Equifax Launches Tool to Help Lenders Pick Mortgage Credit Scores
Equifax's new Mortgage Score Select™ gives lenders flexibility to choose credit scores while cutting costs in a shifting mortgage scoring landscape.
Equifax has introduced a new solution called Mortgage Score Select™ aimed at helping mortgage lenders and brokers navigate a changing era of credit score choice, the company announced. The tool is designed to give lenders the ability to select which credit score goes on a borrower's file, providing greater operational flexibility in a market where multiple scoring models are now in play.
The product is positioned as a cost-efficiency measure, allowing lenders and brokers to manage expenses tied to credit reporting during the mortgage origination process. As regulators and industry bodies have moved to open the door to alternative credit scoring models beyond the long-dominant FICO standard, lenders face new decisions about which scores to pull and when.
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The dual-score approach referenced in the product's positioning reflects the broader industry shift following guidance that mortgage giants Fannie Mae and Freddie Mac would begin accepting newer scoring models alongside traditional ones. Equifax's offering is structured to support lenders as they adapt workflows and compliance processes to accommodate that transition without absorbing unnecessary cost.
The move underscores Equifax's effort to position itself as a strategic partner for lenders managing complexity in credit decisioning, rather than simply a data provider. Lenders operating under tightening margin pressures may find particular value in solutions that bundle flexibility with cost controls at the file level.
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