On the recordJanuary 29, 2020
I thank the gentlewoman from California for her longtime leadership on this issue. I also thank my colleague, Ms. Pressley from Massachusetts, for her work as well. I am extremely grateful that the text of my bill, H.R. 3629, the Clarity in Credit Score Formation Act, which would require the Consumer Financial Protection Bureau to periodically evaluate the models and underlying algorithms used to measure consumer creditworthiness, has been made part of this measure. I also appreciate the opportunity to speak in favor of my colleague's work, which is embodied in H.R. 3621, the Comprehensive CREDIT Act, which is before us today. Mr. Chair, as we have heard throughout debate, credit reports and credit scores are an important part of American consumers' financial lives. Yet, despite that importance, we continue to see serious problems with the way creditworthiness is measured and with the credit models that the credit agencies use. We know that consumers have consistently faced errors in their credit reports and that, oftentimes, those errors are serious enough to impact important opportunities in obtaining housing and other major financial decisions. These errors can lead directly to consumers being denied credit or paying substantially more for the credit that they do receive.…
