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As background, in 2006 the three credit reporting agencies (Equifax, Experian and TransUnion) along with VantageScore Solutions released to market a new broad-based credit risk score called VantageScore that lenders could purchase to help them evaluate the future credit risk of prospects and customers. Shortly thereafter, FICO filed a lawsuit claiming that the credit reporting agencies and VantageScore Solutions were engaging in unfair and competitive practices that could harm FICO.
[Infographic: How Much is Your FICO Score Costing You on Your Mortgage?]
In 2010, a U.S. district judge dismissed FICO’s claim of antitrust, false advertising and breach of contract, and the judge denied FICO’s motion for a new trial and ordered the cancellation of FICO’s trademark for its scoring range of 300 to 850 once FICO’s appeal concludes.
So what does all this mean for lenders and consumers in 2011 when credit dynamics, practices and the regulatory environment are so drastically different compared to 2006 when the lawsuit was originally filed?
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From my perspective (and I’ll leave any legally focused review and assessment to others):
Only the parties involved in the lawsuit can determine if this chapter of credit score history has come to an end.
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Disclosure: Please note nothing in this post should be considered legal opinion or review. In addition, Mr. Quinn was employed by FICO when the lawsuit was filed and through August 2010.
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