Senate to consider bill to end “FICO monopoly” at Fannie Mae and Freddie Mac

Earlier this year, a bipartisan group reintroduced a bill in the House of Representatives that would allow Fannie Mae and Freddie Mac to consider alternative credit-scoring models beyond the FICO credit score the government-sponsored enterprises currently use. The bill, called the “Credit Score Competition Act,” enables the GSEs to consider alternative credit scoring models when determining credit worthiness. Now, a companion bill is being introduced in the Senate as well, with the backing of Senators from both parties.


Source: HousingWire

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