Accurate Credit Reporting for Homebuyers Act

[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 7857 Introduced in House (IH)]

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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.

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

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Accurate Credit Reporting for 
Homebuyers Act''.

SEC. 2. REQUIRED DELIVERY OF CREDIT REPORTS AND CREDIT SCORES.

    Section 1328 of the Federal Housing Enterprises Financial Safety 
and Soundness Act of 1992 (12 U.S.C. 4548) is amended--
            (1) by striking ``The Director shall--'' and inserting the 
        following:
    ``(a) In General.--The Director shall--''; and
            (2) by adding at the end the following:
    ``(b) Required Delivery of Credit Report and Credit Scores.--
            ``(1) In general.--The Director shall, not later than 1 
        year after the date of the enactment of this subsection, by 
        rule, require each enterprise to condition the purchase of a 
        residential mortgage loan on the delivery of the borrower's 
        consumer report and credit score from each consumer reporting 
        agency that complies and maintains files on consumers on a 
        nationwide basis that--
                    ``(A) has a consumer report and credit score for 
                such borrower; and
                    ``(B) uses a borrower's credit score from each 
                credit scoring model validated, approved, and 
                implemented by the enterprise.
            ``(2) Effective date of rule.--The Director shall, when 
        issuing the rule required under paragraph (1), ensure that such 
        rule takes effect in a manner that will prevent substantial 
        market disruptions.
            ``(3) Definitions.--In this subsection:
                    ``(A) Consumer reporting agency that compiles and 
                maintains files on consumers on a nationwide basis.--
                The term `consumer reporting agency that compiles and 
                maintains files on consumers on a nationwide basis' has 
                the meaning given the term in section 603(p) of the 
                Fair Credit Reporting Act.
                    ``(B) Credit score.--The term `credit score' has 
                the meaning given the term in section 609(f) of the 
                Fair Credit Reporting Act.
                    ``(C) Consumer report.--The term `consumer report' 
                has the meaning given the term in section 603(d) of the 
                Fair Credit Reporting Act.
                    ``(D) Residential mortgage.--The term `residential 
                mortgage' has the meaning given the term in section 
                302(h) of the Federal Home Loan Mortgage Corporation 
                Act.''.
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