The coalition of 34 Democratic lawmakers urged President Biden to direct the DOJ to investigate FICO's pricing practices and explore potential remedies to high credit reporting costs.
The letter emphasizes the role of the DOJ and CFPB in addressing anti-competitive behavior in the credit scoring market that inflates prices for consumers.
Signatories highlighted the need for the FHFA to continue promoting competition and accuracy in credit scoring to reduce costs for everyday Americans.
The Mortgage Bankers Association has expressed concerns that rising credit reporting prices could significantly affect consumers, underscoring the urgent need for regulatory intervention.
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