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Many of you have seen the FHFA announcement regarding credit scoring & credit report changes. The news releases provided limited information & there are still many unanswered questions. Upcoming changes: FNMA & FHLMC will require both Vantage score & FICO 10T. FHFA is also stating that FNMA & FHLMC will only require two bureaus instead of all three bureaus. Please take a look below for FHFA Fact Sheet & news release from the National Credit Reporting Association.

There are a lot of unanswered questions & concerns like:

What two bureaus should you choose?

What if the 3rd score would’ve been higher, and it would’ve changed the minimum required score?

What if Vantage Score & FICO10T have a significant discrepancy?


So many unanswered questions and all of this will be covered over the period of time preceding the implementation of those changes. FHFA is planning a Multiyear plan to implement all the announced changes.

Important to know: Nothing will change immediately. This will be a gradual process & may not be implemented until 2024. CIC Credit will be prepared for the changes that will come. Mike Thomas, Vice President of CIC Credit & Chief Operating Officer of William D Meeker Enterprises, is the incoming President of the NCRA for 2023. Mr. Thomas has a pulse on all the industry updates & we will keep everyone updated as new information is released.

Click below to read the following releases by FHFA and the NCRA.


FHFA Fact Sheet

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