MBA's President and CEO Bob Broeksmit, CMB, released the following statement on FICO’s announcement of new alternative pricing models:

“MBA has led the industry in calling for fixes to the anticompetitive market and increasing costs that lenders and consumers pay for required tri-merge credit reports and other credit reporting products.

“FICO’s new program – which enhances transparency and provides more options to lenders – is a step in the right direction.

“While it remains to be seen if this will result in materially lower costs, MBA will monitor the implementation of this new program while continuing to call for reforms that support a better credit reporting system that promotes more competition, efficiency, and lower costs for consumers.”