Fair Isaac, Layer 1: Moat Analysis
FICO's moat was a coordination lock: no lender could leave alone, because the score was the language its counterparties transacted in. In July 2025 the FHFA permitted VantageScore, converting that lock into ordinary switching costs in mortgage. Bureaus now bundle the rival free. Share hasn't moved; pricing authority is under attack from a regulator, the Senate and the FTC. Damaged in one channel. Rejected.
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