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Freedie Mac, Fannie Mae to use Vantage Vs. Fico?


Freedie Mac, Fannie Mae to use Vantage Vs. Fico?

Interesting tid bit of info possibly letting other companies other than FICO control the mortgage business.

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Re: Freedie Mac, Fannie Mae to use Vantage Vs. Fico?

Similar got posted in the mortgage forum; my take is virtually the same as it is now.


The GSE's could change scores if they wanted to, they make the rules anyway.  Require is a bit of a strong term even if the ownership of the GSE's is a little hazy at this point.


Also, "bipartisan" could be read as "lobbyists from the bureaus" according to the other article I read; FICO can afford their own too, and there's no guaruntee this bill is anything more than the majority of bills that never make it out of committee (and sometimes not that far).


Starting Score: EQ 5 561, TU 98 567, EX 2 599 (12/30/11)
Current Score: EQ 5 697, TU 4 741, EX 2 735, EQ 8 729, TU 8 713, EX 8 732 (6/29/18)
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Message 2 of 3
Valued Member

Re: Freedie Mac, Fannie Mae to use Vantage Vs. Fico?

Yes, very interesting but the news is that both Fannie Mae and Freddie Mac are sticking with Fico scoring for at least 2 more years. They are not even going to use the newest version either from what I understand. Vantage score is not credible enough. Fico is the best most accurate model. Let's be realistic they would have to change in many aspects and it would hurt the bond market. Fico has been first and will continue to be. They will not let another competitor especially the 3 credit beureas establish there own for there personal gain. They all have enough problems now not reporting correctly or when there supposed to. Its time that they get there act together first. People have such old outdated wrong information on their reports its a disgrace. Of course we are all moving in a new direction in every aspect of our financial matters. But it doesn't take much to get our information correct. There business is credit reporting every month and having personal information correct. I myself am waiting till the end of this month to pull my reports from all 3 and I am almost positive that they still have so many things wrong. I am sending FCRA letters to all 3 and have corrected after years of paying higher interest when could have saved thousands. I am very happy to be a part of MyFico community. We all must help each other and not let them get away with things. Everyone's input helps another. Anyway I'm happy we got that out of the way. Fico is the only scoring system that the big players will use for now. Take care everyone 

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