Ep. 143 - New Credit Scoring Model Unlocks Credit Access for 94% of US Adults
Are you ready for a potential game-changer in the housing market? In this episode, Quinton dives deep into the Federal Housing Finance Agency's (FHFA) decision to adopt the new VantageScore 4.0 credit scoring model. With the rollout delayed until late 2025, Quinton explores the implications of this move, which could open up home loan eligibility to a staggering 33 million more Americans. From the model's handling of medical collections and alternative trade lines to its use of real-time data, VantageScore 4.0 could revolutionize lending and impact housing demand, prices, and interest rates. Watch this episode to discover what this credit score shift could mean for first-time home buyers, the future of the housing market, and your own financial prospects.
[00:00 - 01:16] - Introduction
[01:17 - 02:29] - Rollout pushed back to Q4 2025
[02:30 - 02:59] - Differentiating FHFA from FHA
[03:00 - 05:34] - What does VantageScore 4.0 do?
[05:35 - 07:15] - VantageScore 4.0 uses real-time data
[07:16 - 10:08] - How this change could impact housing demand and prices
[10:07 - 10:34] - VantageScore 4.0 as a potential market mover
[10:35 - 11:53] - Benefits for those with good credit history
[11:54 - 12:58] - Closing Segment
Resources:
Ep. 85 - From 3 Credit Reports to 2: How Does it Affect You?
https://youtu.be/OEV3dBZm0es
Vantage 4.0 PDF Resource
Key Quote:
“33 million more people in America will qualify for a home." - Quinton Harris
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