Credit Score Models and Reports Initiative
Key Updates for Credit Score Models and Reports Initiative
U.S. Federal Housing (FHFA) and the GSEs have updated the Enterprise Credit Score Models and Reports Initiative to revise the implementation date from 4Q 2025 to a to-be-determined date for incorporating the new credit score model requirements into mortgage processes and implementing optional “bi-merge” credit reports. This update is being made in response to industry feedback and to better support market participants with this transition.
We remain committed to working closely with all industry stakeholders to ensure the market has time to plan for and understand the transition. Additional implementation and timing details will be provided as soon as they are available.
Review the updates in the Partner Playbook
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.
- Allowing two, rather than three, credit reports from the national consumer reporting agencies – moving from the current tri-merge report model to an optional 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.
