Posted To: MND NewsWire

The U.S. Department of Justice (DOJ) has launched a civil investigation into FICO Corporation. DOJ is apparently looking into claims that the company which provides credit scores for lenders, is guilty of exclusionary conduct that may have led to its market dominance. On its website the company claims its various credit scoring models have a 90 percent market share. FICO released a statement on the weekend saying it was notified last Friday that DOJ’s Antitrust Division had opened an investigation. It says it intends to cooperate fully and “looks forward to a constructive dialogue about the state of competition in our industry.” While FICO is the leader in its field and its score models are widely used in processing loans for purchase by Fannie Mae and Freddie Mac, it isn’t the only game in…(read more)

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Source: Mortgage News Daily