Fair Isaac
The company behind the FICO score, the three-digit number most US lenders use to judge whether a borrower will pay them back.
The scores
Growth3/4 ↓
Revenue grew 26% in Q3 fiscal 2026, but almost all from doubling one price; software grew 2% and mortgage volumes low single digits.
Business quality3/4 ↓
The rule forcing lenders to buy FICO is gone, and a 99-cent rival its distributors own shares its grid; other lending still uses FICO.
Financial position2/4 ↓
Debt is about 3.9 times covenant earnings against a limit falling to 3.50 by 2028, when $2.4B also matures; a mortgage price cut breaches it.
Execution record3/4 →
Beat earnings estimates in 7 of 8 quarters and raised guidance twice, but borrowed to buy shares at about twice today's price.
Per share capture3/4 ↓
Diluted shares fell 7.6% in a year, far ahead of $188M of share pay, but $1.5B of it was borrowed at about $1,149 a share.
Potential2/4 ↓
The upside needs the agencies to accept FICO 10T, certify direct licensing and keep FICO's price, all decisions outside the company.
Risk profile2/4 ↓
About 70% of profit depends on one regulator's grid, still unpublished, and 63% of revenue flows through the rival score's owners.
Valuation3/4 ↑
At 14.6 times trailing operating profit the price allows mortgage profit to halve, but not the franchise to go.
Evidence quality3/4 →
Filings and the regulator back the core, but the mortgage split and prices are spoken on calls, and the grid deciding it is unpublished.
The Verdict
We rate FICO neutral. Its three-digit score is what most US lenders use to judge whether a borrower will pay them back, and for decades the big mortgage buyers would only accept it, which let FICO raise its mortgage price sharply. Now the regulator lets every lender use a rival score sold for under a dollar. The business is mixed, and the shares have fallen about three-quarters. The price already expects the mortgage price to fall a long way, but not the business to vanish, so it is fair. The view hinges on next year's mortgage price; conviction is low because nobody knows how far it falls.
The long caseFICO rides no tide here: the mortgage regulator now lets lenders use a rival score, so the case needs most lenders to keep choosing FICO anyway.
The evidence under this - 9 claims
- Mortgage scores may earn a different margin from the Scores average; the segment note gives one margin for all scores.
- Comparing segment profit with consolidated profit overstates the share, since corporate costs and share pay of $109.3M sit outside the segments.
The $4.95 performance option depends on the direct licence program, which one GSE had still not certified at 2026-07-29, so the $10 price is what lenders actually pay.
- Classic FICO is still required for manually underwritten GSE loans, and the FHFA FAQ keeps tri-merge reporting unchanged (C08).
- Jumbo, portfolio and most FHA lending sit outside the GSE grid; FHA takes VantageScore only from 2027-01-01 (C10).
- The grid is announced, not published (C09), and lenders choosing the better score must still pull both (C14).
- Trailing income holds only two quarters at the $10 price, so 14.6 understates the run rate; it also holds two quarters a price cut would not reach.
- The research pack's $14.2B market value uses a stale 24.0M share count; the filed 21.6M is used.
The company
A lender deciding whether to trust a stranger with money wants one number that sums up their borrowing history. FICO writes the formula; the three credit bureaus, Experian, TransUnion and Equifax, run it on each person's file and sell the score to lenders, paying FICO a fee each time.
Scores are about two-thirds of revenue. The rest is software that helps banks decide whom to lend to and spot fraud.
The evidence under this - 4 claims
How it makes money
FICO earns a fee every time a lender pulls a score. Mortgages pay most: a two-borrower mortgage pulls a score from each bureau for each borrower, six scores, and the fee is now $10 each. That made mortgage scores about 42% of revenue in Q3 fiscal 2026 and roughly 70% of profit, because a formula costs almost nothing to run again. The bureaus collect the fees and pass FICO its share: 63% of revenue arrives through them.
The evidence under this - 4 claims
- The 10-Q does not split B2B revenue by product, so the mortgage share is spoken on the call and never filed.
- An analyst on the Q3 call said 127% growth in Q2 was hard to reach on a doubled price and market volume; the finance chief cited timing of bureau cut-offs.
- Mortgage scores may earn a different margin from the Scores average; the segment note gives one margin for all scores.
