Items Tagged with 'FICO Score 9'

ARTICLES

  • FHFA issues new rule effectively prohibiting Fannie and Freddie from using VantageScore

    Regulators cites conflict of interest as concern in alternative credit score proposal
    Anyone hoping that Fannie Mae and Freddie Mac may soon start using VantageScore as an alternative to their current FICO credit scoring model is about to get a cold dose of reality. The FHFA announced this week that it is issuing new rules surrounding the adoption of alternative credit scoring rules. Chief among those rules is a provision that would prohibit the GSEs from using the VantageScore credit scoring model because of conflicts of interest with the company’s backers.
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  • National Association of Realtors declares support for alternative credit scoring

    Says alternative models could make expand credit box
    The National Association of Realtors sent a letter to two members of Congress this week, declaring the organization's support of alternative credit-scoring models that could be used to open the credit box to previously underserved borrowers. Here's why NAR thinks alternative credit scoring is so important.
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  • New House bill would end 'FICO monopoly' at Fannie Mae, Freddie Mac

    Bipartisan bill pushes Fannie, Freddie to look at alternative credit scores
    A bill introduced Thursday in the House of Representatives would allow Fannie Mae and Freddie Mac to consider alternative credit-scoring models beyond the FICO credit score the government-sponsored enterprises currently use when determining what loans to purchase.
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  • NAR applauds FICO update

    Continues to support the credit box widening
    The National Association of Realtors applauded FICO’s new FICO Score 9 as a way to assess consumer collection information. "NAR will continue to support efforts to broaden access to credit for qualified homebuyers," NAR President Steve Brown said.
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  • FICO’s latest update draws VantageScore ire

    New product is a "competitive response"
    FICO introduced its new FICO Score 9 as a way to assess consumer collection information. Although its close competitor VantageScore was quick note that technology is similar to its own product released back in March.
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