Credit Score Models and Reports Initiative
Important updates
On February 29, the Federal Housing Finance Agency (FHFA) announced the accelerated publication of the historical VantageScore® 4.0 scores and the alignment of the bi-merge option with new credit score model requirements. Additionally, FHFA announced a new series of stakeholder forums to discuss bi-merge implementation considerations, and transition period loan delivery considerations. For more information on milestone and timeline updates, view the Partner Playbook. To register for upcoming stakeholder sessions, see the Stakeholder Forums section below.
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.
Stakeholder Forums
As part of FHFA’s ongoing public engagement process to support the transition to updated credit score models and credit report requirements, they regularly host forums to bring together a diverse set of opinions and perspectives from market participants and impacted stakeholders to identify and discuss potential issues, opportunities, and challenges related to ensuring a successful implementation. Input received during these sessions will help inform future timeline determinations.
To register for any of the upcoming sessions outlined below and to stay up-to-date on future discussions, please send your name, affiliation, and contact information to [email protected].
Current Schedule:
- Tuesday, March 12, 3:00 p.m. ET: Bi-merge implementation considerations (Completed)
- Tuesday, March 26, 3:00 p.m. ET: Bi-merge implementation considerations (Completed)
- Tuesday, April 9, 3:00 p.m. ET: Transition period loan delivery considerations (Completed)
- Tuesday, April 23, 3:00 p.m. ET: Transition period loan delivery considerations (Cont’d) (Canceled)
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.
