Credit bureaus sink after FICO launches platform to bypass them

Shares of credit bureaus Equifax (EFX), TransUnion (TRU) and Experian (EXPGY) are moving lower after FICO (FICO) launched its Mortgage Direct License Program, which gives tri-merge resellers the option to calculate and distribute FICO Scores directly to their customers. The new platform eliminates “reliance on the three nationwide credit bureaus,” FICO said in a statement. Shares of Equifax are down 11%, or $28.84, to $225.00 in premarket trading while TransUnion is down 9%, or $7.26, to $75.00. Experian is down 6% in European trading.