I 

118TH CONGRESS 

2D SESSION H. R. 7857 

To require the Director of the Federal Housing Finance Agency to issue 

a rule to condition the purchase of a residential mortgage loan on 

the delivery of credit reports and credit scores from each consumer 

reporting agency that compiles and maintains files on consumers on 

a nationwide basis, and for other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

APRIL 2, 2024 

Mr. FITZGERALD (for himself, Mr. MEUSER, and Mr. MOONEY) introduced the 

following bill; which was referred to the Committee on Financial Services 

A BILL 

To require the Director of the Federal Housing Finance 

Agency to issue a rule to condition the purchase of 

a residential mortgage loan on the delivery of credit 

reports and credit scores from each consumer reporting 

agency that compiles and maintains files on consumers 

on a nationwide basis, and for other purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Accurate Credit Re5 porting for Homebuyers Act’’. 


ssavage on LAPJG3WLY3PROD with BILLS
2 

•HR 7857 IH

1 SEC. 2. REQUIRED DELIVERY OF CREDIT REPORTS AND 

2 CREDIT SCORES. 

3 Section 1328 of the Federal Housing Enterprises Fi4 nancial Safety and Soundness Act of 1992 (12 U.S.C. 

5 4548) is amended— 

6 (1) by striking ‘‘The Director shall—’’ and in7 serting the following: 

8 ‘‘(a) IN GENERAL.—The Director shall—’’; and 

9 (2) by adding at the end the following: 

10 ‘‘(b) REQUIRED DELIVERY OF CREDIT REPORT AND

11 CREDIT SCORES.— 

12 ‘‘(1) IN GENERAL.—The Director shall, not 

13 later than 1 year after the date of the enactment of 

14 this subsection, by rule, require each enterprise to 

15 condition the purchase of a residential mortgage 

16 loan on the delivery of the borrower’s consumer re17 port and credit score from each consumer reporting 

18 agency that complies and maintains files on con19 sumers on a nationwide basis that— 

20 ‘‘(A) has a consumer report and credit 

21 score for such borrower; and 

22 ‘‘(B) uses a borrower’s credit score from 

23 each credit scoring model validated, approved, 

24 and implemented by the enterprise. 

25 ‘‘(2) EFFECTIVE DATE OF RULE.—The Director 

26 shall, when issuing the rule required under paraVerDate Sep 11 2014 22:50 Apr 18, 2024 Jkt 049200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\H7857.IH H7857

ssavage on LAPJG3WLY3PROD with BILLS
3 

•HR 7857 IH

1 graph (1), ensure that such rule takes effect in a 

2 manner that will prevent substantial market disrup3 tions. 

4 ‘‘(3) DEFINITIONS.—In this subsection: 

5 ‘‘(A) CONSUMER REPORTING AGENCY

6 THAT COMPILES AND MAINTAINS FILES ON

7 CONSUMERS ON A NATIONWIDE BASIS.—The 

8 term ‘consumer reporting agency that compiles 

9 and maintains files on consumers on a nation10 wide basis’ has the meaning given the term in 

11 section 603(p) of the Fair Credit Reporting 

12 Act. 

13 ‘‘(B) CREDIT SCORE.—The term ‘credit 

14 score’ has the meaning given the term in sec15 tion 609(f) of the Fair Credit Reporting Act. 

16 ‘‘(C) CONSUMER REPORT.—The term ‘con17 sumer report’ has the meaning given the term 

18 in section 603(d) of the Fair Credit Reporting 

19 Act. 

20 ‘‘(D) RESIDENTIAL MORTGAGE.—The term 

21 ‘residential mortgage’ has the meaning given 

22 the term in section 302(h) of the Federal Home 

23 Loan Mortgage Corporation Act.’’. 

Æ 


ssavage on LAPJG3WLY3PROD with BILLS