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.
Accurate Credit Reporting for Homebuyers Act
This bill requires lenders at government-sponsored enterprises (i.e., Fannie Mae and Freddie Mac) to obtain a borrower’s consumer report and credit score from all three of the national credit reporting agencies when purchasing a residential mortgage loan. Currently, lenders are allowed to use either two or three credit reports.
Introduced in House
Introduced in House
Referred to the House Committee on Financial Services.
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