January 16, 2025

Key Updates for Credit Score Models and Credit Reports Initiative 

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.

Previous Announcements

Key Updates for Credit Score Models and Credit Reports Initiative

July 11, 2024

Key Updates for Credit Score Models and Credit Reports Initiative 

FHFA announced the publication of historical VantageScore® 4.0 scores to support the implementation of Freddie Mac and Fannie Mae's (the GSEs) updated credit scores and credit reports requirements.

This is an important step forward in the Credit Score Models and Credit Reports initiative. Industry stakeholders will now be able to analyze and evaluate the VantageScore 4.0 scores to support the transition.

The historical VantageScore 4.0 scores will offer the industry a tool to more efficiently analyze and evaluate the VantageScore 4.0 model. FICO® Score 10 T model historical scores will be available as soon as possible.

FHFA and Freddie Mac and Fannie Mae 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.

We’ve created a partner playbook providing additional information about the initiative, including instructions on how to access Historical Data Files, a VantageScore® 4.0 Historical Credit Score User Guide and Historical Data FAQs. We’ll update the playbook regularly to add important information as the implementation plan as the initiative progresses.

June 11, 2024

FHFA announced the “Overview of Historical Credit Scores” Forum, which was held on Tuesday, June 25, 2024, from 3:00-4:00pm Eastern. Representatives from FHFA, Fannie Mae, and Freddie Mac provided details regarding the Enterprises’ forthcoming publication of historical credit scores to support the implementation of the VantageScore® 4.0 model.

Upcoming Stakeholder Forums:

The Federal Housing Finance Agency (FHFA) announced a new stakeholder forum, an “Overview of Historical Credit Scores,” that will take place on June 25 from 3:00 p.m. – 4:00 p.m. (EST). FHFA, Freddie Mac and Fannie Mae will provide details regarding the Enterprises forthcoming publication of historical credit scores to support the implementation of the VantageScore® 4.0 credit score model.

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.
  • 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.

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].