- Comparing segment profit with consolidated profit overstates the share, since corporate costs and share pay of $109.3M sit outside the segments.
Where the money comes from, stream by stream
| Stream | Share of sales (Q3 FY2026) | How it earns it |
|---|---|---|
| Business-to-business scores | 59.3% | A royalty on each FICO score the credit bureaus sell to lenders; mortgage origination scores were about 71% of it. |
| Business-to-consumer scores | 8.7% | Scores sold to consumers through myFICO and as royalties on scores the bureaus sell to consumers. |
| On-premises and SaaS software | 29.2% | Decision, fraud and origination software for banks, licensed on premises or run as the FICO Platform service. |
| Professional services | 2.7% | Implementation and consulting work alongside the software. |
Who runs it
William Lansing has run FICO since 2012; Steven Weber, at the company since 2003, became finance chief in 2023. Insiders own about 3%, a little over half of it Lansing's. Their bonus and a third of their share awards ride on sales and earnings, which the mortgage price rises delivered; nothing rides on the debt they took on to buy back stock at about twice today's price.
The evidence under this - 5 claims
The share count has since fallen to 21.6M (C26), raising every percentage, while insiders sold 12,443 shares in the year with no purchases (C34).
Revenue and EBITDA were met largely by the mortgage score price (C07), the lever the regulator has now opened to a rival; nothing pays on leverage, return on capital or per-share results, so the borrowed buyback (C24) costs the plan nothing.
The 10-Q repurchase table shows $2.3B spent in the quarter, including $300M prepaid for shares not yet delivered, so the average will move at settlement; the 8-K's initial delivery implies about $1,137 to $1,422 a share.
Why it wins, and who could beat it
Why customers come back
In mortgages, customers came back because they had to. Fannie Mae and Freddie Mac required a FICO score on every loan they bought, so lenders paid whatever FICO charged.
The proof is the price: FICO doubled its mortgage score from $4.95 to $10 for 2026, and mortgage revenue rose 97% while the number of scores grew only slightly. FICO's own annual report warned that a second approved score could do serious harm.
The evidence under this - 5 claims
- The 10-Q does not split B2B revenue by product, so the mortgage share is spoken on the call and never filed.
- An analyst on the Q3 call said 127% growth in Q2 was hard to reach on a doubled price and market volume; the finance chief cited timing of bureau cut-offs.
The $4.95 performance option depends on the direct licence program, which one GSE had still not certified at 2026-07-29, so the $10 price is what lenders actually pay.
The threat
The threat is VantageScore, a rival score owned by the same three bureaus that distribute FICO's. Since 9 September every lender may send it to Fannie and Freddie instead, and on 28 September the regulator said both scores would be priced on one grid, with no penalty for the rival.
TransUnion sells it for 99 cents. Rocket, among the biggest lenders, says it will make it the default this quarter.
The evidence under this - 5 claims
The rivals: TRU, EFX, TRU, EFX, PEGA, NICE, and 1 more that is private, in-house or listed abroad.
Who else does this, rival by rival
| Ticker | Rival | Where it competes | How far along | Priced against it |
|---|---|---|---|---|
| TRU · EFX | VantageScore 4.0 (the joint venture of TransUnion, Equifax and Experian)Priced against it: One segment only | Mortgage scores | On sale | One segment only |
| VantageScore 4.0, sold by the same three bureaus | Other scores | On sale | ||
| Not listed | FHFA's bi-merge credit reporting, approved in 2022Priced against it: Not listed | Mortgage scores | Announced | Not listed |
| PEGA · NICE | Pegasystems, NICE Actimize and SASPriced against it: One segment only | Software | On sale | One segment only |
How big it could get
How big this could get
US lenders took about 9.9 million mortgage applications in 2023, by the consumer finance regulator's count. FICO's revenue suggests roughly 11 scores are bought for each one, about 114 million a year.
At $10 a score that is about $1.1B a year, close to what FICO now earns from mortgages. At the rival's 99 cents the same pulls are worth about a tenth as much, which is the range this market now sits in.
The evidence under this - 5 claims
Applications in 2026 differ from 2023's, some scores are bought at lower negotiated prices, and pre-qualification pulls are not applications, so the per-application figure is an order of magnitude.
