FHFA to ease Fannie, Freddie credit data rule to two bureaus

October 2, 2026 at 02:18 AM2 min

This digest was compiled by AI from multiple sources — links to the originals are below.

The Federal Housing Finance Agency is planning to direct Fannie Mae and Freddie Mac to require lenders to use credit data from two major credit reporting bureaus instead of three, according to a person familiar with the plans. The new requirement could be announced by FHFA Director Bill Pulte as soon as Oct. 12 at a mortgage industry conference in Chicago. The change is expected to take effect within one to three months of the announcement.

Key Facts

FHFA plans to direct Fannie Mae and Freddie Mac to require lenders to use credit data from two major credit reporting bureaus instead of three.
The new requirement could be announced by FHFA Director Bill Pulte as soon as Oct. 12 at a mortgage industry conference in Chicago.
Loans sold to Fannie and Freddie are currently required to include a tri-merge report combining data from Equifax, TransUnion, and Experian.
Shares of Fair Isaac dropped 7.0% in Thursday after-hours trading, while TransUnion slid 4.2% and Equifax slipped 3.7%.
The new requirement is expected to take effect within one to three months of the announcement.

Policy Change

The Federal Housing Finance Agency is planning to instruct Fannie Mae and Freddie Mac to require lenders to use credit data from two major credit reporting bureaus instead of three. The new requirement could be unveiled by FHFA Director Bill Pulte as soon as Oct. 12, when he is scheduled to speak at a mortgage industry conference in Chicago. Loans sold to Fannie and Freddie are currently required to include a tri-merge report, which combines data from Equifax, TransUnion, and Experian. Last month, Pulte said he was considering a bi-merge requirement as part of the Trump administration's efforts to lower closing costs and make homeownership more affordable.

Market Reaction

Shares in Fair Isaac, which creates tri-merge reports, dropped 7.0% in Thursday after-hours trading. TransUnion slid 4.2% and Equifax slipped 3.7%. The FHFA head has repeatedly derided credit bureaus and Fair Isaac for the fees they charge, adding to closing costs.

Implementation Timeline

The new requirement is expected to take effect within one to three months of the announcement, according to a person familiar with the plans. Reducing the number of required credit reports to two was considered by the Biden administration but dragged out due to concerns about accurately pricing mortgage risk. At the time, eight Senate Banking Committee Republicans urged then-FHFA Director Sandra Thompson to abandon the transition from a tri-merge to a bi-merge credit report.