# FHFA to Order Fannie Mae, Freddie Mac to Accept Two-Bureau Credit Reports
The Federal Housing Finance Agency plans to order Fannie Mae and Freddie Mac to accept two-bureau credit reports from borrowers, according to Bloomberg. The requirement takes effect between one and three months after the formal announcement.
Two-bureau credit reports pull data from two of the three major credit reporting bureaus, Equifax, Experian, and TransUnion. This approach differs from the traditional three-bureau reports that lenders have historically relied on for underwriting decisions.
The mandate aligns with broader industry efforts to expand credit access and streamline the mortgage application process. Accepting two-bureau reports could reduce friction for borrowers and potentially lower costs associated with credit reporting.
Fannie Mae and Freddie Mac, the government-sponsored enterprises that purchase and guarantee the majority of mortgages in the secondary market, set underwriting standards that ripple across the broader lending industry. Changes to their requirements typically influence how banks, credit unions, and mortgage companies evaluate creditworthiness.
The specific timeline remains subject to the announcement date. The FHFA did not provide additional details on implementation specifics or how the change applies to different loan programs or borrower profiles.