"At CIC Credit, we are excited to offer our lender partners the new direct-licensing option for FICO Scores alongside our traditional delivery methods, Mike Thomas, chief operating officer of CIC Credit, said in a statement. This expansion enhances our role as a trusted provider of the FICO Score Mortgage Simulator and empowers lenders with greater flexibility and choice in how they access and implement the industry-standard score."
"The FICO Score which FICO claims is used by 90% of top U.S. lenders is the standard measure of consumer credit risk in the U.S. The FICO Mortgage Direct License Program, announced at the start of October, lets tri-merge resellers calculate and deliver its scores directly to mortgage lenders, effectively bypassing the three major credit bureaus: Equifax, TransUnion and Experian. The program comes as competition with VantageScore, owned by the aforementioned three major credit bureaus, intensifies."
"But Federal Housing Finance Agency Director announced via social media on Monday that the agency was reviewing a potential deal with FICO to implement its new credit score, FICO 10T. This would be great for consumers and the safety of the mortgage market, to have both FICO 10T Score and Vantage Score 4.0. Stay tuned! Very close to a deal, his post read."
CIC Credit added a direct-licensing option for FICO Scores, complementing its traditional delivery methods and supporting the FICO Score Mortgage Simulator. The FICO Mortgage Direct License Program allows tri-merge resellers to calculate and deliver scores directly to mortgage lenders, bypassing Equifax, TransUnion and Experian. FICO claims the FICO Score is used by 90% of top U.S. lenders and remains the U.S. standard measure of consumer credit risk. The program offers a transparent, cost-effective model intended to give lenders delivery choices amid growing competition from VantageScore and a possible FHFA review of FICO 10T.
Read at www.housingwire.com
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