Bill Pulte, the director of the Federal Housing Finance Agency (FHFA), has announced new and planned updates to the credit rating system.
In a series of tweets on his personal X account, Pulte took aim at the three major credit bureaus while continuing his longstanding advocacy of VantageScore.
“Fannie and Freddie’s initial rollout of VantageScore has been incredibly successful, with 50 LENDERS DELIVERING LOANS,” he tweeted. “So, EFFECTIVE IMMEDIATELY, I’m instructing Fannie and Freddie to approve ALL lenders to use VantageScore.”
In another message, Pulte declared, “Equifax, Experian, and TransUnion have been overcharging Americans for far too long. This will end soon. We are seriously considering bi-merge, and stronger solutions (SAFER and SOUNDER). We will not allow companies to take advantage of American consumers. No more.”
Additional messages hinted at further change. One tweet stated, “With the advent of AI, the credit bureaus of your grandparent’s time, will not be the credit bureaus of our time. Data is more accessible than ever, and technology, especially in President Trump’s America, is stronger than ever.”
Pulte also claimed, “We are also studying the usage of just one credit report to bring even more savings than we already have to American consumers.”
The FHFA director also took another slap at the three major credit bureaus by declaring, “We have asked the CEOs of the Credit Bureaus for solutions but they seem more intent on ‘happy talk’, tapping us along with meetings, and operating as ‘cartel-like’, which is not in the best interest of American homeowners. Time for a change.”
And in another message, Pulte wrote, “Since 2020, FICO has increased the price per a person’s credit score by 1,800%. FICO has enjoyed a monopoly. No more.”
However, as of this writing there is no official announcement on the FHFA website affirming anything the Pulte wrote on X.
Mortgage Bankers Association President and CEO Bob Broeksmit issued a statement praising Pulte and his agency “for their continued leadership on this issue, and we welcome the full adoption of VantageScore 4.0 as an important step toward modernizing the credit scoring framework, increasing competition, and lowering costs for borrowers.” He added, “These important updates will give lenders greater flexibility, enable more consumers to be scored accurately, and expand sustainable access to homeownership.”
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