WASHINGTON—The Federal Housing Finance Agency (FHFA) has validated and approved the Classic FICO credit score model for use by the government-sponsored enterprises (GSEs).
“The validation and approval of Classic FICO by the Enterprises allows them to continue supporting the mortgage market while assessing more modern credit score models that were submitted in response to the 2020 Joint Enterprise Credit Score Solicitation,” the agency stated in a release.
The FHFA said it expects it will take the GSEs an additional year to complete the validation and approval process of the remaining credit score models submitted in response to the solicitation.