Articles Tagged with ''VantageScore''

FICO, VantageScore stand against FHFA’s delay of new credit score model

Brings confusion, disappointment to mortgage market
The FHFA announced Monday it is postponing its search for alternative credit scoring models, but both FICO and VantageScore expressed disappointment over the agency’s decision. And this delay may have created more questions than answers as credit scoring companies are left wondering: Who will really come out on top?
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FHFA shelves search for new Fannie, Freddie credit score model

FICO wins… for now
FICO and its competitor, VantageScore, have been held in suspense to see which credit score model, if any, the FHFA will choose to use going forward. But now, the agency announced it is postponing its decision and will instead be shifting its focus to implementing the recently passed Economic Growth, Regulatory Relief and Consumer Protection Act.
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Keep credit scores independent and reliable for the mortgage market

What would a credit-bureau controlled credit score look like?
[Expert commentary] Tucked into the U.S. Senate’s recently passed financial regulatory reform bill is a provision that has nothing to do with regulatory relief for community banks, freeing up capital in financial institutions, or enhancing consumer protections. FICO explains what it thinks a credit-bureau generated credit score would mean for mortgage finance.
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VantageScore hires former Radian, Wells Fargo exec Phillip Bracken to lead industry relations

Bracken also tasked with dealing with regulators
VantageScore Solutions, the developer of the VantageScore credit scoring model, is hiring former Radian Guaranty and Wells Fargo executive Phillip Bracken to lead the company’s government and mortgage industry relations. Bracken comes to VantageScore from Radian, where he was chief policy officer and head of government and industry relations.
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VantageScore: Director Watt, don’t waste this opportunity

Mel Watt, the director of the FHFA, has a decision to make
[Expert Commentary] As regulator and conservator of the GSEs, Mel Watt, the director of the FHFA, has a decision to make. He could open the GSEs’ credit score requirements to include other credit scoring models– broadening access to mainstream mortgage financing without lowering standards and in the process eliminating the scoring monopoly created by the GSEs.
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VantageScore: How the FHFA can open the door to alternative credit score models

A transition from the FICO model
Although FHFA Director Mel Watt recently threw cold water on the idea, at some point in the future, the mortgage industry will move to using a credit scoring model other than one built by FICO prior to the recession. A push towards embracing alternative credit scoring models has gained steam in recent years, and as the discussion starts to grow, VantageScore Solutions plans to be right at the forefront of it.
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For consumers seeking credit scores, VantageScores are no substitute for FICO scores

Here’s the truth
[Guest commentary] Consumers today are being bombarded by offers to get their credit score for free. These lead generation websites don’t provide the FICO scores used by nearly all lenders – but some experts say that doesn’t matter. They believe that if you rank high on one score, you’ll rank high on another score and that all these scores move up and down together. This is simply not true, and new research confirms it.
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VantageScore CEO: 5 facts for clearing credit score misperceptions

Let’s clear the air
For consumers trying to become financial borrowers, there is a wealth of information out there on where to begin and how to improve your credit. There are also a lot of misconceptions, especially given how complex the subject is. Barrett Burns, president and CEO at VantageScore Solutions, recently penned a blog on LinkedIn to clear the air on credit scores.
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