FICO to License Credit Scores Directly to Mortgage Resellers

The move allows mortgage resellers to access FICO credit scores without intermediaries, potentially streamlining the mortgage approval process.

Summary

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Terms & Concepts
  • Credit Score: A numerical representation of a person's creditworthiness, used by lenders to assess the risk of lending money.
  • Mortgage Reseller: A company or entity that purchases mortgage products from lenders and resells them to consumers or other businesses.
  • FICO Score: A widely used credit score developed by the Fair Isaac Corporation, utilized in lending decisions, including mortgage approvals.