Proposal:Clarity in Credit Score Formation Act of 2021

This proposal is archived and closed to further debate. It was introduced in the 117th Congress, which has concluded, and the bill was not enacted into law.

Bill	HR 4112
Type of Legislation	House Bill
Congress	117
Status	Archived — 117th Congress concluded
Source	View original on Congress.gov

Geographic Scope

National

Description

Clarity in Credit Score Formation Act of 2021

This bill requires the Consumer Financial Protection Bureau (CFPB) to regulate credit score models by establishing standards for validating the accuracy and predictive value of these models. The bill also gives the CFPB the authority to prohibit the use of certain factors in credit score models.

The CFPB must report on the impact of the inclusion of nontraditional data in these models.

Bill Title

Clarity in Credit Score Formation Act of 2021

Linked Goals

• Goal:Promote General Welfare

Steps

• 2021-06-24: Referred to the House Committee on Financial Services.
• 2021-06-24: Introduced in House
• 2021-06-24: Introduced in House

Projected Outcome

A more informed proposal or public response aligned with the Promote General Welfare goal.