The $4.95 performance option depends on the direct licence program, which one GSE had still not certified at 2026-07-29, so the $10 price is what lenders actually pay.
- Mortgage scores may earn a different margin from the Scores average; the segment note gives one margin for all scores.
- Comparing segment profit with consolidated profit overstates the share, since corporate costs and share pay of $109.3M sit outside the segments.
Where the growth is coming from, business by business
Where the growth is coming from
| Business | Share of revenue | Growth: last quarter | Last half-year | Last year |
|---|---|---|---|---|
| Mortgage scores | 68% | +41.5% | +50.3% | +40.1% |
| Software | 32% | +1.5% | +4.4% | +2.5% |
| Whole company | 100% | +25.7% | +31.9% | +24.1% |
The filed split through 2026-06-30. These rates are not carried forward: the reading below says why.
How we read it: The blend. The 50% row is all Scores, mortgage 62% of it: a doubled mortgage score price on volumes up low single digits; software grew 2%. A price step the single grid threatens is no rate.
The results
The numbers
Sales grew 24% over the twelve months to Jun 2026, faster than the 16% in the year to Sep 2025.
Operating margin is 52%, up from 42% in the year to Sep 2023.
Running costs take 33¢ of each sales dollar, down from 36¢ in the year to Sep 2021.
Each dollar put into the business earns 66% a year after tax, up from 36% in the year to Sep 2021.
It turned 42% of sales into free cash, $996M over the last twelve months.
It owes $5.33B more than the cash it holds, about 5.3 years of the cash its operations bring in.
The share count fell 22% in 4.8 years, and pay in shares costs 7.3% of sales.
All the numbers
Filed figures from the company's 10-K and 10-Q, read 2026-10-04. Fiscal years end in September.
| Sep 2021 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 | 12 mo to Jun 2026 | |
|---|---|---|---|---|---|---|
| Size and growth | ||||||
| Sales | $1.32B | $1.38B | $1.51B | $1.72B | $1.99B | $2.39B |
| Sales growth | +1.7% | +4.6% | +9.9% | +13% | +16% | +24% |
| Profit | ||||||
| Gross margin | 75% | 78% | 79% | 80% | 82% | 85% |
| Operating margin | 38% | 39% | 42% | 43% | 46% | 52% |
| Net margin | 30% | 27% | 28% | 30% | 33% | 34% |
| What growth costs, per sales dollar | ||||||
| Research and development | 13% | 11% | 11% | 10% | 9.5% | 8.7% |
| Selling, general and admin | 30% | 28% | 26% | 27% | 26% | 24% |
| Pay in shares | 8.5% | 8.4% | 8.2% | 8.7% | 7.9% | 7.3% |
| Capital spending | 0.6% | 0.4% | 0.3% | 0.5% | 0.4% | 0.2% |
| Cash | ||||||
| Cash from operations | $424M | $509M | $469M | $633M | $779M | $1.00B |
| Free cash flow | $416M | $503M | $465M | $624M | $770M | $996M |
| Balance sheet | ||||||
| Cash and short-term investments | $195M | $133M | $137M | $151M | $134M | $248M |
| Debt | $1.26B | $1.85B | $1.86B | $2.21B | $3.06B | $5.58B |
| Net cash | −$1.06B | −$1.72B | −$1.72B | −$2.06B | −$2.92B | −$5.33B |
| Returns and shares | ||||||
| Return on capital | 36% | 39% | 45% | 48% | 59% | 66% |
| Shares (diluted) | 29.3M | 26.3M | 25.4M | 25.1M | 24.6M | 22.7M |
What growth costs
Growing has made FICO more profitable, but not because each sale got cheaper to win. Price rises on the mortgage score went almost straight to profit, while the software business, which has to sell to grow, became less profitable. If the score price has to fall, that margin goes back the same way it came.
The evidence under this - 3 claims
Revenue rose 58% over the span while cost of revenues rose 15%, so the gain came from the Scores price (C07) rather than volume, and the Software segment margin fell over the same quarters (C20).
The last report (29 Jul)
Quarter ended June 2026, filed figures.
On the surface Q3 fiscal 2026 was another record: revenue up 26% and earnings per share up 41%. The growth was almost all price. Mortgage revenue rose 97% on volumes up only slightly, while the software business grew 2%.
