Earlier today the Federal Housing Finance Administration (FHFA) announced the creation of an “industry group” to help facilitate its timeline for implementing VantageScore 4.0. Supporting the FHFA in this effort and shedding light on the fact that as every day passes, millions of creditworthy and aspiring homeowners aren’t able to get approved for GSE-funded mortgage loans because of outdated and unnecessarily exclusionary credit scoring models, VantageScore issued the following statement:

VantageScore fully supports Director Thompson and the FHFA’s effort to ensure that the deadlines and timelines for credit scoring modernization are met by the end of year 2025. Meeting that deadline will complete a nearly eight-year journey from Congress and the President passing a law requiring credit score competition (2018) to its eventual implementation.  VantageScore will continue to consistently provide both data and insights to support an orderly, yet overdue, industry transition to modern and inclusive credit scores. We will assist all mortgage originators to get an immediate start using VantageScore 4.0.  Every day of delay is another day that working people who pay their bills on time are unable to get a mortgage, finance a higher education, or take out a small business loan – that’s a real human cost, which should never be overlooked. 

For more information about the benefits of using VantageScore 4.0 credit scores in the mortgage market, visit this section of the VantageScore website.