Credit Score Models and Reports Initiative
February 29, 2024
Key Updates for Credit Score Model and Credit Reports Initiative
On February 29, 2024, FHFA announced that the publication of historical VantageScore® 4.0 scores has been accelerated. As a result of stakeholder feedback and to better support the initiative, FHFA is aligning the implementation date of the “bi-merge” credit reporting requirement with the transition from the Classic FICO credit score model. This aligned transition is expected to occur in the fourth quarter of 2025.
FHFA and Freddie Mac and Fannie Mae (the GSEs) continue to work towards providing similar data to support the transition to the FICO 10 T model. FHFA will provide further details on implementation timing for FICO 10 T once this process is complete.
Background for this initiative 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.
- 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 a “bi-merge” model.
Upcoming stakeholder forums:
The next phase of public engagement, with a goal to build on the feedback collected earlier this year and provide a forum for continued identification of a wide variety of issues, opportunities and challenges will take place on:
UPCOMING INDUSTRY FORUMS
| Date | Topic |
|---|---|
| Tuesday, March 12, 3:00 – 4:00 p.m. ET | Bi-merge Implementation Considerations |
| Tuesday, March 26, 3:00 – 4:00 p.m. ET | Bi-merge implementation Considerations (continued) |
| Tuesday, April 9, 3:00 – 4:00 p.m. ET | Transition Period Loan Delivery Considerations |
| Tuesday, April 23, 3:00 – 4:00 p.m. ET | Transition Period Loan Delivery Considerations (continued) |
We’ve created a partner playbook providing additional information about the initiative, including proposed timelines and FAQs. We’ll update the playbook regularly to add important information and links to resources as the implementation plan is finalized and the initiative progresses. So, check back often to make sure you’re on track.
Interested parties who wish to participate in the upcoming forums and listening sessions, should send their name, affiliation and contact information to [email protected].