FICO Statement on FHFA and FHA Updates to Credit Score Modernization

FICO supports FHFA’s announcement that the long-anticipated historical data for FICO® Score 10T will be released to the mortgage market to enable industry evaluation as part of the agency’s credit score modernization efforts. 

Broad access to this historical data will allow the mortgage ecosystem to independently evaluate score performance across portfolios and economic cycles. More than 50 lenders in the FICO Score 10T Adopter Program have already validated what the data confirms: FICO Score 10T is the most predictive credit score available today. We are engaged with market participants to leverage FICO Score 10T as the more precise way to differentiate risk and enable safer, sounder credit decisions.  

We applaud the FHFA & FHA initiative to get FICO Score 10T into the market. FICO Score 10T is the most predictive credit score for all borrowers, including first-time home buyers. FICO Score 10T incorporates rental and utility payment history,enabling more consumers to qualify for mortgages.  

FICO wishes to reinforce the message shared by both Director Pulte and Secretary Turner regarding evolution of the credit score market: 

• FICO Score 10T is available for free with the purchase of FICO Score Classic 

• FICO Score 10T via the FICO Mortgage Direct License Program is available for $0.99 and a funding fee of $65