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Credit Scores


​Since 2015, FHFA, Fannie Mae, and Freddie Mac (the Enterprises) have been evaluating the potential impact of updating the Enterprises’ credit score requirement from Classic FICO to another score(s).  The assessment  was limited to third party credit score models available at all three national consumer reporting agencies, also known as credit bureaus or credit reporting agencies (CRAs). The assessment was also limited to mortgage loan applications received from lenders and mortgage loans acquired by the Enterprises.  The credit score models independently analyzed by the Enterprises were – Classic FICO, FICO 9, and VantageScore 3.0.  

In December 2017, FHFA issued a Request for Input (RFI) to gather additional feedback from all interested parties impacted by a possible change in the Enterprise requirements.  The RFI provided background information about how credit scores are used by the Enterprises and the mortgage industry, about the credit score models that FHFA and the Enterprises are evaluating, and about the credit score model options under consideration by FHFA.  The RFI also provided a discussion of operational and competition considerations in making a decision about the Enterprises’ credit score requirements. Over 100 comments were submitted by the March 2018 deadline. 

On July 23, 2018, FHFA announced that the Agency will not make a decision in 2018 about updating the credit score model used by the Enterprises as previously announced and, instead shifting focus to implementation of Section 310 of the Economic Growth, Regulatory Relief, and Consumer Protection Act (Public Law 115-174) enacted in May (the Act).  The Act requires FHFA to define, through rulemaking, the standards and criteria the Enterprises will use to validate credit score models.


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Resources


News Release:  FHFA Announces Decision to Stop Credit Score Initiative (7/23/2018)

News Release: FHFA Extends Deadline to March 30 for Request for Input on Fannie Mae and Freddie Mac Credit Score Requirements (2/2/2018)

FHFA Insights Blog:  FHFA Needs Your Feedback on Credit Score Requirements (1/18/2018)

News Release: FHFA Issues Request for Input on Fannie Mae and Freddie Mac Credit Score Requirement (12/20/2017)

View Request for Input (Input was due March 30, 2018)

View Input Submitted (Select Credit Score in the pull down)

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