Aug
27
There’s One Mortgage Monopoly the U.S. Government Wants to Keep
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Rivals press hard to break FICO’s lock on scoring credit risk
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Fannie Mae and Freddie Mac are skeptical of benefits of change
The FICO credit score is as ubiquitous as it is crucial in getting a mortgage.
Now, an odd-bedfellows alliance is out to break FICO’s lock and allow scores from rival companies.
At stake, proponents say, is credit access for as many as 35 million consumers whom FICO doesn’t evaluate, especially blacks and Hispanics with scant borrowing histories…
There’s One Mortgage Monopoly the U.S. Government Wants to Keep
