September 2, 2025
Mr. Fields introduced the following bill; which was referred to the Committee on Financial Services
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.
Section 1. Study on use of additional key factors in credit scoring models
(a) In general
Not later than December 31, 2025, the Director of the Bureau of Consumer Financial Protection and the Chairman of the Federal Trade Commission shall jointly submit to Congress a report on—
(1)
the use of credit scoring models that include consideration of key factors described in subsection (b); and
(2)
how such models affect the ways in which a creditor evaluates the creditworthiness of a consumer.
(b) Key factors
The key factors described in this subsection are as follows:
(1)
Brokerage account statements.
(2)
Payment history for installment contracts, such as Buy Now, Pay Later
installment contracts.
(3)
Electronic benefit transfer system (as defined in section 904(d)(2)(A)(i) of the Electronic Fund Transfer Act (15 U.S.C. 1693b(d)(2)(A)(i))) transaction records.
(4)
Rental payment history.
(5)
Utility payment history.
(6)
Telecom and subscription-service payment history.
(7)
Transaction data from depository institution (as defined in section 3(a) of the Federal Deposit Insurance Act (12 U.S.C. 1813(a))) and credit union accounts.
(8)
Payroll deposit or data on the frequency with which an employee makes deposits to an account of a consumer.
(9)
Payment history for insurance.
(10)
Public record data relating to property ownership, business licenses, and court filings relating to assets or real property.
(11)
Peer-to-peer financial transaction activity.
(c) Definitions
In this Act:
(1) Credit scoring model
The term credit scoring model means a model for developing a credit score (as defined in section 609(f)(2)(A) of the Fair Credit Reporting Act (15 U.S.C. 1681g(f)(2)(A))).
(2) Key factor
The term key factor has the meaning given in section 609(f)(2)(B) of the Fair Credit Reporting Act (15 U.S.C. 1681g(f)(2)(B)).