Florida subpoenas FICO in antitrust investigation

(The Center Square) – Florida issued a civil subpoena this week to credit scoring company FICO as part of an investigation into suspected anticompetitive practices.

Over 90% of U.S. lending decisions are made using FICO scores. The company issues as estimated 27 million credit scores every day and plays a major role in Floridians’ purchases of homes and cars.

The subpoena seeks an array of documentation to determine if FICO has violated the Florida Antitrust Act by engaging in anticompetitive conduct.

Documents requested include internal assessments of market share and competitive position versus other competitors, license agreements and contracts with major credit bureaus to include royalty rate negotiations, pricing tiers, and “no equivalent products” clauses, communications with credit bureaus about competitors, and a comprehensive look at all pricing histories and changes for FICO scoring products.

It also seeks details on FICO’s competitors, antitrust compliance personnel and training and internal antitrust reviews....