, 2025. The study will examine the potential inclusion of 11 additional key factors that could be used to evaluate a consumer's creditworthiness, which include brokerage account statements, payment histories for various services (such as "Buy Now, Pay Later" installments, rentals, utilities, telecommunications, and insurance), electronic benefit transfer records, transaction data from bank and credit union accounts, payroll deposit information, public records about property ownership and business licenses, and peer-to-peer financial transaction activity. The bill mandates that the CFPB and FTC jointly submit a report to Congress analyzing how these additional factors might impact how creditors assess an individual's credit risk. By considering a broader range of financial behaviors and transactions beyond traditional credit reporting, the study aims to potentially create more inclusive and comprehensive credit scoring methods that could help consumers with limited credit history demonstrate their financial reliability.

Business and Industry

https://www.congress.gov/bill/119th-congress/house-bill/5083/all-info