“Credit Score Competition Act” Introduced in U.S. Senate

August 30, 2017

Unless you’ve been hiding under a rock, you know that the credit industry has been shaken up yet again by the bipartisan support it has been receiving on the Hill. This month, the “Credit Score Competition Act,” a bill that requires consideration of other credit scoring models when assessing mortgage creditworthiness, resurfaced with a companion bill that equally pressures the Federal Housing Finance Agency (FHFA) to develop a process by which other credit scoring models can be examined for use by Fannie Mae and Freddie Mac.

VantageScore Solutions is proud of the progress being made and, as always, stands by its mission to score more people with more accuracy, so that more consumers have the opportunity to access mainstream credit without lowering credit scoring standards. Below is the VantageScore statement released to the public:

“Along with a broad coalition of housing and business advocates, we support and applaud the leadership of Senators Tim Scott (R-SC) and Mark Warner (D-VA) who today introduced the bipartisan Credit Score Competition Act in the United States Senate. No single company should have a government-sanctioned monopoly, especially when there are millions of consumers that are negatively impacted. Infusing competition into this integral area will improve fairness, transparency, and inclusiveness without compromising on standards. Allowing each lender to choose the credit scoring model best for its business is in the short- and long-term best interest of the housing finance industry and the consumers they serve.” – Barrett Burns, President & CEO, VantageScore Solutions

Senators Tim Scott (R-SC) and Mark Warner (D-VA) brought this legislation to the forefront, knowing about their own experiences as well the obstacles faced by their constituencies. To read more about the senators’ push to make homeownership more accessible, view the press release from Senator Tim Scott here. And, of course, read more about the latest news on this topic here: www.vantagescore.com/news

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