U.S. Senator Josh Hawley (R-Mo.) has sent a letter to Assistant Attorney General Jonathan Kanter, urging the Department of Justice to investigate the Fair Isaac Corporation’s (FICO) potentially anti-competitive practices.
“The credit score market is dominated by FICO, a for-profit company, operating under a sweetheart deal from the federal government,” wrote Senator Hawley. “Due to this government-granted monopoly, FICO enjoys a 90 percent market share in the business-to-business credit scoring market, making it the only significant competitor in this space.”
“In an apparent abuse of this market power, FICO has significantly increased its prices,” he continued. “These cost increases will be borne by homebuyers, who are already facing the worst housing market in this country’s history. This is, in short, a company abusing its market power to pad its bottom line and make life worse for Americans. It is time for the Antitrust Division to step in and investigate.”
Read the full letter at this link.
