and credit scoring analytics, many creditors, particularly mortgage lenders, continue to use older versions of credit scoring models and algorithms. (B) Lenders that originate residential mortgage loans generally adhere to the underwriting guidelines set by Fannie Mae and Freddie Mac, which reference the 2004 FICO credit scoring model (developed more than a decade ago), not the most recent versions. (C) Despite changes to credit scoring models offered by FICO and VantageScore in recent years to reflect current research about consumer behavior and creditworthiness, it is likely that paid collections will continue to be factored into the risk level for many consumers applying for credit because there is no requirement that creditors or lenders adopt the most up-to-date credit scoring models. (10) Consumers’ confusion about consumer reports and credit scores (A) While nationwide CRAs are required by law to supply consumers with a free copy of their credit report annually, they can charge consumers to obtain a credit score disclosure. (B) A July 2011 Consumer Bureau report titled The Impact of Differences between Consumer- and Creditor-Purchased Credit Scores found that the credit scores made available to and purchased by consumers from CRAs are unlikely to be the same credit scores used by creditors and lenders to evaluate consumers’ creditworthiness. (C) That report found that the scarcity of public educational tools to inform consumers of the differences among credit scores, the large combined market share and brand recognition of FICO credit scores, and the marketing practices of some credit score sellers may perpetuate consumers’ confusion about credit scores. As a result, some consumers may be purchasing an educational credit score or subscribing to a credit monitoring service sold by a CRA, without realizing the limitations and usefulness of these products and services. (D) Similarly, a September 2012 Consumer Bureau report titled Analysis of Differences between Consumer- and Creditor-Purchased Credit Scores