FICO’s Monopoly is Fading & Consumers Are the Winners w/ Kelsey Zhu | The Real Eisman Playbook Ep 59

On episode 59 of The Real Eisman Playbook, Steve Eisman sits down with Kelsey Zhu of Autonomous to discuss the collapse of FICO's decades-long monopoly on credit scores and what it means for homebuyers, lenders, and investors. Kelsey breaks down how FICO raised its mortgage score pricing from 60 cents to $10 per pull and why that aggressive pricing opened the door for Vantage. They also explore the broader financial data sector and discuss how AI is reshaping the competitive landscape for every company in the group.

00:00 - The Real Eisman Playbook Premium

02:20 - Intro

04:35 - An Overview of the FICO Situation

13:40 - Destroying a Monopoly

20:05 - FICO vs Vantage Pricing

27:42 - The Credit Bureaus

30:39 - Kelsey's Call with a Private Mortgage Lender

35:09 - Outside the Mortgage Industry

37:00 - Going Back to the Price Increase

38:06 - Monopolies vs Duopolies

40:11 - Good & Bad Business Models

45:15 - Businesses of the Credit Bureaus

49:23 - How AI Factors In

51:20 - Verisk's Business Model

54:10 - MSCI

59:03 - FactSet

1:03:25 - Summarizing the FICO Situation & Lessons Learned

1:03:32 - Outro

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Disclaimer: The financial opinions expressed are for information purposes only. The opinions expressed by the hosts and participants are not an attempt to influence specific trading behavior, investments, or strategies. Past performance does not necessarily predict future outcomes. No specific results or profits are assured when relying on this content. Before making any investment or trade, evaluate its suitability for your circumstances and consider consulting your own financial or investment advisor. The financial products discussed in ‘The Eisman Playbook' carry a high level of risk and may not be appropriate for many investors. If you have uncertainties, it's advisable to seek professional advice. Remember that trading involves a risk to your capital, so only invest money you can afford to lose. Derivatives are unsuitable for all investors and involve the risk of losing more than the amount originally deposited and any profit you might have made. This communication is not a recommendation or offer to buy, sell, or retain any specific investment or service. Copyright ©2025 Steve Eisman

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