Management raised its full-year forecast, but the new number implied a weaker fourth quarter than the third, and the finance chief said part of the raise came from a pricing program not yet approved. The shares fell 17% the next day.
What it did to the thesisIt showed how much of the recent growth is price rather than demand, and the weaker fourth quarter implied in the raised forecast hinted the rival score may already be pressing. It left open the real question, what FICO can charge lenders next year, which is why conviction is Low.
The quarter in detail
Sales growth from the previous quarter, filed figures.
Earnings per share $12.18 against $11.76 expected; $10.45 as filed, the gap being what the company adds back.
The evidence under this - 6 claims
- The 10-Q does not split B2B revenue by product, so the mortgage share is spoken on the call and never filed.
- An analyst on the Q3 call said 127% growth in Q2 was hard to reach on a doubled price and market volume; the finance chief cited timing of bureau cut-offs.
The raise partly reflects the direct licence program not going live, which would have deferred revenue, not better demand (C40).
What management did with the money
In the quarter to June FICO spent $1.96B buying back its own shares at an average of $1,149, $1.5B of it borrowed for the purpose. The share count fell 7.6% in a year. The shares now trade at about half that price, and the loan is still owed.
Insiders in 2026Q3: 7 purchases and 8 sales, from their Form 4 filings.
The evidence under this - 3 claims
The 10-Q repurchase table shows $2.3B spent in the quarter, including $300M prepaid for shares not yet delivered, so the average will move at settlement; the 8-K's initial delivery implies about $1,137 to $1,422 a share.
The price, and where we disagree
In short. Fair. The price already expects FICO's mortgage price to fall a long way; it does not pay for the mortgage business disappearing, and it leaves the debt as a second problem.
The rules changed in three steps, and the shares fell each time: about 15% when lenders were first given a choice in July 2025, 16.7% on 4 September when it was opened to every lender, and 26.5% on 29 September when the single grid was announced.
On 4 November FICO reports its year and sets its 2027 mortgage price. That is the first hard evidence of what the change costs, and the debt limit in its bank loan falls on 31 December.
The evidence under this - 5 claims
The raise partly reflects the direct licence program not going live, which would have deferred revenue, not better demand (C40).
How we read the multiple
A buyer of the whole company pays about 14.6 times last year's operating profit. For six years the market paid far more. What has to be true:
1. About $258M a quarter of profit comes from mortgage scores at $10. 2. If half of that disappeared, the price would be about 19 times what is left. 3. If all of it disappeared, about 43 times. 4. So the price already allows a deep cut in the mortgage price, but not the loss of the mortgage business.
Against its own history. Far cheaper than its own normal, because the market no longer believes the mortgage price is safe; that gap is the regulator's decision, not a bargain.
The evidence under this - 5 claims
- Trailing income holds only two quarters at the $10 price, so 14.6 understates the run rate; it also holds two quarters a price cut would not reach.
- The research pack's $14.2B market value uses a stale 24.0M share count; the filed 21.6M is used.
Loading all corporate costs and share pay on the rest understates it; on segment figures the rest earned $213.6M before those costs.
- Mortgage scores may earn a different margin from the Scores average; the segment note gives one margin for all scores.
- Comparing segment profit with consolidated profit overstates the share, since corporate costs and share pay of $109.3M sit outside the segments.
If half the mortgage-score profit goes (about $517M a year at the Q3 rate), the same debt is about 7 times what is left.
Priced against its rivals
None of the listed rivals above sells the same thing to the same buyers as a large part of what it does. A price comparison needs at least two, so the price is judged against its own history instead.
Also checked and set aside: ACI Worldwide (a substitute, not the same product).
Where we disagree with the market
The market thinks FICO's mortgage business is broken and has cut the shares by about three-quarters.
Lenders will keep buying FICO for a while, but the $10 price will not survive a 99-cent rival on the same grid.
The regulator still approves FICO with no end date, and lenders who want the better of two scores must buy both, so volume should hold for a while. The rival's 99-cent price is what limits FICO's price, and no filing shows that yet.
We are wrong if FICO keeps its $10 mortgage price for 2027 in November and its fourth-quarter mortgage revenue matches the third.
