Legislators Reintroduce Bill for GSE Credit Scoring

Legislators have reintroduced a bill that would enable alternative credit scoring to be used by Fannie and Freddie for evaluation of mortgage loans; these government sponsored enterprises currently use a FICO credit scoring model which legislators believe is outdated; legislators have now proposed the Credit Score Competition Act which would allow for use of alternative credit scoring models that also take into consideration a broader range of factors.  Source