source:
  type: guide
  id: fnma-sel-b3-5.2-02
  authority: Fannie Mae Selling Guide B3-5.2-02 — Types of Credit Reports
  description: Fannie Mae Selling Guide B3-5.2-02 — Types of Credit Reports.
  coverage_tier: operative
obligations:
- id: fnma-sel-b3-5.2-02-full
  canonical_id: fnma-sel-b3-5.2-02-full
  section: Fannie Mae Selling Guide B3-5.2-02 — Types of Credit Reports
  type: do
  tags:
  - regulator-direct
  - fnma
  - selling-guide
  - corpus-expansion
  - tier-operative
  primary_source:
    tier: 1
    authority: Fannie Mae Selling Guide B3-5.2-02 — Types of Credit Reports
    source_class: fnma-guide
    source_url: https://singlefamily.fanniemae.com/media/document/pdf/selling-guide
    snapshot_id: 5f7b8b79da595d76
    fetched_at: '2026-05-25T14:09:57Z'
    content_hash: sha256:98cf85a02861bbe84914a0e339b327c8fc131869a8a573882007bbeea60c5701
    paragraph_quote: 'B3-5.2-02, Types of Credit Reports (11/05/2025) Introduction
      This topic contains information on the types of credit reports that are accepted
      by Fannie Mae, including: In-File Credit Reports Automated Merged Credit Reports
      Residential Mortgage Credit Reports In-File Credit Reports An in-ﬁle credit
      report provides credit and public record information obtained from one or more
      credit repositories. The report contains “as is” information, which typically
      has not been updated or re-veriﬁed as a result of the credit inquiry. The report
      must meet the following requirements: The report should include all information
      from three diﬀerent credit repositories, or two repositories, if: that is the
      extent of the data available for the borrower, or the borrower’s credit information
      is frozen at one credit repository. If only one in-ﬁle credit report is available
      for a borrower, this is acceptable provided the lender requested information
      from three credit repositories. If the report does not include a reference for
      each signiﬁcant debt reported by the borrower on the loan application, the lender
      must obtain a separate written veriﬁcation for each unreported (or unrated)
      debt. If the report lists accounts that were not checked with the creditor within
      90 days of the date of the in-ﬁle report, the lender must obtain an updated
      credit report or a separate written veriﬁcation for those accounts. Automated
      Merged Credit Reports An automated merged credit report combines the in-ﬁle
      credit reports from multiple repositories into a single Published May 6, 2026
      463 report. A joint merged credit report includes all credit repository credit
      data on more than one individual applicant. The report must meet the following
      requirements: The report must include all information from three diﬀerent credit
      repositories, or two repositories, if: that is the extent of the data available
      for the borrower, or the borrower’s credit information is frozen at one credit
      repository. If information from only one credit repository is available, this
      is acceptable provided the lender requested information from three diﬀerent
      credit repositories. The report cannot be provided by a credit reporting agency
      that is aﬃliated with the lender in any way. The report must include all information
      reported for the borrower from the in-ﬁle credit reports. The report must identify
      the repositories that were used for the in-ﬁle credit reports. The report does
      not have to repeat duplicate information that is in in-ﬁle credit reports. However,
      if duplicate information is not exactly the same on each report, the automated
      merged report must either repeat the information or include the most derogatory
      of the duplicate information that pertains to payment history and/or current
      payment status. Residential Mortgage Credit Reports A residential mortgage credit
      report is a detailed account of the borrower’s credit, employment, and residency
      history, as well as public records information. The report must meet the following
      requirements: The credit reporting agency must contact at least two national
      repositories of accumulated credit records for each locality in which the borrower
      has lived during the most recent two-year period. All information must be obtained
      from, or veriﬁed by, sources other than the borrower. When co- borrowers have
      individually obtained credit, separate repository inquiries are necessary, although
      the results of both reports may be combined in one report, as long as the report
      clearly indicates that this has been done. The credit reporting agency must
      verify, either in writing or by telephone, the borrower’s current employment
      and income (if it can be obtained). If the borrower has changed jobs in the
      past two years, the credit report also must mention the borrower’s previous
      employment and income. The report must include a positive statement that the
      employment was veriﬁed, the date of the veriﬁcation, and the name of the individual
      who conﬁrmed the employment. If this information was not obtained by an employer
      interview, the credit reporting agency must indicate why that was not done.
      The report must include the name of the party who ordered the report. If another
      party paid for the report, the credit report must provide that party’s name,
      unless the lender ordered the report and the billed party has a documented agent
      or corporate relationship with the lender. The original report must be delivered
      to the oﬃce of the party who requested it, using any means acceptable under
      the Fair Credit Reporting Act or other similar regulations, such as sending
      it through the U.S. postal system, by messenger, over a fax machine, or through
      other automated means. The report must include a certiﬁcation that it meets
      the standards for a residential mortgage credit report. When the credit reporting
      agency has incomplete information, discovers that the borrower might not have
      disclosed all information that should be found in the public records, or obtains
      other information that indicates the possible existence of undisclosed credit
      records, the credit reporting agency must interview the borrower(s) Published
      May 6, 2026 464 to obtain additional information that is needed to provide an
      accurate report or perform additional research to verify whether the purported
      undisclosed records actually exist. Recent Related Announcements The table below
      provides references to recently issued Announcements that are related to this
      topic. Announcements Issue Date Announcement SEL-2025-09 November 05, 2025'
  judgment: false
