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.
- Bill Number
- H.R. 5083
- Origin Chamber
- House
- Congress
- 119th Congress, Session 1
- Policy Area
- Finance and Financial Sector
- Status
- Introduced
- Latest Action
- 2025-09-02: Referred to the House Committee on Financial Services.
- Last Updated
- 2025-09-22T15:34:32Z
AI-Generated Summary
Purpose This legislation requires the Bureau of Consumer Financial Protection and the Federal Trade Commission to jointly study the incorporation of additional data sources into credit scoring models and report their findings to Congress.
Key Provisions
- The agencies must submit a report by December 31, 2025, examining credit scoring models that use the listed key factors and analyzing how these models influence creditor assessments of consumer creditworthiness.
- The key factors include brokerage account statements, "Buy Now, Pay Later" installment payments, Electronic Benefit Transfer records, rental payment history, utility and telecom payment history, bank and credit union transaction data, payroll deposit information, insurance payment history, public records on property and assets, and peer-to-peer transaction activity.
- The bill defines "credit scoring model" and "key factor" by reference to existing provisions in the Fair Credit Reporting Act.
Significant Changes to Existing Law The bill introduces no direct amendments to current statutes. It creates a new, one-time federal mandate for the two agencies to conduct and report on a study of expanded credit data use.
Potential Impacts
- Government agencies: The Bureau of Consumer Financial Protection and Federal Trade Commission must allocate resources to complete the joint study and report within the specified timeline.
- Citizens: The study could inform future policy on whether alternative payment histories improve or alter credit access and scoring for consumers.
- No direct effects on international relations are outlined.
Main Stakeholders Affected
- Consumers seeking credit or loans.
- Lenders and creditors who rely on credit scores.
- Credit reporting agencies and scoring model developers.
- The Bureau of Consumer Financial Protection and Federal Trade Commission.
- Congress, which will receive the report.
Notable Legal, Constitutional, or Political Implications The legislation operates within existing federal consumer protection and financial regulatory frameworks without raising new constitutional questions. It may prompt future legislative or regulatory action based on the study results regarding the Fair Credit Reporting Act.
This summary was generated by AI and may contain inaccuracies. Refer to the official source document for the authoritative text.
Sponsor
Recent Actions
- 2025-09-02: Referred to the House Committee on Financial Services.
- 2025-09-02: Introduced in House
- 2025-09-02: Introduced in House
Bill Versions
- 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. — issued 2025-09-02 — PDF (3 pages)