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FREDDIE MAC PUTS ITS WEIGHT BEHIND THE USE OF CREDIT SCORING

Now that the FHFA has ‘put a pin’ in the credit score initiative (until late 2020), the company behind FICO scores (Fair Isaac Company) will continue to enjoy a monopoly for the time being. While the FHFA focuses on compliance with Section 310 of the new law, the pressure will continue to mount from the nonbank community, and the debate.

Mortgage financing giants Fannie Mae and Freddie Mac, which purchase most of the new loans for home purchases, is considering using VantageScore as an alternative to the long-established and dominant FICO credit scores. Fannie and Freddie’s loosening of their grip on the FICO scoring model could enable borrowers unable to qualify for a.

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To use Loan Prospector’s Merged Credit Report options, you must setup a relationship with a credit reporting company/agency (CRC) or their affiliated companies, or update your existing CRC account with your Loan Prospector information. For helpful tips on using merged credit in Loan Prospector review the Merged Credit Best Practices document.

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According to the representatives who introduced the Credit Score Competition Act, this means that Fannie Mae and Freddie Mac could go beyond using the fico credit-scoring model and use other systems, which is a big deal for those who have a low FICO credit score but are otherwise good home-loan candidates.

freddie mac puts its weight behind the use of credit scoring Scoring in the high 600s or better on each part of your Scholastic Aptitude Test (SAT) may be a good route into a top university. But if you plan to buy or refinance a home from this summer onward, you may want to rack up at least a 660 on your FICO score when you apply for a mortgage.

And the move to allow the likes of Fannie Mae and Freddie Mac to use alternative credit scoring methods could have significant impacts on the US’ mortgage market and FICO. Nonbank lenders, like fintechs, that originate the majority of mortgages issued in the US have been asking to use credit scores provided by VantageScore, per The WSJ.

If you’ve applied for several credit cards at the same time, your credit score can go down. The types of credit you currently use, including credit cards, retail accounts, installment loans, finance company accounts and mortgages. Generally, the higher your credit score the more options will be available to you, including a lower interest rate.