H.R. 7857 — Introduced in House

I 118th CONGRESS 2d Session H. R. 7857 IN THE HOUSE OF REPRESENTATIVES April 2, 2024Mr. 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. Short title This Act may be cited as the Accurate Credit Reporting for Homebuyers Act. 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. .