SAN JOSE, Calif., March 15, 2020 /PRNewswire/ -- On
Friday, March 13, 2020, FICO was
notified that the U.S. Department of Justice, Antitrust Division,
opened a civil investigation into potential exclusionary conduct by
FICO. FICO intends to fully cooperate with the Department of
Justice and looks forward to a constructive dialogue about the
state of competition in our industry.
Lenders have multiple choices of analytic models to use in
credit decisioning and are free to choose the credit score that
works best for them. In a competitive marketplace, the FICO® Score
is chosen because it is trusted to be independent, predictive and
reliable, and because FICO is constantly innovating to enable
lenders to responsibly extend access to credit. FICO has also
earned the trust of consumers through programs like the FICO Score
Open Access initiative, which provides customers from more than 200
financial institutions with free access to the FICO Scores used to
manage their credit accounts.
FICO is confident the Department will conclude that it has not
engaged in any exclusionary conduct. To the extent the
Department's inquiry was initiated based on TransUnion's antitrust
claims in the parties' ongoing private litigation—claims TransUnion
made only after FICO filed its lawsuit to recover millions in
unpaid royalties from TransUnion—we are equally confident the
Department will find them to be without merit.
About FICO
FICO (NYSE: FICO) powers decisions that
help people and businesses around the world prosper. Founded in
1956 and based in Silicon Valley, the company is a pioneer in the
use of predictive analytics and data science to improve operational
decisions. FICO holds more than 200 US and foreign patents on
technologies that increase profitability, customer satisfaction and
growth for businesses in financial services, telecommunications,
health care, retail and many other industries. Using FICO
solutions, businesses in more than 100 countries do everything from
protecting 2.6 billion payment cards from fraud, to helping people
get credit, to ensuring that millions of airplanes and rental cars
are in the right place at the right time.
Learn more at https://www.fico.com
FICO is a registered trademark of Fair Isaac Corporation in the
US and other countries.
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SOURCE Fair Isaac Corporation