🔴 FICO is trading 11.41% down today after Fannie Mae and Freddie Mac announce adoption of competitor's credit score

Shares of FICO are trading sharply lower, down 11.41% to $918.42, following a major industry announcement.

• Government-sponsored enterprises Fannie Mae and Freddie Mac announced they will begin accepting mortgage loans assessed using VantageScore 4.0. [10]
• This marks a significant shift away from the exclusive use of traditional FICO scoring models in the mortgage industry, introducing a major competitor into a core part of FICO's business. [10]
• The move is part of a broader implementation of new credit score models, including FICO's own Score 10T, but the acceptance of a direct competitor has negatively impacted investor sentiment. [10]