The Federal Housing Finance Agency announced that Fannie Mae and Freddie Mac are making historical VantageScore 4.0 credit scores available to approved users to support the transition to updated credit score and credit report requirements.
ICBA View: ICBA has repeatedly expressed concerns with the FHFA initiative.
ICBA and other groups in May pushed back against the FHFA plan to publish historical data on the VantageScore 4.0 credit scoring model.
In a joint letter last year, ICBA and other groups called on the FHFA to release the results of its testing process that validated the new credit score models.
In a previous letter, the groups expressed concerns with the FHFA plan, said the agency’s plan fails to address the far-reaching effects of the change, and called for expanded stakeholder engagement and transparency.
More: ICBA recently expressed support for legislation that would require the FHFA to conduct a cost-benefit analysis before implementing new credit scoring requirements for Fannie Mae and Freddie Mac.
