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US HB5083
Bill
Status
9/2/2025
Primary Sponsor
Cleo Fields
Click for details
AI Summary
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CFPB Director and FTC Chairman must jointly submit a report to Congress by December 31, 2025 on credit scoring models that incorporate alternative data factors
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Study must examine how these alternative factors affect creditor evaluations of consumer creditworthiness
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Alternative factors to be studied include: brokerage account statements, "Buy Now, Pay Later" payment history, EBT transaction records, rental payments, utility payments, and telecom/subscription payments
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Additional factors include: bank and credit union transaction data, payroll deposit frequency, insurance payment history, public records on property ownership and business licenses, and peer-to-peer transaction activity
Legislative Description
To require the Bureau of Consumer Financial Protection and the Federal Trade Commission to conduct a study on use of additional key factors in credit scoring models, and for other purposes.
Finance and financial sector
Last Action
Referred to the House Committee on Financial Services.
9/2/2025