H.R. 7857, also known as the “Accurate Credit Reporting for Homebuyers Act,” aims to improve the process of buying houses by ensuring accurate credit information is considered. It requires the Director of the Federal Housing Finance Agency to issue a rule that conditions the...
Simple Explanation
H.R. 7857 is a rule that wants to help people buying houses by making sure all the right credit info is used, just like checking all your grades before getting a prize. It asks big companies to collect a credit report and score from every big credit agency before you can get a mortgage to buy a home, so everything is fair and correct.