In the latest shot fired in the debate over credit score costs for mortgage borrowers, the Community Home Lenders of America (CHLA) released a white paper addendum Tuesday that positions FICO cost increases as “unusual in American industry,” claiming the scale of fee hikes “can only occur when a producer has monopoly or near-monopoly status.”
In response, FICO (whose full company name is Fair Issac Corp.) stated its scores are just one component of a broader tri-merge credit report bundled product, maintaining that “greater transparency is needed” about how the remaining charges are allocated among the three major credit bureaus.
The CHLA analysis, an update to its January 2024 white paper on mortgage credit scoring markets, contains the tr...