If you’re a new homebuyer out in the marketplace, this is an opportunity to have your credit risk fully evaluated so that you can get the best price in the market possible.

VantageScore EVP and Head of Public Affairs Anthony Hutchinson spoke on the Schwab Network’s ‘Market on Close’ to outline the ways in which the FHFA’s decision to implement VantageScore 4.0, with immediate effect, could impact potential homebuyers.

We score 33 million more consumers than the classic score in the marketplace - that is a large number of people that have been invisible to the financial sector in terms of credit,” added Hutchinson. “Of those 33 million, 13 million have a VantageScore of 620 or higher. That means they would be eligible for a conventional confirming mortgage.

Hutchinson explained that VantageScore 4.0’s consideration of rental payment information is vital for a lot of consumers, giving a more comprehensive look into their credit risk and offering a positive opportunity to improve their credit scores.

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