Alt Credit Score Comments Close With Mixed Views from Industry
April 13, 2018
The Federal Housing Finance Agency will have its hands full reviewing more than 100 comments related to deciding whether the GSEs should use alternative credit scoring methods. The comment period closed on March 30, and the agency received about a quarter of the replies on the last day. Everyone from industry trade groups and corporations to lenders and lawmakers offered input on whether to allow lenders to use alternatives to the omnipresent FICO credit score. In a request for input issued in December, the agency outlined four potential approaches, including an updated version of FICO, VantageScore 3.0, offered by VantageScore Solutions, or a hybrid of several scoring mechanisms.