For HMDA reporting purposes, I am confused as to which code we would use if we order a tri-merged credit report and we use the middle score. My gut tells me to use code 8 (other credit scoring model) instead of using the appropriate code for Experian (code 1) and Equifax (code 2), since they don't have a third option for Trans-union. What is anyone else using?

Who doesn't have a third option for TransUnion? I use the code for Experian, Equifax, or TransUnion....whichever one the middle score is.

(ETA: My question isn't being flippant.....i'm just a bit confused by your statement.)

same as Raitchjay for us.

Same as both raitchjay and Tracey.

I am looking at the CFPB filing instructions reference chart, page 20 and the list of codes includes:
NAME AND VERSION OF CREDIT SCORING MODEL. Indicate the
name and version of the credit scoring model used to generate the
credit score, or scores, relied on in making the credit decision by
entering:
 Code 1—Equifax Beacon 5.0
 Code 2—Experian Fair Isaac
 Code 3—FICO Risk Score Classic 04
 Code 4—FICO Risk Score Classic 98
 Code 5—VantageScore 2.0
 Code 6—VantageScore 3.0
 Code 7—More than one credit scoring model
 Code 8—Other credit scoring model

There is no TransUnion code option.

Code 3-FICO Classic 04 is the TransUnion score that we get.

thanks for the help!

I just know if i look at one of our credit reports, the "repository" is listed as "TransUnion" and the "brand" is listed as "Classic 04 Score".

I assume the Classic 98 is available for those financial institutions that want it? We get the 04.

I just reviewed several credit reports and we show the same. Thanks again!

You're welcome.

OK, so we use all three and given the middle score we may utilize the Experian score on 1 file, the Equifax score on another loan, etc etc etc. Can we code all loans as 7 since we refer to all 3 but only use the middle score or do we specifically have to use the model that was used at a loan level? I'm hoping 7 as the cleanup of this field will be much easier than looking up each loan that has closed for the 1st quarter to see which model was used.

If you used the middle score to make your decision and that score was generated by Transunion then you did not use the other 2 scores in making the credit decision so IMO you cannot use 7 as a cleanup.

So you use the mid-score but what about this scenario. Transunion 700 Experian 700 Equifax 720? The mid-score is 700 but what are you reporting for the model? I am thinking a 7-More Than One Credit Scoring Model. Thoughts? It is either that or just pick one of the two 700 models.

We just pick one when there are two bureaus with the same score.

Interesting. Not sure which one is correct. I like the pick one solution! Any others with thoughts?

I agree with TMatt87 that you should be fine to just pick one.

In addition to that, you might consider a procedure to pick the first one of the two (from top down, alphabetical, or something like that) to help with consistency - but this will all be bank specific on how consistency could be implemented. I could see auditors/examiners criticizing a bank for a lack of consistency if the same score occurs on a regular basis. As you know with HMDA, the more defined your procedures are (and, therefore, the more consistent you are), the less opportunity for criticism.

Hi, could you please send the link to the CFPB page showing the credit scoring models?

Do you mean the CFPB filing instructions? https://www.consumerfinance.gov/data-research/hmda/static/for-filers/2018/2018-hmda-fig.pdf

Yes, Thank you Adam.

What are others doing for the FICO Score 08? I hear this is an increasingly common model.