FICO Plunges 21%, Credit Bureaus Fall, as Pulte Renews Criticism

Fair Isaac Corp. shares plunged 21% on Friday, alongside declines for Equifax Inc. and TransUnion. This market drop followed renewed criticism from Federal Housing Finance Agency Director Bill Pulte regarding consumer credit score costs. Pulte has ordered an end to the FICO credit scoring monopoly, advocating for a shift toward VantageScore. This transition aims to democratize credit access and challenge FICO's dominance, which could potentially reshape current mortgage underwriting practices across the financial industry.