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																	<div class="fullWidth" style="max-width: 615px;"><img src="https://www.mpc-news.com/email/CEW/250713_CEW_banner.png" style="display: block; height: auto; border: 0; width: 100%;" width="615" alt="FHFA Announces Credit Scoring Breakthrough" title="FHFA Announces Credit Scoring Breakthrough" height="auto"></div>
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																		<p style="margin: 0; text-align: center; mso-line-height-alt: 14.399999999999999px;"><span style="word-break: break-word; font-size: 18px; color: #4e6f36;"><strong><span style="word-break: break-word;">FHFA Announces Credit Scoring Breakthrough</span></strong></span></p>
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																		<p style="margin: 0; mso-line-height-alt: 18px;">&nbsp;</p>
																		<p style="margin: 0; mso-line-height-alt: 18px;">On Tuesday, July 8th, Federal Housing Finance Agency director Bill Pulte announced that “effective immediately,” lenders can start using VantageScore® to assess credit scores when submitting loans to Fannie Mae and Freddie Mac.</p>
																		<p style="margin: 0; mso-line-height-alt: 18px;"><br>The VantageScore credit scoring model gives recognition for the consistent payment of rent and utility bills to determine credit worthiness. This may be a great boost for those with a low credit score, or little to no credit history. According to Vantage, the addition of rent and utility payments can increase an established credit profile up to 150 points, though it may be more realistic to see an increase of 60 points.&nbsp;</p>
																		<p style="margin: 0; mso-line-height-alt: 18px;"><br>Regardless, even a 60-point increase in your credit score could translate into thousands of dollars saved on a mortgage loan, as people with higher credit scores are typically rewarded with lower interest rates.</p>
																		<p style="margin: 0; mso-line-height-alt: 18px;"><br><span style="word-break: break-word; color: #4e6f36;"><strong>It’s Not a New Concept</strong></span><br>Initially, FHFA announced the validation and approval of modernized credit score models from FICO® and VantageScore in October 2022, to make the dream of homeownership more attainable to more Americans. <em>The Enterprise Credit Score Models and Reports Initiative</em> was to be fully implemented by Q4 2025, giving Fannie Mae, Freddie Mac, and lenders a three-year time span to implement the transition. The initiative included the option of using a bi-merge credit report, pulling data from only two of the three major credit bureaus (Experian, Equifax, and TransUnion).</p>
																		<p style="margin: 0; mso-line-height-alt: 18px;"><br>However, the plan was put on hold as of January 16, 2025, anticipating changes in FHFA leadership, with a new political administration coming into the White House.&nbsp;</p>
																		<p style="margin: 0; mso-line-height-alt: 18px;"><br>According to Pulte’s recent statements, Fannie and Freddie will continue to use the tri-merge credit report, which collects data from all three credit bureaus. Still, many lenders will be watching closely to see how the logistics play out, given the “to be determined” status of the plan we saw for the last six months.</p>
																		<p style="margin: 0; mso-line-height-alt: 18px;"><br><span style="word-break: break-word; color: #4e6f36;"><strong>What You Can Do Now</strong></span><br>It never hurts to improve your own credit score, whether you’re thinking about buying your first home, a new car, or looking into any type of credit line. There are many resources available to add rent and utility payments to your credit report. Here are a few ideas to consider.</p>
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																			<li>If you rent an apartment, find out if your landlord/management company has a program in place to track and report your monthly payments to all three credit bureaus.</li>
																			<li>Explore third-party services that report to all three credit bureaus. Look into reporting payments you make on rent, phone, utilities, streaming services, cable or satellite, or insurance payments.</li>
																			<li>&nbsp;<strong><a href="https://learn.self.inc/lpg/mpa/rent-bills-landing/" target="_blank" style="text-decoration: underline; color: #4e6f36;" rel="noopener">Self</a></strong> reports rent payments to all three credit bureaus, but charges $6.95 per month to report payments on utilities.</li>
																			<li><strong><a href="https://www.boompay.app/renters" target="_blank" style="text-decoration: underline; color: #4e6f36;" rel="noopener">Boom</a></strong> offers rent reporting to all three bureaus for $60 per year, with a one-time fee of $25 to report up to 24 months of past rent payment history.</li>
																			<li><strong><a href="https://www.rentreporters.com/" target="_blank" style="text-decoration: underline; color: #4e6f36;" rel="noopener">Rent Reporters</a></strong> reports rent payments to all three credit bureaus for $10.95 per month, with a $94.95 sign-up fee.</li>
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																		<p style="margin: 0; mso-line-height-alt: 18px;">Make sure to review the FAQs on any service like this, and understand their terms before you sign up. I will keep you informed on this topic, and if you have any questions about applying for a mortgage loan, please give me a call!<br><br>Best regards,</p>
																		<p style="margin: 0; mso-line-height-alt: 18px;">&nbsp;</p>
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