Credit & Decision Making Software: Gauging Credit as Glimpse to EFX, FICO, TRU

Research evidence excerpt

Credit & Decision Making Software: Gauging Credit as Glimpse to EFX, FICO, TRU

Global Research

14 July 2026ab

Credit & Decision Making Software Equities

AmericasGauging Credit as Glimpse to EFX, FICO, TRU

Software

Kevin McVeigh

Monitoring Origination and Consumer Trends as EFX + TRU Proxy Analyst

Ahead of credit bureau [EFX + TRU] and credit software [FICO] earnings we reconcile kevin.mcveigh@ubs.com

recent activity—mortgage + consumer credit—as a read-across. While higher interest +1-212-882 0081

rates and housing affordability are impacting credit markets we see EFX, TRU, and FICO Bruna Werneck

poised to navigate any changes. Overall, recent mortgage origination volumes have Associate Analyst

stalled following 30-year fixed mortgage rates rising to ~6.5%. That said, borrowing bruna.werneck@ubs.com

costs have the potential to impact H226 if elevated interest rates stall purchase + +1-212-882 5955

refinance activity even if consumer credit remains constructive. Net-net, these results are Olivia Bradlee

encouraging for credit bureaus. We monitor mortgage as EFX + FICO [~20% revenue Associate Analyst

versus ~32% for EFX in 2020] and TRU [~12% versus ~13% in 2020] and end of period olivia.bradlee@ubs.com

[EOP] credit card loans as EFX and TRU are 40-45% consumer credit. +1-212-713 1227

Mortgage [~20% EFX, FICO revenue + ~11% TRU]—latest mortgage

applications FWE 7/3 slipped 2.2% showing continued depressed levels. This

compares to EFX and TRU's LSD/MSD 2026 mortgage inquiry decline guidance.

Our Equifax preference is partially due to higher upside in a potential recovery.

Consumer credit [~40-45% EFX & TRU]—EOP credit card loans rose

4%/5%/7%/6% YoY at BAC/C/JPM/WFC. JPM—resilient consumer credit

performance with debit and credit card volume +10% YoY. Similarly, BOA