FICO (NYSE: FICO) announced it has reached an agreement with the Federal Housing Finance Agency (FHFA) for the release of the FICO Score 10T data to the government-sponsored enterprises Fannie Mae (OTCQB: FNMA) and Freddie Mac (OTCQB: FMCC).
FICO said the three credit bureaus will begin delivering FICO Score 10T data to Fannie Mae and Freddie Mac for use by lenders, investors, third party risk modelers, and other mortgage industry stakeholders. The availability of FICO Score 10T follows the July release of VantageScore 4.0 data by the FHFA – the two data score were initially planned to be released together as a bi-merge, but that planned was unilaterally scrapped by Bill Pulte, the agency’s director.
FICO announced the news in a corporate blog post. The FHFA has yet to make a formal announcement; Pulte, who has been openly critical of FICO since taking office, made no mention of the agreement on the personal X account that he uses for FHFA-related news.
“By evaluating applicants based on their complete credit profiles, the model supports more accurate and inclusive lending decisions, helping to expand access to credit for traditionally underserved groups such as first-time homebuyers, young adults, and renters,” said Julie May, vice president and general manager of B2B scores at FICO. “With its focus on inclusiveness and improved predictive power, FICO Score 10T enables lenders, investors, and mortgage insurers to strengthen risk management practices and foster responsible growth, positioning the industry to better serve a diverse and evolving borrower population.”
