June 11, 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 Federal Housing Finance Agency (FHFA) announced a new stakeholder forum, an “Overview of Historical Credit Scores,” that will take place on Tuesday, 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.

To register for this session and to stay up to date on future discussions, please send your name, affiliation, and contact information to [email protected].