VantageScore is a more modern credit score. It’s now time to bring that modernity and new technology to the mortgage system at a time when, quite frankly, it’s very difficult to buy a home. This technology reduces risk; it doesn’t increase it.

VantageScore President and CEO Silvio Tavares appeared on ‘The Claman Countdown’ on Fox Business to discuss the historic announcement by the FHFA mandating VantageScore 4.0 for mortgages, with immediate effect.

Our data is more predictive, more inclusive, and more accurate in terms of predicting the consumer’s creditworthiness,” included Tavares. “That’s why over 3,700 banks and financial institutions use VantageScore today, including eight of the top ten banks.

Plus, Tavares elaborated on how VantageScore’s more broadly encompassing technology will help a range of Americans get a credit score:

VantageScore uses new technology including rental data. If you are a veteran that’s coming home from serving your country abroad, you’re now going to have a VantageScore. If you’re a rural American, you’re going to now have a credit score. Importantly, if you’re a renter and pay on time, that’s going to contribute to your more accurate credit score.

The historic decision by the FHFA significantly modernizes the mortgage Government-Sponsored Enterprises (GSEs), ending a decades-long lack of credit score competition in the U.S. mortgage market. The acceptance VantageScore 4.0 will revolutionize the mortgage market and grant millions of creditworthy Americans the opportunity to own a home.

For more information on VantageScore 4.0 implementation, please visit VantageScore’s Mortgage landing page.