Attorney General James Uthmeier has issued a civil subpoena to Fair Isaac Corporation, the company behind the FICO Score, as part of an antitrust investigation into whether the company has engaged in practices that harmed Florida consumers.
The Civil Investigative Demand requires FICO to produce documents and answer questions related to its pricing, contracts, market position and communications with major credit bureaus. The Attorney General’s Office said the inquiry is aimed at determining whether FICO violated the Florida Antitrust Act.
“Floridians deserve fair access to credit—not a system controlled by one company that repeatedly jacks up prices and blocks competition,” Uthmeier said. “These skyrocketing costs are passed directly to consumers, making it harder for families to buy homes, finance cars, and secure essential services.”
According to the Attorney General’s Office, FICO issues roughly 27 million credit scores daily, and its scores are used in more than 90 percent of U.S. lending decisions. The office said the company’s role in the credit market affects consumers seeking mortgages, auto loans, banking services, insurance, telecommunications and utilities.
The state said FICO has maintained a monopoly in the business-to-business credit scoring market and cited recent price increases from under $1 per score to as much as $10. The office also pointed to allegations involving predatory pricing, product bundling, exclusionary contracts with credit bureaus and efforts to limit competitors.
The subpoena seeks licensing agreements, pricing histories, internal market assessments and communications involving competitors. It also asks about FICO’s antitrust compliance training and internal reviews.
FICO must comply by Aug. 5.
