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00:02Fair Isaac, creator of the FICO score, saw its stock jump more than 20% Thursday after unveiling a new price model
00:08that lets mortgage lenders bypass credit bureaus for credit scores.
00:11The company will now license its scores directly to mortgage resellers who can distribute them to borrowers, according to CNBC.
00:17Shares of Experian, TransUnion, and Equifax fell between 4% and 10% as investors saw the move as a threat to their business models.
00:24Rally marked Fair Isaac's largest one-day percentage gain since November.
00:27Those shares remain down about 9% year-to-date.
00:30Fair Isaac's new plan lets lenders choose between two pricing models,
00:33cutting extra markups and giving them more control over mortgage credit score costs,
00:37according to CEO Will Lansing in the release.
00:40For all things money, visit Benzinga.com.
