Original Alternative Data for Additional Credit FHA Pilot Program Reauthorization Act

Summary

The bill renews a two‑year pilot program that allows home‑loan applicants to choose credit scoring models that incorporate additional information beyond traditional credit reports. It requires the HUD Secretary to pick commercial models, notify borrowers, and report on outcomes such as approval rates and impact on the FHA insurance fund. The goal is to see if these broader data scores help people with thin or no credit histories obtain mortgages.

AI-generated summary — may be incomplete or inaccurate. Verify against the official bill text.

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