Company Reports

On the evening of Sept. 28, 2026, Bill Pulte posted on X that VantageScore will move to the existing Classic FICO grid, effectively removing the 20-point haircut on loan-level price adjustment (LLPA) grids. Shares of Fair Isaac tumbled 20%.

With Fair Isaac's Direct License Program delayed and a wider range of outcomes for mortgage bureau and score usage, we lower our fair value estimate on Fair Isaac.

At midday April 22, the government-sponsored enterprises of Fannie Mae and Freddie Mac announced that they would begin accepting VantageScore 4.0. Shares of Fair Isaac, Equifax, and TransUnion closed 6%, 7%, and 4% lower respectively, with Fair Isaac shares down as much as 15% during the session.

As of midday April 10, Fair Isaac shares were down as much as 14% in intraday trading. Shares of credit bureaus TransUnion and Equifax were down as much as 5% and 4%, respectively.

Fair Isaac shares fell 21% between March 9 and March 11, underperforming peers TransUnion (down 7%) and Equifax (down 8%) as well as the Morningstar US Market Index (up 1%) over the same period.