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MS HC3
Concurrent Resolution
Status
Failed
4/5/2022
Primary Sponsor
Cheikh Taylor
Click for details
AI Summary
- Urges Congress to enact legislation requiring data analytics companies to disclose the methods used to calculate consumer credit scores, including formulas, algorithms, and the relative weight of factors
- Asserts that credit score calculation methods are currently treated as proprietary trade secrets not shared with consumers or regulated by government agencies
- States that disclosure would enable consumers to improve financial decision-making and increase financial stability throughout the nation
- Notes that while some factors like payment history and credit utilization are known, the most important methods for determining scores remain undisclosed
- Directs copies of the resolution to be sent to the President of the U.S. Senate, Speaker of the U.S. House, Mississippi's congressional delegation, and Capitol Press Corps
Legislative Description
Credit scores; urge Congress to enact legislation requiring data analytics companies to disclose methods used to calculate.
Last Action
Died In Committee
4/5/2022
Committee Referrals
Rules1/4/2022
Full Bill Text
No bill text available