CNBC's Diana Olick reports on news regarding FICO.

Fair Isaac Corporation (FICO), the provider of widely used credit scores, has announced it will begin licensing its scores directly to lenders, rather than through credit bureaus such as TransUnion, Equifax, and Experian. This change is intended to eliminate additional markups imposed by bureaus and give lenders more control over pricing models.

FICO will charge $4.95 per credit score, a 50% reduction compared to the previous system, and $33 when a loan closes. The move has led to a surge in FICO's stock price and a decline in credit bureau stocks. The decision has been acknowledged by FHFA director Bill Pulte, who called it a positive first step and encouraged further reforms from credit bureaus.

FICO to license scores directly to lenders skipping credit bureaus

Shares of FICO score provider Fair Isaac are surging while credit bureaus are seeing some pressure Pretty much across the board. I know Alex here with more on what's driving the move morning Diana Good morning, Carl Yeah FICO which is the credit score that decides if you and I qualify for mortgages and at what interest rate is now licensing its scores directly to lenders instead of going through the credit bureaus like TransUnion Equifax and Experian and Those bureaus are the middlemen and they charge more for the scores That is why their stocks are all taking a big hit today the stock affair Isaac Of course is way up today FICO scores are used by 90% of lenders FICO CEO Will Lansing said in a statement about this this change eliminates Unnecessary markups on the FICO score and puts pricing model choice in the hands of those who use FICO scores to drive mortgage Decisions now FICO according to its release will charge a fee of $4.95 for each credit score Which represents a 50% reduction in the fee charged by the merged system of the three credit bureaus that according to the FICO release FICO then charges $33 when the loan closes now You may remember last spring FHFA director Bill Pulte who oversees Fannie Mae and Freddie Mac Attacked FICO and the credit bureau pricing saying on X that he is not happy with FICO later He said he was doing a full-scale review of the credit bureaus Pulte posted on X this morning that while FICO's decision is a first step. It is appreciated He encouraged the credit bureaus to also take similar creative and constructive Actions to make our markets safer stronger and more competitive back to you guys

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