Fair Isaac (NYSE:FICO) stock slumps 5.3% after the Federal Housing Finance Agency published a final rule today that requires  Freddie Mac (OTCQB:FMCC +2.3%) and Fannie Mae (OTCQB:FNMA +2.7%) to consider alternatives to Fair Isaac’s FICO score when assessing a mortgage applicant’s creditworthiness.

One FICO competitor that’s likely to benefit is VantageScore Solutions, which is owned by Equifax (EFX +2.2%), TransUnion (TRU +1%), and Experian (OTCQX:EXPGF +2.1%), reports the Wall Street Journal.

The rule becomes effective 60 days after publication in the Federal Register.

The rule takes place in four phases — soliciting applications from credit-score model developers; submission and initial review of submitted applications; credit score assessment; and Enterprise business assessment, in which GSE’s evaluate accuracy and reliability of the model within the GSEs’ systems, impacts on fair lending, and impact on the mortgage finance industry, among other things.

Source: Seeking Alpha and Fanniemae.com