A Game-Changer for Millions with No Credit
00:00:00.000 | There was government-sponsored mortgage enterprises
00:00:02.340 | like the VA that already started adopting VantageScore 4.
00:00:05.300 | Fannie Mae and Freddie Mac will phase in using VantageScore,
00:00:08.960 | so later this year.
00:00:10.000 | The main thing is that because the VantageScore 4.0
00:00:13.160 | has limited credit history that it can work off of,
00:00:15.700 | there's about 30 plus million people
00:00:17.700 | that might actually be able to get a credit score
00:00:20.240 | that couldn't previously.
00:00:21.220 | The VantageScore 4.0,
00:00:23.340 | which is their latest version of the score,
00:00:25.640 | actually takes into account trending,
00:00:28.080 | which is one of the things that's been more interesting
00:00:31.200 | for people because it looks at a view over time.
00:00:34.620 | With this change, lenders will be able to choose
00:00:37.840 | between getting reports from two of the three major bureaus,
00:00:41.080 | so they don't need to get all three of them,
00:00:42.920 | and they can choose which model they use.
00:00:44.820 | It's gonna give a little bit more flexibility.
00:00:46.520 | It'll be interesting to see how this evolves