Breaking Up the Credit Score Cartel The US Director of Federal Housing, Bill Pulte, has instructed Fannie Mae and Freddie Mac to approve all lenders for use with VantageScore, a rival credit scoring system to FICO.
This move is significant because it challenges FICO's near monopoly on the mortgage credit market.
Pulte's decision comes at a time when he is also cracking down on the three credit reporting agencies – Equifax, Experian, and TransUnion – that own VantageScore.