I 

118TH CONGRESS 

2D SESSION H. R. 8099 

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

the costs and benefits of requiring the enterprises obtain 2 rather than 

3 credit reports and credit scores, and for other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

APRIL 19, 2024 

Mr. TORRES of New York (for himself and Mrs. KIM of California) 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 assess the costs and benefits of requiring 

the enterprises obtain 2 rather than 3 credit reports 

and credit scores, 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 ‘‘Credit Report En5 hancement Directive Act’’ or the ‘‘CRED Act’’. 

6 SEC. 2. ANALYSIS OF COSTS AND BENEFITS REQUIRED. 

7 (a) IN GENERAL.—The Director of the Federal 

8 Housing Finance Agency shall conduct an analysis of the 


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1 costs and benefits of a requirement that the enterprises 

2 obtain 2 rather than 3 credit reports and credit scores 

3 from the national consumer reporting agencies if the en4 terprise conditions the purchase of a residential mortgage 

5 loan on the delivery of a borrower’s credit score. 

6 (b) REQUIREMENTS.—In conducting the analysis re7 quired under subsection (a), the Director should consider 

8 potential— 

9 (1) cost savings for mortgage borrowers; 

10 (2) changes in access to mortgage credit for 

11 consumers that may result from reviewing two, rath12 er than three, credit reports and credit scores; 

13 (3) compliance and operating costs for mort14 gage lenders and servicers, the three national credit 

15 reporting agencies, and the enterprises; and 

16 (4) legal exposures for mortgage lenders and 

17 servicers that result from selecting two, rather than 

18 three, credit reports and credit scores. 

19 (c) PUBLIC COMMENT.— 

20 (1) IN GENERAL.—The Director shall publish 

21 the analysis required under this section in the Fed22 eral Register and invite public comment on the anal23 ysis for 90 days. 

24 (2) RESTRICTION.—The Director may not es25 tablish a requirement that the enterprises obtain 2 


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1 rather than 3 credit reports and credit scores from 

2 the national consumer reporting agencies if the en3 terprise conditions the purchase of a residential 

4 mortgage loan on the delivery of a borrower’s credit 

5 score until the public comment period is closed. 

6 (d) DEFINITIONS.—In this section: 

7 (1) DIRECTOR.—The term ‘‘Director’’ means 

8 the Director of the Federal Housing Finance Agen9 cy. 

10 (2) CONSUMER REPORT.—The term ‘‘consumer 

11 report’’ has the meaning given that term in section 

12 603(d) of the Fair Credit Reporting Act (15 U.S.C. 

13 1681a(d). 

14 (3) CREDIT SCORE.—The term ‘‘credit score’’ 

15 has the meaning given that term in section 

16 302(b)(7)(A)(i) of the Federal National Mortgage 

17 Association Charter Act (12 U.S.C. 

18 1717(b)(7)(A)(i)). 

19 (4) NATIONAL CONSUMER REPORTING AGEN20 CY.—The term ‘‘national consumer reporting agen21 cy’’ means a ‘‘consumer reporting agency that com22 piles and maintains files on consumers on a nation23 wide basis’’ as defined in section 603(p) of the Fair 

24 Credit Reporting Act (15 U.S.C. 1681a(p). 


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1 (5) RESIDENTIAL MORTGAGE.—The term ‘‘resi2 dential mortgage’’ has the meaning given that term 

3 in section 302(h) of the Federal Home Loan Mort4 gage Corporation Act (12 U.S.C. 1451(h)). 

Æ 


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