Congressmen Royce, Sewell Introduce Bill to Provide Competition Between Credit Score Providers

Last Thursday, December 10th, Congressman Ed Royce (R-CA) and Congresswoman Terri Sewell (D-AL) introduced H.R. 4211, the Credit Score Competition Act of 2015. The bill enables Fannie Mae and Freddie Mac to use multiple credit scoring models to evaluate a mortgage purchase decision.

“The GSEs’ use of a single credit score is an unfair practice that stifles competition and innovation in credit scoring. Breaking up the credit score monopoly at Fannie and Freddie will also assist them in managing their credit risk and decreases the potential for another taxpayer bailout,” stated Congressman Royce.

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