Big Three credit bureaus sued by FICO

[Johnny_L.A]

FICO credit score provider sues reporting agencies:

NEW YORK (Reuters) - Fair Isaac Corp. (FIC.N: Quote, Profile, Research), which provides “FICO” credit scores used by millions of Americans to obtain loans, said it sued the three national credit-reporting agencies for developing a competing credit score, VantageScore, aimed at eroding its business.

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“The recent agreement between the three powerhouse agencies unfairly threatens our ability to compete,” Fair Isaac Chief Executive Tom Grudnowski said in a statement. “The credit agencies are using their position to drive adoption of their own score to the detriment of our competing FICO score product and in conflict with their obligations to distribute our product.”

So FICO is suing TransUnion, Experian and Equifax because their VantageScore product competes against FICO’s monopoly?