MBA Statement on FHFA and GSEs’ Release of Historical Credit Score Data

“MBA welcomes the release of updated historical credit score data to support the implementation of VantageScore 4.0 and FICO 10T and appreciates the continued leadership of FHFA Director William Pulte and the GSEs in advancing this effort. Making this information available is a significant milestone that will help lenders, investors, and technology providers prepare for a successful transition to a fully modernized credit scoring framework.

“We encourage continued collaboration to complete the remaining reviews needed to make both VantageScore 4.0 and FICO 10T broadly available. Doing so will give lenders greater flexibility while providing borrowers with the benefits of using either of the two validated, more predictive credit scoring models, which should score more consumers accurately and expand sustainable access to homeownership.

“MBA will continue working with FHFA, the GSEs, and industry stakeholders to support a smooth implementation of modernized scores and advocate for additional reforms to the costly tri-merge credit reporting requirement. To increase competition and lower costs for consumers, MBA continues to urge the GSEs to adopt a single report option for GSE borrowers with strong credit profiles.”