The Federal Housing Finance Agency (FHFA) issued a statement Thursday pushing back on what it claimed were intimidation tactics directed by Fair Isaac Corp. (FICO) toward the agency and FHFA Director Bill Pulte.
The alleged intimidation was related to this week’s announcement that Fannie Mae and Freddie Mac will allow lenders to use VantageScore 4.0 for mortgage credit checks in addition to the existing FICO credit scoring model.
“Director Pulte and the Federal Housing Finance Agency will not be intimidated by lobbyists, who may or may not be registered and who seek to cover for monopolistic corporations who have been ripping off Americans for decades,” the FHFA statement read.
A source at FHFA told Scotsman Guide that the statement was referring to FICO.
FICO did not immediately respond to Scotsman Guide’s request for comment.
FICO, whose credit scores are used by Fannie Mae and Freddie Mac, has been the subject of criticism from Pulte in recent months. In May, the FHFA director posted on X that he was “not happy with FICO” regarding a series of cost increases by the creator of the score used to measure consumer credit risk for mortgages.
Pulte posted a copy of the FHFA statement to his personal X account Thursday. He stated that “we will not be intimidated by lobbyists — who may or may not be registered — and well-moneyed corporations.”
Pulte added: “We look forward to implementing all aspects of the Credit Score Competition Act, which was signed years ago but never implemented.”
The Credit Score Competition Act, signed into law by President Donald Trump in 2018, was the basis for this week’s rollout of the credit scoring model from VantageScore Solutions, according to a press release from VantageScore.
Pulte also posted an image to his X account of email correspondence from a journalist seeking comment regarding allegations that the FHFA did not give advance notice to the Treasury Department and Department of Housing and Urban Development before making the VantageScore announcement, and that Pulte was on “thin ice” with several senior Trump administration officials.
An FHFA source disputed these allegations but declined to comment on the record.
A spokesperson for the FHFA provided Scotsman Guide with a statement from White House Spokesperson Davis Ingle that expressed support for the FHFA director.
“President Trump is committed to making it easier and more affordable to achieve the American Dream of homeownership by eliminating unnecessary red tape, increasing supply and lowering costs,” the statement read. “The White House is appreciative of Mr. Pulte’s efforts.”
Sen. Tim Scott, R-S.C., also released a statement Thursday praising the VantageScore 4.0 rollout.
“Seven years ago, I led legislation — that was signed into law — to allow for the inclusion of alternative data sources like rent, utility and telecom bill payments into credit scoring models,” wrote Scott, who chairs the Senate Committee on Banking, Housing and Urban Affairs. “Under President Trump, FHFA Director Pulte is taking long-overdue action to lower costs and expand homeownership opportunities for hardworking Americans across the country.”