Fair Isaac Slumps as Pulte Moves to Cut Credit Score Costs
William Pulte and Eric Scott Turner during a news conference at the Federal Housing Finance Association (FHFA) headquarters in Washington on April 22.
Photographer: Eric Lee/Bloomberg
Shares of Fair Isaac Corp., known as FICO, sank on Wednesday, after the US government took steps that officials said were aimed at cutting costs for credit scores and making homeownership accessible to a wider swath of buyers.
The Federal Housing Administration and mortgage-finance giants Fannie Mae and Freddie Mac are implementing the first new credit score models for mortgages in decades, according to a news release from the Federal Housing Finance Agency. The models include factors like rental and utility payment history.