FICO shares drop on Hawley's probe into mortgage pricing

Investing.com -- Shares of Fair Isaac Corporation fell more than 5% on Monday after a Politico report revealed that Republican Senator Josh Hawley is launching an investigation into the company's pricing practices for mortgage market services.

The Missouri Republican reportedly sent a letter Monday to Fair Isaac Corp., announcing his intention to investigate the company's price increases for credit scores. Hawley also sent a letter to the Federal Trade Commission urging the agency to conduct a similar investigation. The lawmaker contends that the rising cost of credit scores is adding financial strain to homebuyers in an already unaffordable market.

"These price increases are most damaging to the Americans who can least afford them. First-time homebuyers bear a disproportionate burden of the cost," Hawley wrote in the letter to FICO, which was obtained by Politico.

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