FICO

In order to believe in the idea of "competition" in credit scores, the Washington housing community must believe that large institutional investors who buy whole loans and mortgage-backed securities are really, really dumb, writes the Chairman of Whalen Global Advisors

The credit scoring agency's rollout comes after years of criticism from home lenders over its prices, with delivery costs rising over 40% in the past year.

FICO's claims about its 10T score highlight how its monopoly has stifled innovation and raised costs for homebuyers, according to the CHLA's Rob Zimmer.

VantageScore 4.0 is more predictive than Classic FICO, offering a measurable lift in identifying high-risk borrowers and avoiding losses, according to the chief data scientist at VantageScore.

Allowing the same three companies to control both credit scoring and credit reporting removes one significant check on manipulation or distortion of consumer data, writes the Director of Consumer Reporting and Data Advocacy at the National Consumer Law Center.

Fair Isaac Corp.'s shares saw their worst day since March 2020 on Wednesday, falling alongside credit bureau stocks after the head of the Federal Housing Finance Agency questioned credit report pricing. 

The credit scoring agency will provide an education curriculum to a leading minority trade group, aimed at helping mortgage professionals learn more about financial wellness and help their potential clients attain homeownership.

Ohio-based Liberty Home Mortgage joins several companies who started using a more modernized FICO credit score for nonconforming mortgage originations recently.

Cardinal Financial's utilization of the FICO alternative credit metric could help pave the way for broader use as Fannie Mae and Freddie Mac move to adopt it.

Consumer advocates and fintechs say the traditional credit score and lending systems that use it are murky and perpetuate bias. FICO’s leader points out that new FICO scores use expanded data sets, just as fintechs do.