1. Short title This Act may be cited as the Credit Report Enhancement Directive Act or the CRED Act . 2. Analysis of costs and benefits required (a) In general The Director of the Federal Housing Finance Agency shall conduct an analysis of the costs and benefits of a requirement that the enterprises obtain 2 rather than 3 credit reports and credit scores from the national consumer reporting agencies if the enterprise conditions the purchase of a residential mortgage loan on the delivery of a borrower’s credit score. (b) Requirements In conducting the analysis required under subsection (a), the Director should consider potential— (1) cost savings for mortgage borrowers; (2) changes in access to mortgage credit for consumers that may result from reviewing two, rather than three, credit reports and credit scores; (3) compliance and operating costs for mortgage lenders and servicers, the three national credit reporting agencies, and the enterprises