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Experian slides amid worries about US data anlytics firm Fair Isaac's new program
(Sharecast News) - Experian slumped on Thursday after US peers Equifax and TransUnion were hit by news that US analytics software firm Fair Isaac was launching a new program that will give tri-merge resellers the option to calculate and distribute FICO scores directly to their customers. The FICO score is used by lenders to help make credit risk decisions across the customer lifecycle.
In a press release on Wednesday, Fair Isaac said the 'FICO® Mortgage Direct License Program' will eliminate reliance on the three nationwide credit bureaus.
Chief executive Will Lansing said: "Today marks a turning point in how credit scores are delivered and priced across the mortgage industry.
"Direct licensing of the FICO Score brings transparency, competition, and cost-efficiency to the mortgage lending process. This change eliminates unnecessary mark-ups on the FICO Score and puts pricing model choice in the hands of those who use FICO Scores to drive mortgage decisions."
At 0925 BST, Experian shares were down 5.5% at 3,474.50p.
Equifax shares closed down 11.1% on Wednesday, while TransUnion slid 7.1%.
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