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| Topics and Issues | Credit scores (37) |
National Mortgage News reports (paywall) that
Prices for FICO-issued mortgage credit scores for most in the lending industry will be increasing by 400% in 2023 — but the costs aren’t rising as much for a small select group. According to a memo from the National Consumer Reporting Association obtained by National Mortgage News, FICO intends to group its customers into three primarily volume-based tiers. Tier 1 consists of 46 lenders that will receive an increase of less than 10%, while the second tier is made up of six lenders, whose price for a credit score will increase by 200%. Every other originator is in the third tier and this group will see its prices rise by 400%.