Equifax shares fell 5.62% to $178.46 Friday as investors assessed regulatory threats from the Federal Housing Finance Agency (FHFA), including a possible shift from three-bureau to two-bureau mortgage credit reporting. FHFA Director Bill Pulte directed Fannie Mae and Freddie Mac to approve VantageScore 4.0 for all lenders, a move that could benefit VantageScore co-owner Equifax alongside Experian and TransUnion. However, Pulte also accused the three credit bureaus of overcharging consumers and using cartel-like practices, while citing an 1,800% increase in FICO credit-score prices since 2020. A bi-merge system could reduce mortgage credit-report volume by one-third, creating a structural revenue risk for Equifax.