Credit Bureaus - Assessing Potential Impacts from Move to Bi-Merge; Believe Unlikely Near-Term

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Credit Bureaus - Assessing Potential Impacts from Move to Bi-Merge; Believe Unlikely Near-Term

Business and Information Services

Credit Bureaus - Market Overweight

CREDIT BUREAUS June 8, 2026

Credit Bureaus - Assessing Potential Impacts from Move to TICKER RTG PT % UP

EFX PP NA NABi-Merge; Believe Unlikely Near-Term

EXPN-GB OP £33 26.0%

FICO OP $1,450 27.5%

The Wolfe Byte TRU OP $90 27.4%

While we believe a transition to bi-merge is unlikely n-term given potential OP=Outperform, PP=Peer Perform,

UP=Underperform, NR=Not Rated

adverse impacts on credit availability and ongoing changes to mortgage credit

scoring with lender choice, we assess potential impacts to the credit bureaus. See

EXPN-GB as less exposed vs. others.

●Hypothetical Path to Bi-Merge: The transition from tri-merge to bi-merge Scott Wurtzel

remains a topical debate among investors given the direct implications to swurtzel@wolferesearch.com (646) 582-9313

the credit bureaus and FICO. We believe awareness/fears around a move

to bi-merge have grown in recent weeks following comments from FHFA Darrin Peller dpeller@wolferesearch.com

Director Bill Pulte in April suggesting "the credit bureaus are next" following (646) 582-9310

the announcement of VantageScore implementation. We do not believe that View Darrin’s Research

a transition is likely near-term given potential adverse impacts to credit Griffen Drebing

availability/creditworthiness from moving from three files to two. Further, gdrebing@wolferesearch.com (646) 582-9314

the industry is already undergoing change following the introduction of

VantageScore 4.0 for government-backed mortgages (and pending approval of Cameron Dyer cdyer@wolferesearch.com

FICO Score 10T and FICO's DLP), and we believe throwing another change on 646-582-9337