Misinformation has a cost. When it comes to FICO’s effort to preserve is credit score monopoly and pricing powers, it’s worth asking who is paying—and who ultimately pays the price.
Recent false commentary from the Urban Institute claims that allowing lenders to choose between VantageScore 4.0 and Classic FICO could lead to credit score “gaming” and artificially inflated borrower credit scores. Meanwhile, the Structured Finance Association (SFA) has falsely warned that introducing new credit scoring models could create market fragmentation, reduce liquidity and ultimately raise mortgage rates.
Both organizations have conflicts of interest and have significant previously undisclosed financial relationships with the monopoly FICO, the company with the greatest economic interest in preserving the status quo and propagating SFA’s and Urban Institute’s false claims.
Urban Institute’s own disclosures identify FICO among organizations contributing $100,000 to $249,999 in 2024 alone.
The relationship between FICO and SFA is similarly noteworthy.
FICO is an SFA member, and a FICO executive serves on SFA’s Board. FICO has been a major, and more recently THE LARGEST, sponsor of SF Vegas, SFA’s flagship, multi-million-dollar conference.
In 2025, FICO was a Diamond Sponsor—SFA’s highest sponsorship tier—which carried a published price of $60,500. FICO was also listed as a supplemental sponsor that year, indicating a financial relationship beyond the Diamond package.
Urban Institute and SFA’s analyses are hopelessly biased, should not be relied upon and are simply “paid for” misinformation sponsored by FICO.
Jeff Richardson, Executive Vice President and Chief Marketing Officer
