Lenders to get historical FICO Score 10T data within weeks, setting the stage for the eventual retirement of FICO Classic score and competition with VantageScore 4.0
FHFA Director Bill Pulte ordered the mortgage giants to start using VantageScore 4.0 in July. But adoption is a 'complex, technical and arcane' process that could drag into next year
Consumer group claims FHFA's plan to pit VantageScore 4.0 against older FICO Classic score on Fannie, Freddie loans will make 'anti-competitive natures of the credit scoring market even worse'
As new scoring models by Fair Isaac and VantageScore vie for acceptance by Fannie Mae and Freddie Mac, claims and counterclaims fly. For now, mortgage giants are stuck with FICO Classic
Once selling guides are updated, lenders will have the option of using either VantageScore 4.0 or the Classic FICO scoring model, but FICO Score 10 T remains in limbo, FHFA says
Plan to require lenders working with Fannie and Freddie to use FICO Score 10 T and VantageScore 4.0 models by Q4 2025 has been dropped, with new implementation date 'TBD'
Release of historical credit scores on tens of millions of loans will help lenders prepare for transition to VantageScore 4.0 next year. Release of FICO Score 10 T data next on deck
Fannie and Freddie's federal regulator wants lenders to synchronize adoption of bi-merge credit reporting with more inclusive FICO Score 10T and VantageScore 4.0 scoring models