FHFA Credit Score Initiative Updates…Where Are We Now?

On July 11, 2024, Fannie Mae and Freddie Mac released the latest update on the FHFA Credit Score Initiative Playbook. Included in this is an updated timeline which has not changed much from the timeline from the last update. At this point they are still targeting Q4 2025 for the full implementation of the new … Read more

Enterprise Credit Score and Credit Reports Initiative Update

A lot of questions have been circulating through the industry around the proposed changes to Credit Score Models that were announced by the Federal Housing Finance Agency (FHFA) in October 2022. In March, Fannie Mae created a “Partner Playbook” that covers a lot of detail regarding the upcoming changes. The Playbook was just revised in … Read more

Medical Collections

On July 1, 2022, some positive changes took effect regarding medical collection practices. First, all paid medical collections started falling off credit reports, and second, collection agencies were required to wait one year before reporting a medical debt to the credit bureaus. This was to give the consumer a chance to pay the debt before … Read more

Scoring Model Changes Are Coming

Last week the Federal Housing Finance Agency (FHFA) announced approval of FICO 10T (released January 2020) and Vantage 4.0 (released fall 2017) scoring models.  Once rolled out, these will replace the older scoring models used today and that have been used for the last 20 years. According to the FHFA these new models will make … Read more

Credit Reports May Be on the Verge of a Major Overhaul

In 2020 the House passed two bills that could have a dramatic impact on credit reports. The Comprehensive Credit Act and the Protecting Your Credit Score Act of 2020(21). Both are similar and provide pretty extreme changes to what some consider to be a very unfair credit reporting system. To summarize, there are five main … Read more

UltraFICO

Fair Isaac Company (FICO) along with Experian and data aggregator Finicity announced last week that starting in January 2019 they will begin pilot testing a new credit score called “UltraFICO.” In addition to the information the scoring models already take into consideration, this new score will also factor in the money a consumer has in … Read more

Advantage Credit Introduces Rapid Rent Reporting

Evergreen, Colo., September 14, 2015 – One way that Advantage Credit, Inc. remains on the cutting-edge of credit reporting is by continually striving to provide the most effective tools and applications. The latest endeavor is to introduce Rapid Rent Reporting, which allows the reporting of a consumer’s rental payment history as a traditional credit report … Read more