WASHINGTON — U.S. Sen. Josh Hawley is calling for a federal investigation into mortgage pricing practices by Fair Isaac Corp., citing concerns over recent fee increases that could raise borrowing costs for homebuyers.
The Missouri Republican said he plans to scrutinize FICO’s pricing for credit scores used in mortgage underwriting and is urging the Federal Trade Commission to launch its own inquiry.
In a statement, Hawley said FICO’s recent price hikes could place additional financial strain on consumers already facing elevated housing costs and interest rates. He argued that because FICO scores are widely required in the mortgage process, the company effectively operates with limited competition.
‘Essential to Buying a Home’
“Americans shouldn’t be forced to pay higher fees to access their own credit data, especially when that data is essential to buying a home,” Hawley said.
FICO, formally known as Fair Isaac Corporation, provides credit scores used by lenders to assess borrower risk. Those scores are a key component in mortgage underwriting standards set by government-sponsored enterprises such as Fannie Mae and Freddie Mac.
Hawley’s call for an investigation comes as housing affordability remains a major issue nationwide. Higher mortgage rates and home prices have already pushed monthly payments upward, and additional fees tied to credit scoring could further impact borrowers.
The senator said the FTC should examine whether FICO’s pricing practices are fair and competitive, and whether consumers are being harmed by a lack of alternatives in the credit scoring market.
The FTC has not publicly responded to Hawley’s request.
FICO Response
FICO has previously defended its pricing, saying its scores reflect the value provided to lenders and the broader financial system, though the company has not specifically addressed Hawley’s latest concerns.
