Oct. 2 at 2:11 PM
Fair Isaac has introduced new pricing models that allow mortgage lenders to access FICO Scores directly, bypassing the three major credit bureaus. Lenders can now choose between paying
$33 per borrower per score upon loan closure under a performance-based model or a flat
$10 per score, roughly the average bureau price. This move aims to increase transparency, competition, and cost-efficiency in mortgage lending, removing unnecessary markups on FICO Scores.
Following the announcement, Fair Isaac shares surged 20% in premarket trading, marking the largest single-day gain since November 2022. In contrast, TransUnion, Equifax, and Experian saw significant drops, falling 10%, 9.6%, and 4.4% respectively.
$FICO $TRU $EFX $EXPN $SPX