FHFA Plans Two-Bureau Credit Reports for Fannie, Freddie
October 2, 2026 | The Federal Housing Finance Agency (FHFA) is preparing to direct Fannie Mae and Freddie Mac to require lenders to pull credit data from two national credit bureaus instead of three, Bloomberg reported on October 1, citing a person familiar with the plans. The change, known as "bi-merge," would replace the traditional "tri-merge" report.
Key details
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Timing: the directive could come within weeks, and Bloomberg says FHFA Director Bill Pulte could announce it as soon as October 12, when he is scheduled to speak at a mortgage industry conference in Chicago
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Rollout: if finalized, the requirement would likely start one to three months after it is announced, according to the person quoted
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Unknowns: FHFA has not published implementation details, a start date, or guidance on how lenders would choose which two bureaus
Why it is happening
Pulte has criticized the cost of mortgage credit reports and the three national bureaus. FHFA first outlined a two-bureau approach during the Biden administration, but it was delayed over concerns about how well lenders could price risk. The move follows September's decision to open VantageScore 4.0 to all Fannie and Freddie lenders and to treat it as equal to Classic FICO in a single pricing grid.
Who could win or lose
Lower credit-report costs could reduce closing costs, which is the FHFA's stated goal. Shares of Fair Isaac, Equifax and TransUnion fell after the report, reflecting concern about lost revenue. Some stakeholders worry that fewer reports could reduce accuracy in pricing mortgage risk. The Mortgage Bankers Association has pushed for a different approach: a single-file framework for borrowers whose first credit pull is above 700.
What to watch
Whether the announcement comes on October 12, how lenders pick bureaus, and whether Fannie and Freddie change their risk pricing.
FAQ
What is a bi-merge credit report? A mortgage credit report built from two credit bureaus instead of three. Is it official? Not yet. It is a reported plan; FHFA has not issued a directive.