Fair Isaac Corporation (FICO) experienced a significant decline in its stock price, dropping 15.1% on May 21, 2025, and marking a 22% decrease over the last two trading days. The stock's fall was attributed to concerns raised by the head of the Federal Housing Finance Agency (FHFA) regarding the pricing of credit reports, which impacted not only FICO but also other credit bureau stocks. FICO's drop was the 22nd largest 1-day decline in the last two decades, with an 8.11% decrease on the previous day. The FHFA's scrutiny over credit report costs came amidst discussions about potential adjustments to mortgage acceptance programs, specifically the 'two credit score' policy implemented by the Biden administration. This policy has been criticized for adding unnecessary complexity and benefiting companies like Experian. Additionally, Pulte questioned the cost of some credit reports, contributing to the stock's decline. Analysts from Unicus Research had previously warned their clients about FICO's potential downturn, indicating that the stock's drop was not without reason. The situation has led to FICO being the worst performer in the S&P 500 on that day, with the stock collapsing by more than 250 points, marking its worst day since March 2020. This highlights the impact of regulatory scrutiny on the credit reporting industry.