Shares of FICO (FICO) sunk Tuesday following remarks by Federal Housing Finance Administration Director Bill Pulte at a Mortgage Bankers Association conference. When asked about the agency’s push to change from a tri-merge credit score to a bi-merge credit score in the underwriting process, Pulte said, “I think FICO should make sure they’re being as economical as possible. We’re actively looking at getting it done. I don’t like some things I’ve heard in terms of the cost. I had the title lobby in as well and I said to them, ‘Look, I think you guys have got to be super smart. Americans are upset about what happened over the last four years.'” Shares of FICO closed Tuesday down 8%, or $182.91, to $2,024.00. Credit reporting agencies Equifax (EFX) and TransUnion (TRU) also closed lower.
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