Petition: End the Abuse of Monopoly Power in Credit Reporting

FICO and the national credit bureaus operate with the extraordinary privilege of a closed and uncompetitive market. With that privilege should come accountability and oversight—but instead, we’ve seen unchecked abuse.

Credit report costs have skyrocketed without justification, harming consumers and the mortgage professionals who serve them. This isn’t just about fees. It’s about fairness, transparency, and the responsibilities that come with market dominance.

We believe it’s time for regulators—and Congress—to act. Either these entities must be held to a higher standard through meaningful oversight, or the privilege they’ve been granted must be reconsidered entirely.

We, the undersigned, are calling for:

• Immediate investigation into credit report pricing practices
• Increased transparency and accountability in how fees are set
• Consideration of alternative models and systems to introduce competition and protect consumers