What analysts say, and the evidence
The evidence under this - 6 claims
- The 20s ceiling assumed VantageScore priced on a separate grid with a 20-point penalty, which the single grid of 2026-09-28 removes (C09).
- Rocket now defaults to VantageScore for eligible loans (C11), which is choosing it without first comparing scores.
- He also said volume loss is 'not that easy' to monitor.
- Classic FICO is still required for manually underwritten GSE loans, and the FHFA FAQ keeps tri-merge reporting unchanged (C08).
- Jumbo, portfolio and most FHA lending sit outside the GSE grid; FHA takes VantageScore only from 2027-01-01 (C10).
- The grid is announced, not published (C09), and lenders choosing the better score must still pull both (C14).
The $4.95 performance option depends on the direct licence program, which one GSE had still not certified at 2026-07-29, so the $10 price is what lenders actually pay.
The raise partly reflects the direct licence program not going live, which would have deferred revenue, not better demand (C40).
What could go wrong, and how we would know
The risks
- Lenders stop buying FICO On one grid, a lender can send a loan with only the 99-cent score. Rocket says it will default to it this quarter, and others may follow.
- The debt limit tightens Its bank loan caps debt at 4.00 times yearly earnings from 31 December, 3.50 after 2027. Losing half the mortgage profit would put it near 6.
- Distributors own the rival The three bureaus pay FICO 63% of its revenue and also own VantageScore, so FICO's sales channel competes against it.
- The regulator decides No grid or start date has been published. The regulator could also retire the old FICO score before FICO's newer one is accepted.
- Shares bought high FICO borrowed to buy shares at about twice today's price; that money is gone and the loan, $2.4B due in 2028 with other debt, remains.
The evidence under this - 7 claims
- Classic FICO is still required for manually underwritten GSE loans, and the FHFA FAQ keeps tri-merge reporting unchanged (C08).
- Jumbo, portfolio and most FHA lending sit outside the GSE grid; FHA takes VantageScore only from 2027-01-01 (C10).
- The grid is announced, not published (C09), and lenders choosing the better score must still pull both (C14).
Free cash flow near $1B a year (C44) repays debt quickly, and the company said it would; a halving would take more than a year to arrive.
10T cannot be delivered to the GSEs at all yet (C08), so its price matches VantageScore only where the GSEs do not decide.
The 10-Q repurchase table shows $2.3B spent in the quarter, including $300M prepaid for shares not yet delivered, so the average will move at settlement; the 8-K's initial delivery implies about $1,137 to $1,422 a share.
What we still do not know
- When the single grid starts, and whether it keeps any difference between the two scores.
- What FICO will charge for a mortgage score in 2027; management said no decision had been made.
- How many FICO scores the rival has already replaced; FICO itself says this is hard to see.
- When Fannie and Freddie will accept FICO's newer score, 10T, which FICO says predicts defaults better.
The evidence under this - 4 claims
The $4.95 performance option depends on the direct licence program, which one GSE had still not certified at 2026-07-29, so the $10 price is what lenders actually pay.
- The 20s ceiling assumed VantageScore priced on a separate grid with a 20-point penalty, which the single grid of 2026-09-28 removes (C09).
- Rocket now defaults to VantageScore for eligible loans (C11), which is choosing it without first comparing scores.
- He also said volume loss is 'not that easy' to monitor.
10T cannot be delivered to the GSEs at all yet (C08), so its price matches VantageScore only where the GSEs do not decide.
What would change our view
- Neutral→AttractiveA cheaper price with mortgage revenue holding
It needs all of:
- ○The whole company costs 10 times last year's operating profit.about ≈$453.25 today, 23% below the last close
- ○Mortgage revenue stays at $250M or more in the fourth quarter of fiscal 2026.checked at the next results, due by 4 Nov
- Neutral→AttractiveThe agencies settle in FICO's favour
It needs all of:
- ○Fannie and Freddie set a date to accept FICO 10T and approve FICO's direct pricing program.watched as it happens
- ○FICO's forecast for fiscal 2027 keeps the mortgage score at $10.watched as it happens
- Neutral→UnattractiveThe price breaks
It needs any of:
- ○Mortgage revenue falls below $200M in a quarter.checked at the next results, due by 4 Nov
- ○The regulator sets a date to retire the old FICO score before FICO 10T can be used.watched as it happens
We would also be wrong if
- FICO cuts its 2027 mortgage price below the 2025 level of $4.95.
