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This bill amends the Equal Credit Opportunity Act to require mortgage lenders to consider consumer-permissioned alternative credit information—such as bank statements and rental payment history—when evaluating creditworthiness for mortgage loans. Lenders must treat such alternative data with the same weight as traditional credit reporting agency data, unless they reasonably determine the information results from material misrepresentation. The bill requires lenders to notify applicants of their right to provide additional credit information and mandates that the Consumer Financial Protection Bureau issue implementing regulations within 18 months.
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