118th Congress · HOUSE BILLBILL

H.R. 7857 — Accurate Credit Reporting for Homebuyers Act

“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.”

Finance and financial sector

Introduced Apr 2, 2024

Last action Apr 2, 2024

Pipeline · Bill → Law

Step 1

Introduced

Apr 2, 2024

Step 2

Referred

Apr 2, 2024

Financial Services

Step 3

Committee

Step 4

House floor

Step 5

Senate

Step 6

Resolve Changes

Step 7

Signed

SummaryCRS Summary

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.

Provisions · 2 sectionsIntroduced in House

Timeline · 2 actions

Apr 2, 2024

Introduced in House

Apr 2, 2024

Referred to the House Committee on Financial Services.