CRED Act

HR 8099, the CRED Act, requires the Federal Housing Finance Agency to analyze whether mortgage companies should use two credit reports/scores instead of three when processing home loans. This analysis would evaluate potential cost savings for borrowers, changes in loan access, and impacts on lenders, servicers, and credit reporting agencies. The bill mandates publishing this analysis for 90 days of public comment before any new requirement could take effect. It directly affects home loan applicants, mortgage lenders, and the three major credit bureaus. The law does not change current practices but sets a process for future evaluation.