- Debt rises above the 4.00-times limit in its bank loan.
What is coming
- 19 October 2026 Fannie Mae and Freddie Mac MBS disclosures begin naming the credit score model: The first public count of loans delivered on VantageScore 4.0 rather than Classic FICO, the share the mortgage case turns on.
Every dated event ahead
- 19 October 2026 Fannie Mae and Freddie Mac MBS disclosures begin naming the credit score model: The first public count of loans delivered on VantageScore 4.0 rather than Classic FICO, the share the mortgage case turns on.
- 4 November 2026 Q4 fiscal 2026 results, fiscal 2027 guidance and the 2027 mortgage score price: Whether FICO holds its mortgage price at $10, guides fiscal 2027 revenue above $2.53B and reports fourth-quarter mortgage revenue near Q3's.
- December 2026 Rocket Mortgage makes VantageScore 4.0 its default for eligible agency loans: Whether the largest lender stops pulling FICO on those loans, or keeps buying both scores as FICO says lenders do.
- 31 December 2026 Credit agreement leverage limit steps down to 4.00 times: Whether covenant EBITDA keeps leverage under the lower cap after the borrowed buyback, or forces debt repayment over further buybacks.
Since we wrote this
- 23 OctNewsFICO keeps its $10 mortgage score fee for preferred-program lenders; terms unread. View heldFICO holds its $10 mortgage score fee for lenders in its preferred program.
- 7 OctNewsFICO will cut about 15% of jobs, with a $27M charge this quarter. View heldWorkforce reduction of about 15% of positions (8-K Item 2.05).
- 5 OctThesis reviewThe long case now sits under the verdictAfter the five-name pilot, the owner asked for the long case on every thesis.
- 4 OctThesis reviewOwner's checklist: revenue streams, cost of growth, management, catalystsThe owner's checklist found the method silent on who runs the company, what growth costs, where the money comes from and what is dated ahead; this pass fills those four blocks from the proxy and filings.
- 1 OctThesis writtenNeutral, low convictionWritten two days after the regulator put VantageScore on FICO's pricing grid and five weeks before FICO sets its 2027 mortgage price.
Also checked 4 times with nothing new to act on.
Sources 23
Sources - 23
Every claim above cites one of these, or states the reasoning that derived it. The quote is frozen at the date it was read: a link can rot, and an agent fetch returns a reading of a page rather than the page. Backs counts the whole claim ledger, so it can name a claim this page does not surface.
- S01primarycompany filing2025-11-07Item 1 business and competition, risk factors on the GSE requirement and closing costs, customer concentration, segment note, FY2025 statementsbacksC02C12C13C20C38C45C46C50C51C54
- S02primarycompany filing2026-07-29segment note and reconciliation, concentration, debt note and maturities, ASR note, share count, MD&A on unit pricebacksC01C03C07C12C20C22C24C26C27C30C47C49C50C54
- S03primarycompany release2026-07-29Q3 results, segment revenue, software ARR, cash flow, updated FY2026 guidance and its non-GAAP reconciliationbacksC01C03C19C21C22C24C39C44C45
- S04primarytranscript2026-07-29FICO Q3 fiscal 2026 earnings call transcriptthe mortgage share of Scores, volumes, the buyback price, VantageScore share and gaming, the direct licence program; thirteen analysts' questions, a separate origin from the answers
Mortgage origination revenues accounted for 71% of B2B revenues and 62% of total Scores revenues.
backsC04C14C17C18C21C25 - S05primarytranscript2025-11-05FICO Q4 fiscal 2025 earnings call transcriptthe 2025 and 2026 mortgage score prices and the two pricing models of the direct licence program
From a pricing perspective, the FICO score for mortgage originations was $4.95 per score in 2025. The bureaus marked this price up on average to $10 per score.
backsC06C42 - S06primarytranscript2026-04-28FICO Q2 fiscal 2026 earnings call transcriptthe 10T price cut and the Q2 mortgage share
we updated our FICO Score 10T performance model pricing in the FICO mortgage direct licensing program from $4.95 per score plus $33 funding fee to $0.99 per score plus $65 funding fee.
