Fair Isaac , the creator of the FICO score, saw shares rally more than 20% on Thursday after it unveiled a new pricing model that will allow mortgage lenders to bypass credit bureaus for credit scores.

The Montana-based data analytics company said it would license its credit scores directly to mortgage resellers who can then distribute FICO scores directly to borrowers. The score is used by nearly 90% of lenders to evaluate a borrower's credit risk. FICO scores generally range from 300 to 850, with higher scores reflecting lower credit risk.

The pop in Fair Isaac's stock is its largest percent increase since Nov. 22. The shares are down about 9% this year.

Under the new plan , lenders will have the option of choosing between two pricing models. "This change eliminates unnece

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