Fair Isaac Corp. (NYSE: FICO) has hired a new lobbying expert to strengthen its position in Washington following a series of attacks against the FICO score provider by Bill Pulte, director of the Federal Housing Finance Agency (FHFA).
Politico reports that John McMickle of North South Government Strategies started work last week as a FICO lobbyist. The company broke an internal record in the second quarter by spending on its federal lobbying by spending $460,000 – more than double its lobbying budget in the first quarter.
The new push in Washington follows Pulte’s criticisms of FICO, accusing the company of running a “monopoly who has ripped off Americans for decades.” Pulte caught many off-guard with his announcement that lenders will now be able to use the VantageScore 4.0 credit scoring model for mortgages backed by Fannie Mae and Freddie Mac. Politico noted VantageScore was no slacker when it came to lobbying – that company spent $160,000 on influence efforts in the second quarter, up from $115,000 in the first quarter.
But Pulte is not the only one critical of FICO. In April, Sen. Josh Hawley (R-MO) asked the Department of Justice to begin an antitrust probe following a new price hike by FICO.
