FICO headquarters in San Jose, Calif. (Source: Shutterstock)
Three credit unions are suing the Fair Isaac Corporation, claiming the company that created the ubiquitous FICO score has been leveraging its monopolistic power since 2006 to suppress competition, which harmed businesses and led to higher prices.
The $130 million Sky Federal Credit Union in Livingston, Mont., filed the first antitrust lawsuit in U.S. District Court in Chicago on April 2. Similar lawsuits were filed by the $48.2 million First Choice Federal Credit Union in New Castle, Pa., and the $46 million Alcoa Community Credit Union in Benton, Ark., on April 23 and April 27, respectively. Although these cases were filed separately, they are likely to be consolidated into a class action lawsuit if approved by a federal judge.
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