FICO: The Contestable Monopoly?

This is part-3 of my FICO series. In Part 1, I traced the company’s history through the 2018-2025 pricing-power era and pushed back on the popular narrative that FICO’s monopoly was simply gifted to it by the 1995 GSE decision. In Part 2, I went deep on the actual mechanics of how FICO gets paid in mortgage, walked through the new pricing, and explained how the score business has eyewatering margins. Today, I want to tackle behind the paywall what I think is the most important question for the stock: how contestable is this monopoly, actually?

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