Steve Lynch: “These charges followed on the heels of charges that Facebook entered into a financial settlement after accusations that…”

“These charges followed on the heels of charges that Facebook entered into a financial settlement after accusations that landlords, lenders, and employers improperly used that platform to unfairly discriminate against families seeking housing opportunities. That is why we need clarity in credit score formation. That is why we need this bill. Importantly, with the expansion of mobile banking, it requires a study on the impact of using nontraditional data on consumer reports and the use of alternative data in credit scoring models. Much to Chairwoman Waters' and Ms. Pressley's credit, this is a very good bill that will help us harness the power of mobile technology and alternative data to improve outcomes for consumers. Mr. Chair, in closing, I thank my colleagues, Mr. Lawson of Florida, Mrs. Beatty of Ohio, Ms. Pressley of Massachusetts, Ms. Tlaib of Michigan, and Ms. Adams of North Carolina for their great contribution, along with Chairwoman Waters, in making this successful legislation. Mr. Chair, I urge a ``yes'' vote. Mr. McHENRY. Mr. Chairman, I yield myself such time as I may consume. Mr. Chairman, I submit for the Record page 114 of the bill, and I would highlight these sections, line 4, ``Maintenance of Credit Scores.'' ``Subsection A: In General. All consumer credit reporting agencies shall maintain the consumer's file credit scores relating to the consumer for a period of 2 years from the date on which such information is generated.…”