A recent poll revealed that about 75% of voters are in favor of reducing the “excessive increases” in FICO fees. Many indicated they would be more inclined to support a Republican candidate who advocates for more affordable credit score fees.
Fabrizio Ward, a key pollster for former President Donald Trump, conducted this poll after reports emerged about Fair Isaac Corporation, or FICO, proposing to raise the prices of credit scores. This announcement sparked a swift response from Congress; Senator Josh Hawley, a Republican from Missouri and chair of the Senate Judiciary and Crime Subcommittee, stated he would launch an investigation into FICO’s intended price hikes. Hawley pointed out that these escalating costs are making homebuying increasingly unaffordable.
“These price hikes primarily affect those who can least afford it, especially first-time homebuyers, who are struggling the most,” Hawley mentioned in a letter outlining his investigation.
FICO supplies algorithms used to calculate credit scores to three major credit bureaus, which in turn collect consumer data and generate credit reports used by lenders to assess an individual’s creditworthiness.
The survey indicated that there is widespread voter support for lowering these fees.
Seventy-four percent of registered voters favor stopping the price increases, with a significant 56% expressing strong support.
Moreover, there is notable backing for the Justice Department’s antitrust investigation into this matter, with 71% in favor and only 11% against.
Ward’s findings suggest that Republicans could gain significant support in Congress by addressing FICO fees.
By a substantial 25-point margin, or 43% to 18%, voters expressed they would be more likely to back Republican congressional candidates if action were taken to lower FICO fees and, consequently, housing costs. This is particularly relevant for swing voters.
The poll highlights that the most influential issue affecting voter decisions in the midterm elections is “affordability,” cited by 21% of respondents, followed by “immigration” at 17%, “foreign affairs” at 14%, and “health care” at 11%.
According to the survey, affordability is deemed even more critical by swing voters (28%), those who often choose across party lines in tight races, and especially by those in the homebuying segment (33%) and first-time buyers (37%).
Voting notes:
Credit score fee National RV survey memo by Breitbart News
Fabrizio Ward surveyed 1,000 registered voters from March 25 to March 28, with a margin of error of 3.1 percentage points.
