TheBadPlaceCongress | Hawley investigates FICO for mortgage credit scoring by By Cassandra Dumay and Jordain Carney
Sen. Josh Hawley is launching an investigation into how the dominant player in credit scoring prices its services for the mortgage market.
The Missouri Republican sent a letter Monday to Fair Isaac Corp., known more widely by its acronym FICO, announcing his intention to investigate the company’s price increases for credit scores. The lawmaker also sent a letter to the Federal Trade Commission urging the agency to do the same. Hawley argues that the increasing cost of credit scores is straining homebuyers in an already unaffordable market.
“These price increases are most damaging to the Americans who can least afford them. First-time homebuyers bear a disproportionate burden of the cost,” Hawley wrote in the letter to FICO, which was obtained exclusively by POLITICO.
