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News Release
FHFA Announces Public Engagement Process for Implementation of Updated Credit Score Requirements

Enterprises to conduct stakeholder outreach and gather feedback
immediate release

​​​Washington, D.C. – The Federal Housing Finance Agency (FHFA) today announced plans for stakeholder input on proposed milestones as Fannie Mae and Freddie Mac (the Enterprises) work to replace the Classic FICO credit score model with the FICO 10T and the VantageScore 4.0 credit score models, and transition from requiring three credit reports (or “tri-merge”) to requiring two credit reports (or “bi-merge”) for single-family loan acquisitions.

Starting today, the Enterprises will solicit public input on the projected implementation process to inform further refinement of the proposed plans. FHFA and the Enterprises will work with stakeholders to ensure a smooth transition to the new credit scores and the new credit report requirements that minimizes complexity and avoids unnecessary costs.

“Today’s announcement highlights FHFA’s commitment to stakeholder engagement as the Enterprises implement the new credit score models and transition to a bi-merge reporting requirement,” said FHFA Director Sandra L. Thompson. “Obtaining public input in a transparent manner and considering the feedback is critical to a successful transition.”

While FHFA currently estimates that the bi-merge credit report implementation could occur by the first quarter of 2024, implementation of the new credit score models is expected to occur over two phases in 2024 and 2025:

  • Phase 1, estimated to begin in the third quarter of 2024, will include delivery and disclosure of the additional credit scores.
  • Phase 2, estimated to occur in the fourth quarter of 2025, will include incorporation of the new credit score models into pricing, capital, and other processes.

In October 2022, FHFA announced the validation of FICO 10T and VantageScore 4.0 for use by the Enterprises. FHFA and the Enterprises recognize that updates to credit score requirements will necessitate coordination among many stakeholders, and FHFA will continue to promote transparency by providing regular updates. More information, including methods for stakeholders to provide feedback, may be found by visiting the Enterprises’ respective pages below.

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​​The Federal Housing Finance Agency regulates Fannie Mae, Freddie Mac, and the 11 Federal Home Loan Banks. These government-sponsored enterprises provide more than $8.1 trillion in funding for the U.S. mortgage markets and financial institutions. Additional information is available at, on Twitter @FHFAYouTubeFacebook, and LinkedIn.