Equifax shares fall as FHFA weighs bi-merge credit reporting
Equifax (EFX) trades lower Friday as FHFA’s Bill Pulte says the agency is seriously considering “bi-merge.” Tri-merge requires lenders to pull from all three bureaus for Fannie Mae/Freddie Mac loans.
Shares of Equifax Inc. (NYSE: EFX ) are trading lower Friday afternoon as investors weigh regulatory threats from the Federal Housing Finance Agency against the nationwide expansion of VantageScore in government-backed mortgages.
Equifax stock is feeling bearish pressure.
Why is EFX stock dropping? FHFA Director Accuses Credit Bureaus of ‘Cartel-Like’ Overcharging While FHFA Director Bill Pulte’s Thursday evening directive ordering Fannie Mae and Freddie Mac to approve VantageScore 4.0 for all lenders theoretically benefits Equifax, which co-owns VantageScore alongside Experian and TransUnion, Pulte accompanied the announcement with sharp criticism aimed directly at the three major credit reporting agencies.
In a series of public statements, Pulte accused Equifax, Experian and TransUnion of “overcharging Americans for far too long” and operating with “cartel-like” practices.
Pulte noted that discussions with credit bureau leadership regarding fee reductions had yielded little progress, adding that the agency will “not allow companies to take advantage of American consumers”.
Since 2020, FICO has increased the price per a person’s credit score by 1,800%.
FICO has enjoyed a monopoly.
No more.
Fannie and Freddie’s initial rollout of VantageScore has been incredibly successful, with 50 LENDERS DELIVERING LOANS.
So, EFFECTIVE IMMEDIATELY, I’m… — Pulte (@pulte) September 4, 2026 ‘Bi-Merge’ Proposal Threatens Core Mortgage Data Volumes The primary driver behind the decline in EFX shares is Pulte’s explicit warning that the FHFA is “seriously considering bi-merge” credit reporting and “stronger solutions”.
Under the traditional “tri-merge” model, mortgage lenders are required to pull credit files from all three bureaus—Equifax, Experian, and TransUnion, for every home loan delivered to Fannie Mae or Freddie Mac.
Shifting to a bi-merge framework would allow lenders to pull reports from only two bureaus, effectively removing one-third of total mortgage report volume across the industry and creating substantial structural revenue headwinds for Equifax.
EFX Stock Slides Friday Afternoon EFX Price Action: Equifax shares were down 5.62% at $178.46 at the time of publication on Friday, according to Pro data.
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