Information Services: VantageScore Management Meeting: Credit Scoring Competition Has Stepped Up (EFX, FICO, TRU)

Research evidence excerpt

Information Services: VantageScore Management Meeting: Credit Scoring Competition Has Stepped Up (EFX, FICO, TRU)

J P M O R G A N North America Equity Research

31 July 2026

Information Services

VantageScore Management Meeting; Credit Scoring

Competition Has Stepped Up (EFX, FICO, TRU)

Yesterday, we hosted a hybrid investor meeting/call with VantageScore President Business & Information Services

AC& CEO Silvio Tavares and EVP & Head of Public Affairs Tony Hutchinson. Alexander E.M. Hess, CFA

VantageScore is a privately held credit scoring model developer, and is jointly (1-212) 622-8331

owned by the three national credit bureaus — Equifax (EFX; OW), Experian alexander.hess@jpmorgan.com

(EXPN LN; covered by Jane Sparrow), and TransUnion (TRU; OW). Until earlier Andrew C. Steinerman

this year, Fannie Mae and Freddie Mac (collectively called the GSEs), exclusively (1-212) 622-2527

required the use of credit scores from Fair Isaac (FICO; N) be submitted with andrew.steinerman@jpmorgan.com

conforming mortgage loans. Now, the VantageScore 4.0 scoring model is also Rohan Kalra

available, alongside the FICO Score. For investors who missed the call, a (1-212) 622-0879

rohan.kalra@jpmorgan.com

REPLAY is available here on J.P. Morgan Markets. J.P. Morgan Securities LLC

We flag upfront that VantageScore’s competitive positioning versus FICO’s

scoring models — “FICO Classic” today and FICO Score 10T prospectively — is

highly contested terrain. Both camps have their claims and counterclaims, and each

has at times made pointed assertions about the other. The stakes are high: mortgage

market acceptance has historically underpinned credit scoring moats and mortgage

originations have been a significant monetization engine for the three credit

bureaus and (especially) for FICO.