The U.S. consumer credit-reporting industry remains in suspense.
The anticipated October 12 announcement by the Federal Housing Finance Agency (FHFA) did not materialize.
On October 17, FHFA Director Bill Pulte reiterated that the agency is studying the use of one or two credit reports instead of the traditional three to reduce mortgage costs.
The potential implications for Equifax, Experian, TransUnion, FICO and VantageScore are significant.
However, fundamental questions remain unanswered. Who will determine which credit bureaus are used? How will differences in credit-information coverage and quality affect risk assessment? What safeguards will prevent selective use of favorable information?
No final decision or implementation timetable has been announced.
Intrepid Explorers continues to monitor these developments. More to come.
Sources: HousingWire, October 19 | FHFA Credit Scores Policy
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