Sec. 201. Definitions
263 words·~1 min read·
/bill/116/hr/3621/rds/section-201A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 603 of the Fair Credit Reporting Act ( 15 U.S.C. 1681a ) is amended by adding at the end the following new subsection: The term credit score means a numerical value or a categorization derived from a statistical tool or modeling system used by a person who makes or arranges a loan or extends credit to predict the likelihood of certain credit behaviors, including default, as determined by the Bureau. The term educational credit score means a numerical value or categorization derived from a statistical tool or modeling system based upon information from a consumer report that assists consumers in understanding how a lender or creditor may view the consumer’s creditworthiness in deciding whether to make a loan or extend credit to that consumer.
The term key factors means any relevant elements or reasons affecting the credit score for the particular individual, listed in the order of importance based on the effect of each element or reason on the credit score or educational credit score. The term credit scoring model means a scoring algorithm, formula, model, program, or mechanism used to generate a credit score or an educational credit score. . The Fair Credit Reporting Act ( 15 U.S.C. 1681 et seq.) is amended— in section 605(d)(2), by striking (as defined in section 609(f)(2)(B)) ; and in section 615— by striking as defined in section 609(f)(2)(A) each place that term appears; and in subsection (a)(2)(B), by striking set forth in subparagraphs
(B)through
(E)of section 609(f)(1) and inserting with respect to a credit score described in section 609(f)(2), if available .
Connectionstraces to 2
Traces to 2 documents
Citation graph
cites case law
Cites 2Cited by 0 across 0 sources