; and (2) in the table of contents for such Act, by inserting after the item relating to section 630 (as added by section 407) the following new item: 631. Credit scoring models. . 502. Mandates ongoing review and reports to Congress by the Federal Housing Finance Agency on using additional, alternative, and updated credit scoring models as part of the criteria for loans purchased by Fannie Mae and Freddie Mac (a) Biennial review The Director of the Federal Housing Finance Agency, in consultation with the Director of the Bureau of Consumer Financial Protection, shall review the advantages and disadvantages of implementing additional, alternative, or updated credit scoring models (as defined in section 603 of the Fair Credit Reporting Act ( 15 U.S.C. 1681a )) used to establish the eligibility criteria for loans purchased by the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation. Such review shall analyze— (1) the impact of using such credit scoring models on the accuracy and predictive value of the performance of loans purchased by the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation; (2) the ability of the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation to more effectively manage credit risks by adopting additional, alternative, or updated credit scoring models; (3) any potential operational risks associated with the reliance on one single provider of credit scores; (4) the availability and affordability of covered residential mortgage loans, as defined in section 605C of the Fair Credit Reporting Act; (5) the interests of taxpayers