Credit is certainly a topic as of late, both its process and its cost, but I received this note from an industry vet in the South. “Rob, I’m tired of lenders having ‘a come apart’ over FICO’s costs. No one talks about the fact that FICO held its prices steady for over 20 years, and the 1400 percent price increase came from a base of 69 cents. I don’t think FICO is running away from competition. Everyone is talking about ‘1B’ (one bureau), but the bigger issue is lender choice, where the lender or LO chooses which score they’re going to use. Not all the bureaus have the same data, and that opens the door to adverse selection, increased risk, and gaming, which all leads to increased costs to consumers.” While we’re talking credit, here in Florida at the Lenders One Summit, I spoke to a few people about what they were doing to try to save money, and a few of them mentioned FICO’s Direct License Program.
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