What Comes Next

Now that the rule is final, what comes next? 

Generally speaking, credit scoring models will be evaluated on a model’s integrity, reliability, accuracy, historical record of measuring and predicting borrower credit behaviors (such as default rates), among other measurement criteria.

Credit score model developers will then be allowed to submit applications and undergo a thorough review process that involves two assessments:

1)   A Credit Score Assessment – a detailed evaluation of accuracy, reliability and integrity of a credit score.

2)   Enterprise Business Assessment – a comprehensive evaluation of the potential impact of using the credit score model within the GSEs’ proprietary business systems and processes.   

After testing, each GSE will submit a proposed “approve” or “disapprove” determination for each application to the FHFA for final review.

To gain a better understanding of the process, read the visual timeline below. To download the image, click here.

For the latest updates, visit VantageScore’s Press page and the Federal Register.

To hear more about a Pilot Program using VantageScore, contact: Phil Bracken, 

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