DEPARTMENT OF JUSTICE CLOSES INQUIRY ON VANTAGESCORESM
Equifax, Experian and TransUnion can breathe a sigh of relief after the U.S. Department of Justice Antitrust Division has closed its inquiry concerning VantageScoreSM without action. The Department of Justice issued an informal request for information following the March 2006 introduction of VantageScore.
As reported in the BIIA NEWSLETTER Issue 10-06, FAIR ISAAC had filed an antitrust suit against the three consumer credit information companies. Industry insiders felt that it was all sour grapes, because Fair Isaacs was left out of the tri-bureau initiative.
VantageScore is the credit reporting industry’s first credit score developed jointly by the three national credit reporting companies to deliver consistent and objective credit scores across their respective data bases. This innovative new approach to credit scoring simplifies the credit granting process for businesses and consumers alike by providing a consistent and objective score to the marketplace. Through its ability to score more consumers than current credit scores, VantageScore will provide greater access to credit for underserved consumers.
VantageScore Solutions LLC was set up, especially at the beginning of 2006 to develop the tri-bureau generic credit scoring system. Source: Experian Press Release
