1. Short title This Act may be cited as the Clarity in Credit Score Formation Act of 2019 . 2. Findings Congress finds the following: (1) The February 2015 report of the Bureau of Consumer Financial Protection titled Consumer Voices on Credit Reports and Scores found that some consumers are reluctant to comparison shop for loans and other types of consumer credit products out of fear that they will lower their credit scores by doing so. (2) The Bureau of Consumer Financial Protection found that one of the most common barriers for people in reviewing their own credit reports and shopping for the best credit terms was a lack of understanding of the differences between soft and hard inquiries and whether requesting a copy of their own report would adversely impact their credit standing. (3) The Bureau of Consumer Financial Protection revealed that consumers with accurate perceptions of their creditworthiness may be better equipped to shop for favorable credit terms. 3. CFPB oversight of credit scoring models (a) In general The Fair Credit Reporting Act ( 15 U.S.C. 1681 et seq.) is amended— (1) by adding at the end the following new section: 630. Credit scoring models (a) Validated credit scoring models Not later than 1 year after the date of the enactment of this section, the Bureau shall issue final regulations applicable to any person that creates, maintains, or purchases credit scoring models used in making credit decisions to establish standards for validating the accuracy and predictive value of all such credit scoring models, both before release for initial use and at regular intervals thereafter, for as long as such credit scoring models are made available for purchase or use by such person. (b) Prohibition At least once every 2 years, the Bureau shall conduct a review of credit scoring models to determine whether the use of any particular factors, or the weight or consideration given to certain factors by credit scoring models, is inappropriate, including if such factors do not enhance or contribute to the