Equifax Reiterates Support for U.S. Federal Housing Finance Agency's Commitment to Mortgage Affordability
Equifax Reiterates Support for U.S. Federal Housing Finance Agency's Commitment to Mortgage Affordability |
| [09-March-2026] |
Company Drives Potential $1 Billion in Industry Cost Savings and Reduces Loan Acquisition Costs with New VantageScore® 4.0 Mortgage Credit Score Pricing Changes
ATLANTA, March 9, 2026 /PRNewswire/ -- Equifax® (NYSE: EFX) is reiterating its support of the U.S. Federal Housing Finance Agency (FHFA) Director Bill Pulte's decision in July 2025 to bring scoring competition to the mortgage industry and his commitment to mortgage affordability by offering VantageScore® 4.0 mortgage credit scores for $1. This move – which provides a 90% savings over lenders' current mortgage credit score costs – builds on the February 2026 economic benefits study conducted by Deep Future Analytics. Lowering the cost of VantageScore 4.0 mortgage credit scores to $1 will enable a potential $1 billion in savings for the mortgage industry derived from the cost difference among score providers, drive adoption by the mortgage industry, and reduce loan acquisition costs for consumers. Equifax will also continue to offer free VantageScore 4.0 credit scores to all Equifax customers in mortgage, automotive, card and consumer finance who purchase FICO scores. This action benefits underserved consumers by providing ready access to a scoring model that includes alternative data not found in traditional scores.
"Equifax is deeply committed to supporting the mortgage industry and the consumers it serves, especially as we navigate the most difficult mortgage market in decades. We view our role in expanding homeownership as a vital responsibility and with today's announcement we are rising to FHFA Director Pulte's challenge to also make mortgage costs more affordable," said Mark W. Begor, Equifax Chief Executive Officer. "There has been strong, ongoing collaboration between the FHFA, Government-Sponsored Enterprises (GSEs), and the industry in testing and exploring the benefits of VantageScore 4.0 implementation in mortgage lending. Significantly reducing the cost of VantageScore 4.0 to $1, and offering it free to customers who also purchase a FICO score, makes it easier for even more lenders to evaluate the higher-performing score. We expect this important initiative to further accelerate Director Pulte's vision for score competition, enable lenders to invest in the operations to support modern scores, and generate a significant $1 billion in potential savings across the industry and for consumers." "Currently, over 250 mortgage lenders are taking advantage of the Equifax offer of free VantageScore credit scores with paid FICO scores, and more than 40 non-GSE lenders are in production with only VantageScore credit scores for some of their portfolios. More data drives better decisions and VantageScore 4.0 provides a fuller view of consumers' financial profiles. Once VantageScore is fully adopted by FHFA, the increased competition in the scoring industry will result in direct cost savings to consumers," Begor continued. VantageScore 4.0 uses trended data and alternative data (including rental, utilities and telecommunications payment histories) to enhance the assessment of creditworthiness. Setting a model for the industry, it was the first credit score to incorporate these factors, with a goal of expanding access to credit for millions more Americans. Trended credit data reflects changes in credit data over time for a fuller financial picture. These deeper insights have proven to provide a 20% lift in originations without adding incremental risk – enabling greater mainstream financial opportunities for more people. Additionally, VantageScore 4.0 generates scores using as little as one month of history, while leveraging up to two years of trended data to maintain a score—even during periods of inactivity. "The total cost of owning a home has increased significantly since 2020, with American homebuyers challenged by increasing home values, high interest rates, and increasing taxes and insurance," said Joel Rickman, General Manager and Senior Vice President of U.S. Mortgage and Verification Services at Equifax. "As the spring homebuying season gets underway, we believe that more borrowers deserve the chance at a conforming mortgage. Equifax is driving the next generation of mortgage lending by offering unparalleled visibility into consumer financial health. Our proprietary data is the foundation of our highly differentiated products and analytical capabilities through which our customers generate unique solutions. We are also providing an employment and income verification indicator as well as additional alternative data including telecom, pay TV and utilities attributes alongside every Equifax Consumer Credit Report in the mortgage market. The greater visibility we provide allows for more efficient underwriting and can help open new homeownership opportunities for millions of Americans." Equifax is the only Nationwide Consumer Reporting Agency to provide alternative data including telecom, pay TV and utilities attributes alongside consumer credit reports for the mortgage market, at no additional cost to lenders. These insights provide a more complete financial picture of a borrower that can make mortgage underwriting faster and easier and are only used to help consumers obtain a mortgage loan. Additionally, Equifax is the first to empower lenders by delivering an indicator of employment status earlier in the mortgage qualification process through The Work Number® Report Indicator, alongside the Equifax mortgage prequalification credit report. Delivering this unique solution with the Equifax credit report at no additional cost, enables our customers to instantly view whether an employment record for an applicant is available on The Work Number database, making the lending process easier for lenders and applicants alike. Indicator Reports for the automotive, bank card, and consumer finance industries will be available later in 2026. FORWARD-LOOKING STATEMENTS ABOUT EQUIFAX INC. FOR MORE INFORMATION:
SOURCE Equifax Inc. | ||
Company Codes: NYSE:EFX |
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