Thank you for sharing!

Your article was successfully shared with the contacts you provided.
FICO headquarters in San Jose, Calif. 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.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?

Peter Strozniak

Dig Deeper


Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times
Live Chat

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.