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 Section 302(b) of the Federal National Mortgage Association Charter Act ( 12 U.S.C. 1717(b) ) is amended by adding at the end the following: (7) (A) Definition In this paragraph, the term credit score means a numerical value or a categorization derived from a statistical tool or modeling system used by a person who makes or arranges a loan to predict the likelihood of certain credit behaviors, including default. (B) Use of credit scores The corporation may condition purchase of a residential mortgage by the corporation under this subsection 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 the credit score by all of the automated underwriting systems of the corporation and any other procedures and systems used by the corporation to purchase residential mortgages. (C) Validation and approval process The process described in subparagraph (B)(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 that model, and an assurance that the model is consistent with the safe and sound operation of the corporation