Federal Housing Finance Agency Director Bill Pulte announced the opening of VantageScore to all government-sponsored enterprise (GSE) lenders.
“Good News for American Homebuyers!” wrote Pulte on his personal X account. “Effective Today, in the interest of transparency, ALL Mortgage Backed Securities (MBS), ALL Credit Risk Transfers (CRT), and ANY Securitized Product issued by Fannie Mae and Freddie Mac will now carry a VantageScore, in addition to a FICO score. One company cannot hold the market hostage. Americans and Investors and the market want change.”
Pulte also posted a series of messages that mused on the future of credit bureaus.
“One day, I personally think the evolution of technology will lead to no credit score companies and I believe there will only be one credit bureau. Who will win?” he wrote.
In another tweet, he declared, “In the era of AI, credit bureaus and credit scoring companies need to add real value to hold their prices much less dramatically increase their prices. Unfortunately, I see these companies more focused on pricing, which could lead some to ruin, than innovation and competition.”
Furthermore, Pulte said he will be meeting with the three major credit bureaus – Experian, Equifax, and TransUnion – while stating they “are focused on lowering costs while also studying using only a single credit report and bi-merge credit reporting. Stay tuned.”
Pulte also continued his ongoing feud with FICO, writing on X, “Just like I asked Vantage, I have asked FICO to provide competitive pricing to the market for their FICO 10T product. It seems that FICO is not interested in offering competitive costs but instead uses various means to increase price on the American people. So unnecessary.”
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