1. Short title This Act may be cited as the Credit Score Competition Act of 2017 . 2. Credit score validation; validation process (a) Use of credit scores by Fannie Mae in purchasing residential mortgages Subsection (b) of section 302 of the Federal National Mortgage Association Charter Act ( 12 U.S.C. 1717(b) ) is amended by adding at the end the following new paragraph: (7) (A) Use of credit scores The corporation may condition its purchase of a residential mortgage under this section on the provision of a credit score for the borrower only if— (i) the credit score is derived from any credit scoring model that has been validated and approved by the corporation under this paragraph; (ii) the corporation has established and made publicly available a description of the process the corporation will use to validate and approve credit scoring models, which process shall comply with any standards and criteria established by the Director of the Federal Housing Finance Agency pursuant to section 1328 of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992; and (iii) the corporation provides for the use of such credit score by all of its automated underwriting systems and any other procedures and systems used to purchase residential mortgages. (B) Validation and approval process The process described in subparagraph (A)(ii) shall include an evaluation of— (i) the criteria used to validate and approve a credit scoring model, including measures of the integrity, reliability, and accuracy of such model, and an assurance that such model is consistent with the safe and sound operation of the corporation; and (ii) the data necessary for the validation of the credit scoring model. (C) Application If the corporation elects to use a credit score under this paragraph, the corporation shall solicit applications from developers of credit scoring models for the validation and approval of such models under the process described in subparagraph (A)(ii). (D) Timeframe for determination