backsC04C17 - S07primarytranscript2026-01-28FICO Q1 fiscal 2026 earnings call transcriptthe Q1 mortgage share, before the 2026 price took effect
Mortgage originations revenues accounted for 51% of B2B revenue and 42% of total Scores revenue.
backsC04 - S08primarycompany filing2026-06-08the $2.0B authorisation, the $1.5B term loan and the $1.5B ASR with about 1,055,100 shares initially deliveredbacksC24
- S09primaryregulator2026-09-09FHFA, Credit Scores policy page and FAQ Federal Housing Finance Agencythe regulator's own timeline from the 2018 law to 2026-09-09, the status of Classic FICO and FICO 10T, the tri-merge rule
On September 9, 2026, the Enterprises expanded the availability of VantageScore 4.0 to all approved lenders, removing the requirement for prior written approval. ... Classic FICO is expected to be retired at a future date, but no retirement date has been announced.
backsC08C41 - S10secondarynews2026-09-29the single-grid announcement, the removed adjustment, Rocket's default, UWM's share and VantageScore's statement
Under that framework, VantageScore 4.0 scores were subject to a 20-point downward adjustment to account for differences between the models. But the pricing grid shared by Pulte on Monday removes the 20-point adjustment.
backsC09C11C16 - S11secondarynews2026-09-29that no grid or date was published, Fannie's MBS disclosure of score models from 2026-10-19, Rocket's default for direct-to-consumer loans
Pulte did not provide an effective date or publish a replacement pricing matrix with the announcement.
backsC09C11C55 - S12primarycompany release2026-09-29the rival's price and term, adoption by over 1,100 mortgage lenders, FHA acceptance from 2027-01-01
Under the extended program, VantageScore 4.0 will continue to be available for $0.99 per mortgage origination score when ordered on a standalone basis. ... Between January and September 2026, VantageScore 4.0 adoption expanded to more than 1,100 mortgage lenders, including 9 of TransUnion's 15 largest mortgage lender customers.
backsC10 - S13primarycompany filing2026-02-27TransUnion names FICO as a competitor and FICO's direct licence program as a risk; mortgage revenue growth from pricingbacksC13
- S14primarygovernment data2024-12CFPB, 2023 Mortgage Market Activity and Trends (HMDA data point), December 2024 Consumer Financial Protection Bureauapplications and originations counted from lenders' HMDA filings, and median loan costs
with the number of applications decreasing by about 4.3 million or 30.3 percent and originations decreasing by 2.7 million or 32.2 percent from 2022. ... Lenders reported approximately 3.2 million closed-end site-built one-to-four family (single-family) home purchase originations in 2023, a 21.3 percent decrease from 4.1 million originations in 2022. ... The median total loan costs for home purchase loans in 2023 was $6,684
backsC35C37 - S15secondaryvendor data2026-10-01Research pack, FICO, 2026-10-01closes and the price history, the multiple series, the price decomposition, the analyst split and target driftbacksC25C28C30C31C32C41C42
- S16primaryregulator2026-09-15FINRA Consolidated Short Interest, FICO, settlement 2026-09-15 FINRAshort interest and days to coverbacksC33
- S17primarycompany filing2026-08-25Forms 4 filed by FICO insiders, 2025-10-01 to 2026-10-01, read by insider_fetch.pyeach open-market sale and its Rule 10b5-1 flagbacksC34
- S18primarycompany filing2026-02-10what a named software rival sells, for the cohort reviewbacksC46
- S19primarycompany filing2026-02-19what a named scoring rival sells, for the cohort reviewread, but no claim rests on it
- S20secondarynews2026-09-28the announcement and the absence of an effective date
Pulte did not offer details on when the unified single-family pricing grid would go into effect in the social media post announcing it.
backsC09 - S21primarycompany release2025-11-05Q4 fiscal 2025 results and the first fiscal 2026 guidance: revenue $2.35B, GAAP EPS $33.47backsC39
- S22primarycompany filing2026-06-08the term loan terms, the stepped total leverage covenant and the EBITDA definitionbacksC47
- S23primarycompany filing2026-01-27beneficial ownership as of November 28, 2025, the fiscal 2025 bonus and PSU goal tables and payouts, the equity mix and the MSU result certified December 3, 2025backsC52C53