MBA Statement on FHFA Announcements on Credit Reporting and Scoring Modernization

MBA’s President and CEO Bob Broeksmit, CMB, released the following statement on the Federal Housing Finance Agency’s (FHFA) announcements on credit reporting and scoring modernization:

“MBA commends FHFA Director William Pulte and FHFA 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. This milestone builds on MBA’s industry-leading advocacy over several years to promote greater competition in credit reporting and scoring.

We also support ending the tri-merge requirement and moving to a single-file approach for borrowers with strong credit profiles, which would further promote competition and reduce costs for consumers.

These important updates will give lenders greater flexibility, enable more consumers to be scored accurately, and expand sustainable access to homeownership.”