Although a new scoring model from FICO will be available at the three large credit-reporting firms by the end of the year, consumers shouldn't expect the score that lenders use to change anytime soon.
FICO 10 is arriving about five years after FICO 9 — which dropped five years after FICO 8's release. While FICO did not disclose usage of those two models, neither of them are predominantly employed by lenders, although use is picking up, said Bingham and Ulzheimer.
Fannie Mae and Freddie Mac, the largest purchasers of home mortgages on the secondary market, use a consumer's classic FICO score. As such, lenders generally follow their guidelines to ensure their loans can be resold to investors.
The finance agency estimates that even if Fannie and Freddie do accept different models in the next several years, it would take theThe advice we've been giving to consumers for decades — pay your bills on time, stay out of credit card debt and only apply for credit sparingly — all still applies.
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