FICO Score 10T historical data set for release after FHFA agreement

"The process of making this data available to the market has begun. In the coming weeks, the three credit bureaus will deliver FICO Score 10T data to the GSEs, Julie May, vice president and general manager for scores at FICO, said Monday in a blog post. We expect that the GSEs will conduct their own validation of the data and make FICO Score 10T historical datasets, which will be updated to also include more recent data through 2025, accessible to market participants."

"Historical credit data is critical for the mortgage industry, allowing lenders, investors, risk modelers and other stakeholders to validate credit score performance, support risk modeling and comply with regulatory requirements. FICO also offers an early adopter program for Score 10T, launched in 2023, which allows lenders to integrate the score into underwriting and risk management. More than three dozen lenders participate, including seven of the top 10 mortgage lenders."

"The release of VantageScore 4.0 historical credit data was announced in July 2024, covering individual mortgage scores from 2013 to 2023. By contrast, negotiations with FICO took longer. The FHFA told HousingWire in July, when FICO had raised concerns after not hearing from the agency for nine months, that FICO's proposed terms were criticized by a wide range of industry stakeholders. The FHFA said at the time that it was negotiating updated terms."

The three credit bureaus will deliver FICO Score 10T data to the GSEs in the coming weeks. The GSEs are expected to validate the data and make FICO Score 10T historical datasets accessible to market participants with updates through 2025. VantageScore released historical credit data in July 2024 covering mortgage scores from 2013 to 2023; negotiations with FICO took longer amid criticism of proposed terms. The FHFA engaged in negotiations after FICO raised concerns about agency communication. Competition between VantageScore and FICO has increased, with both claiming superior predictive accuracy. Historical credit data enables validation, risk modeling, regulatory compliance, and lender adoption; FICO's early adopter program includes over three dozen lenders, including seven of the top ten mortgage lenders.

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