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DoJ Opens Anti-trust Investigation into Fair Issac

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Senior Contributor

DoJ Opens Anti-trust Investigation into Fair Issac

Politico:

The Justice Department has opened an antitrust investigation into Fair Isaac, the financial company whose credit scores underlie nearly all U.S. consumer credit decisions, according to information obtained by POLITICO.

The probe follows years of complaints from rivals about Fair Isaac's dominance, and comes amid efforts by Congress and financial regulators to inject more competition into the credit score market.

.....In 2006, Experian, Equifax and TransUnion introduced their own credit scoring model, known as VantageScore. Fair Isaac sued the three agencies for antitrust violations, but a court later dismissed those allegations. A federal jury later sided with VantageScore that it didn’t violate Fair Isaac’s trademarks or engage in unfair competition.

.....A December 2018 proposed rule by FHFA ( Federal Housing Finance Agency) would have effectively prohibited Fannie and Freddie from using VantageScore over concerns about conflicts of interest. But the final rule, issued in August, switched gears and allowed the government-sponsored entities to make use of VantageScore as an alternative to FICO scores.

 

 


Message 1 of 21
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Senior Contributor

Re: DoJ Opens Anti-trust Investigation into Fair Issac


@DaveInAZ 
I'll edit too so as to not take away from the article.

 
Poof! cleaned it up Smiley Very Happy

Image result for spreading pixie dust gif




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Message 2 of 21
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Epic Contributor

Re: DoJ Opens Anti-trust Investigation into Fair Issac

 

This is not directed at any person, and is done in Humor only!

 

See the source image

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Message 3 of 21
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Frequent Contributor

Re: DoJ Opens Anti-trust Investigation into Fair Issac

I don't see it gaining much traction. They provide the best "product" so everyone uses them over other options




Goal: Mortgage/Chase Trifecta






Message 4 of 21
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Senior Contributor

Re: DoJ Opens Anti-trust Investigation into Fair Issac


@GApeachy wrote:

@DaveInAZ wrote:

 

As a member of MyFico it always bothered me that MyFico staff openly referred to any non-Fico credit scoring as "FAKO". 


MyFico Staff?  Do you mean the Mods and CL's?  If so, they are not paid nor are they considered "Staff".  The "play on words" can be found on any credit website that I've run across.


No, there used to be sticky threads by Admins, especially in scoring forums referring to "FAKO" scores, but they do seemed to have cleaned that up lately. I'll edit my post to just stick to the news.

Message 5 of 21
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Senior Contributor

Re: DoJ Opens Anti-trust Investigation into Fair Issac


@DaveInAZ wrote:
 I'll edit my post to just stick to the news.

Cool Beans!Smiley Very Happy

Btw, thank you for the posting the article.




Starting Score: 680
Current Score: 786
Goal Score: 850


Take the myFICO Fitness Challenge

”MY TAKE HOME PAY DON’T TAKE ME HOME”
Message 6 of 21
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Community Leader
Senior Contributor

Re: DoJ Opens Anti-trust Investigation into Fair Issac

Who has something to gain by this? That's the question. I don't see FAKO being hurt. Practically every lender uses it in some fashion. FAKO has drastic swings. Not a good option for most credit decisions. JMHO!!

Message 7 of 21
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Epic Contributor

Re: DoJ Opens Anti-trust Investigation into Fair Issac


@blindambition wrote:

Who has something to gain by this? That's the question. I don't see FAKO being hurt. Practically every lender uses it in some fashion. FAKO has drastic swings. Not a good option for most credit decisions. JMHO!!


Heck there are even FAKO Rolex watches  Smiley Very Happy .. I wonder if Rolex gets offended?

 

popcorn eating emoticon.gif

Message 8 of 21
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Epic Contributor

Re: DoJ Opens Anti-trust Investigation into Fair Issac


@GApeachy wrote:

@DaveInAZ wrote:
 I'll edit my post to just stick to the news.

Cool Beans!Smiley Very Happy

Btw, thank you for the posting the article.


+

popcorn eating emoticon.gif

Message 9 of 21
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Senior Contributor

Re: DoJ Opens Anti-trust Investigation into Fair Issac


@blindambition wrote:

Who has something to gain by this? That's the question. I don't see FAKO being hurt. Practically every lender uses it in some fashion. FAKO has drastic swings. Not a good option for most credit decisions. JMHO!!


Vantage 3 is pretty lousy, too volatile - you sneeze the wrong way and your score tanks. But Vantage 4 I've been getting from Sychrony seems much more stable and reliable.


Message 10 of 21
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