The Credit Report Enhancement Directive Act requires the Federal Housing Finance Agency to study whether mortgage lenders should use two credit reports instead of three when evaluating loan applications. The analysis must examine potential cost savings for borrowers, how access to credit might change, operating costs for lenders and credit agencies, and legal risks from using fewer reports. The agency director must publish the findings in the Federal Register and allow the public 90 days to comment before any rule change can take effect. This legislation affects mortgage borrowers, lenders, servicers, and the three major credit reporting agencies. The bill does not set a firm timeline for completing the analysis beyond the 90-day public comment period that must follow publication.