Credit Score Models and Reports Initiative
New Stakeholder Forum on Historical Credit Score Publication
To provide greater clarity and continued support for the credit score models and credit reports initiative, FHFA will host a stakeholder forum on Tuesday, June 25 at 3:00 p.m. ET, focused on preparing market participants for the publication of VantageScore® 4.0 historical credit scores on July 10. During this session, FHFA and the GSEs will provide details regarding the credit scores that will be published, the associated previously published MBS, CRT, and Loan Performance datasets, and the ways in which these datasets can be accessed.
Forum Details:
Tuesday, June 25 at 3:00 p.m. ET
To register for the session and to stay up-to-date on future discussions, please send your name, affiliation, and contact information to [email protected].
Fannie Mae and Freddie Mac (the GSEs) have begun the next phase of the joint GSE Credit Score Models and Reports Initiative. As a reminder, our work for this initiative will include:
- Moving from the current Classic FICO credit score model to require lenders to use two credit scores generated by the FICO Score 10 T and the VantageScore 4.0 models.
- Requiring two, rather than three, credit reports from the national consumer reporting agencies – moving from the current tri-merge report model to a bi-merge model.
Details about the initiative, including proposed timelines and FAQs, can be found in our Partner Playbook. We’ll continue to update the playbook as needed, adding important information and links to resources as the implementation plan is finalized and the initiative progresses. Check back often to be sure you’re on track.
Previous Announcements & Statements
Current Credit Score Model
In accordance with the requirements of the Validation and Approval of Credit Score Models Rule (12 C.F.R. Part 1254), Fannie Mae performed the required assessments for the Classic FICO credit score model and determined that Classic FICO should be approved for continued use by Fannie Mae. The Federal Housing Finance Agency announced its approval of this determination on Nov. 10, 2020. This was an incremental step until further updates in accordance with the Rule.
