CRED Act

This bill requires the Director of the Federal Housing Finance Agency to study the costs and benefits of having Fannie Mae and Freddie Mac (the enterprises) use only 2 credit reports and credit scores instead of 3 when they buy residential mortgage loans that depend on a borrower's credit score.

Sec. 2, Analysis of costs and benefits required: The Director must analyze the costs and benefits of requiring the enterprises to obtain 2 rather than 3 credit reports and credit scores from the national consumer reporting agencies. The analysis should consider potential cost savings for mortgage borrowers, changes in access to mortgage credit, compliance and operating costs for lenders, servicers, credit agencies and the enterprises, and legal exposures for lenders and servicers. The Director must publish the analysis in the Federal Register and invite public comment for 90 days. The Director cannot require the enterprises to use 2 reports until the public comment period ends. The section defines key terms like Director, consumer report, credit score, national consumer reporting agency, and residential mortgage.